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Swedbank, Cryptomathic team to deploy key management system

Swedbank, which operates one of Europe's largest payment acquiring networks, has implemented CKMS across its acquirer network and payment terminal management system.

December 11, 2015

Swedbank, which operates one of Europe's largest payment acquiring networks, has implemented the Cryptomathic key management system across its card payment acquirer network and payment terminal management system.

CKMS is a key push protocol that allows the secure distribution of keys to almost any secure host system from any vendor, according to a press release. The system also enables and simplifies internal and external compliance with financial regulations such as PCI, Cryptomathic said.

CKMS provided Swedbank with a platform for the centralized and automated lifecycle management of keys across its own card issuing and authorization systems, as well as thousands of keys for more than fifty partner banks in their card payment acquirer network.

Cryptomathic said that Swedbank also implemented its terminal key management system, which enables the FI to derive keys for provisioning to EFTPOS terminals.

"Various customizations [to CKMS] were required to meet Swedbank's obligations in the Swedish market ... including the creation of TKMS to support its payment terminal key derivation activity," said Morten Landrock, Cryptomathic EVP for EMEA. "The end result is the first centralized key management solution for the Swedish banking sector and a further enhanced Cryptomathic key management offering."

"Not only has Cryptomathic's solution enabled Swedbank to meet its compliance requirements, it has significantly reduced the cost of key management to the security operations team," Swedbank Business Security Manager Stefan Andersson said in the release. "We are very pleased with the result and the relationship."