Xi-Sign for secure banking is chosen by CFS

Co-operative Financial Services chose to secure 300,000 of its online banking users with Xiring’s Xi-Sign 4000 Home Chip and PIN authentication card readers. The UK’s largest consumer co-operative’ CFS boasts 6.5 million customers, and is the market leader for online banking in the UK. It has decided to launch this latest security program in April. 

As a result, 300,000 branded Xi-Sign 4000 card readers’ and associated services’ will fully equip online banking users for safe transactions. The unicity of Xi-Sign lies in its Home Chip and PIN security solutions. They consist of providing a personal card reader to end users that’s then employed alongside their Chip and PIN banking card. The operating process is simplified by the convenient mode. It works the following way: users insert their banking card into the reader and type in their PIN on the reader keypad. The card is then validated by the card chip that generates a dynamic one-time ‘pass number’ displayed on the reader LCD. The user then types the dynamic ‘pass number’ into the web site to confirm the transaction. 

However, the best appreciation of Xiring’s Xi-Sign 4000 card readers is given by its customers. According to Tony Britten, the director of financial crime management at CFS the partnership with Xiring has been helping to support the programme, and enable the fast deployment most companies are looking for. Moreover, the introduction of these Chip and PIN card readers will make that process even more secure. This partnership is beneficial for Xiring as well. As Hervé Bayle’ director of the Banking Business Unit at Xiring commented the company is proud to be supporting CFS with what is a tailored, global solution. With CFS, Xiring is now supporting twelve retail bank brands programs in the UK.