Tradelink appointed by a major bank
as the security solution provider for its e-cheque project
Tradelink's wholly-owned subsidiary, Digi-Sign Certification Services Limited ("Digi-Sign"), has recently appointed by a major note-issuing bank ("Bank") to supply digital certificates and related security solutions to the e-cheque project for the bank. The Bank currently handles a sheer volume of paper-cheques which accounts for a significant share of the total cheque processing in Hong Kong. The deployment of the e-cheque project not only will bring significant cost savings to the Bank in cheque processing but also opportunities to develop a diversified range of innovative e-payment products and services.
Initiated by the Hong Kong Monetary Authority ("HKMA"), the e-cheque project is scheduled for roll out by end of 2015. As e-cheques will be issued and presented electronically thus eliminating enormous manual work and saving significant costs which otherwise would need for processing paper cheques, the project has gained wide support from the banks. From a user perspective, an e-cheque can be processed at anytime and anywhere, providing a more convenient and environmental friendly alternative in handling payment.
To meet the high security requirements of e-cheque, the banking industry is required to adopt the most stringent security standards for the project. This includes the use of two-factor authentication mechanism to authenticate the identity of the user for the e-cheque services. Also, to ensure an e-cheque is having the same legal status as the traditional paper cheque under the Bills of Exchange Ordinance, both the payer and the payer bank are required to sign an e-cheque digitally, using recognized digital certificates issued by a recognized Certification Authority (CA). Being the first commercial organization granted the recognized CA status in Hong Kong, Digi-Sign has accrued more than 18 years' sold experience in digital certification business and has built a sound track record of delivering e-security solutions for public and private sectors. Leveraging on its solid domain knowledge and technical experience, Digi-Sign successfully won the tender issued by the Bank for providing digital certificates and related security solutions for the Banks's e-cheque service.
"We are pleased to be appointed as the security solution provider by this major bank for its e-cheque project. This, once again, is a clear evidence of the recognition and trust to our professional team from the banking industry. We expect the e-cheque project, being part of the e-banking services, will over time become a popular and key e-payment solution offered and supported by the Bank. Looking forward, we believe the demand for DigiSign's digital certificates and related e-security solutions from the banking industry will gain momentum and make significant contribution to the sustainable revenue stream of the Group." said Mr. Michael Wu, CEO of Tradelink.