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Securing more than 25 million transactions per year, with double-digit annual growth rate.
June 1, 2017
By: DAVID SAVASTANO
Contributing Editor, Coatings World and Ink World
Gemalto has been selected by KNET, Kuwait’s national shared electronic banking service company, and jointly owned by 11 Kuwait’s banking institutions, to supply its confirm authentication server. Gemalto’s solution generates one-time-passwords for online authentication, enabling millions of safe eTransactions in the country via the KNET e-payment gateway and delivering a step change in fraud protection. In 2016 alone, KNET processed more than 25 million online transactions, worth approximately $1.6 billion and representing an annual growth rate of 35%. KNET ePayment gateway also serves the country’s government entities, for the payment of fees and bills related to more than 60 governmental electronic payment services. These include electricity, water, traffic penalties, Ministry of Finance subscriptions, Ministry of Communications’ bills and other government services. Gemalto’s authentication server provides a platform for this on-going digital transformation, and secures it against the increasing threat posed by online fraud attacks.
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