spot_img
Tuesday, April 23, 2024
HomeNordic MarketsFintech's Best-Kept Secret: How IDEMIA’s Technology is Fueling the Future of Payments 

Fintech’s Best-Kept Secret: How IDEMIA’s Technology is Fueling the Future of Payments 

Built around advanced technologies used to secure billions of essential interactions for access control, connectivity, payments, public security and travel, IDEMIA has a global workforce of over 15,000 employees, with 3,000 of these dedicated solely to R&D. The company serves over 1,900 financial institutions and fintechs globally. 

Their core of R&D specialists—which includes a team of biometric and crypto experts—has helped to produce powered payment cards and innovative solutions such as biometric-enabled payment cards, API-first digital card services and identity proofing and verification services.  

IDEMIA has invested over €1 billion in R&D in the last five years and has over 1,500 active patent families. “If we want to stay on top of the market, we need to invest in our technology,” says Lillian Grosman, Head of Strategic Sales at IDEMIA Denmark. “That’s why innovation is such a strong part of IDEMIA’s DNA and has been for many years.” 

“The Token Platform’s purpose is simply to enable the digitisation of payment cards on a given card network and provision these payment tokens across a variety of token requestors in order to secure in-store and online payments”

Lillian Grosman, Head of Strategic Sales at IDEMIA Denmark

Digital First Services 

Customers today expect immediacy, and one of IDEMIA’s solutions to answer this need is its suite of Digital First services, enabling card issuers to enrich their mobile banking app with digital card-related features. Using IDEMIA’s easy-to-integrate APIs and SDKs, banks and fintechs can build digital-first customer journeys, instantly issuing digital cards so customers can start shopping immediately.  

IDEMIA’s Digital First services strike the right balance between trust, security, and control—customers control their own card while banks can ensure proper security, supported by IDEMIA’s robust services back-end and secure front-end components to be embedded within mobile applications. 

IDEMIA Token Platform 

The second major aspect of its digital umbrella is the IDEMIA Token Platform, which contributed in tokenizing and provisioning more than 400 million payment tokens. IDEMIA is the preferred token service provider of payment networks, such as domestic schemes and private networks.   IDEMIA Token Platform is omni-channel by design and agnostic in terms of payment use cases (proximity, in-app, remote, P2P), form factor used (mobile device or wearable), and the technology selected for proximity payments (NFC or QR code). 

Recommended: Explore the Future of Finance at Nordic Fintech Week

IDEMIA Token Platform is a comprehensive and field proven solution enabling payment means digitisation, which embraces all sub processes needed to make a complete digital card (or payment token) ready and provisioned onto a device or shared with a specific token requestor for various use cases.  

“The Token Platform’s purpose is simply to enable the digitisation of payment cards on a given card network and provision these payment tokens across a variety of token requestors in order to secure in-store and online payments,” says Lillian Grosman.  

In 2022, IDEMIA Token Platform won the Gold Award at the Juniper Research Future Digital Awards for Fintech and Payments. 

All done with a strong focus on sustainability 

IDEMIA’s long-term approach allows for continuous improvement with a readiness to adapt according to changes in legislation, trends, customer expectations, global crises, and social movements that IDEMIA has a moral obligation to respond to and support. The success of the CSR efforts relies on the contributions of everyone at IDEMIA.  

Since 2006, IDEMIA has supported the UN Global Compact, the world’s largest corporate sustainability initiative. Its IMPACT program is closely aligned with 12 of the UN Sustainable Development Goals. 

All products and services are developed with a strong sustainability focus, and IDEMIA’s GREENPAY products and services have become extremely popular with card issuers, e.g., the GREENPAY Planet payment cards produced from 100% recycled PVC are used for more than 70% of IDEMIA-issued payment cards in Denmark. 

NFM Publishing Team
NFM Publishing Team
Got a Nordic fintech story to share? We're all ears! At NFM, we're all about embracing the latest trends, innovations, and industry buzz ? Send us your PR, news stories, or anything that's rocking the Nordic fintech scene at hey@nordicfintechmagazine.com. Let's amplify your voice and think bold together! ? Stay tuned for mind-blowing articles, exclusive interviews, and thought leadership that'll keep you on the edge of your seat. Join us as we shape the future of fintech in the Nordic region.