Bancorp Bank, WISeKey Planning E-Commerce Security Joint Venture

WISeKey S.A. and The Bancorp Inc. are hoping to give greater peace of mind to customers who conduct transactions online.

The companies have signed a memorandum of understanding to establish a joint venture to deploy and secure financial services internationally using the WISeID platform, the companies announced Dec. 13.

Under the agreement, WISeKey would integrate its Digital Identity Management platform into Bancorp's technology infrastructure. In doing so, Bancorp, the holding company of The Bancorp Bank of Wilmington, Del., would grant customers–both individuals and organizations–the ability to trust the identities of others when doing online transactions and the identities of the infrastructure on which the transactions run, the companies said in a press release.

Certain procedural steps regarding the formation of the joint venture remain subject to finalization among the parties, according to the release. If the deal comes to fruition, the companies would deploy combined WISeID Bancorp applications and services in the United States, the European Union and China.

The collaboration includes the development of full public key infrastructure for Bancorp, including a globally trusted certification authority under the framework designed by the White House National Strategy for Trusted Identities in Cyber Space. It also would include a private-label mobile application and service platform that provides Near Field Communication payment functions, prepaid-services capabilities, e-coupons, targeted advertising, and the management of and access to users’ personal data, according to the release.

Bancorp plans to improve payment processes using WISeKey's security and authentication technologies, Frank Mastrangelo, Bancorp president, said in the release. “Our new joint venture will offer WISeID-Bancorp clients prepaid [services] that reduce expenses, streamline processes, and add value to their products and services," he said.

Bancorp provides support for various prepaid products, including the Vitaband identification and payment wristband that features Visa Inc.’s payWave-enabled contactless chip (see story). The Port Authority Transit Corp. system in Philadelphia also is using a reloadable prepaid card containing a contactless chip from Bancorp in a test of an open transit card system along a 14-mile commuter rail line near the city (see story).

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