Utimaco, one of the leading Hardware Security Module (HSM) OEM from Germany, and Genex Infosys Limited, one of the leading IT solutions providersin the country, organized a collaborative event on May 29 at Lakeshore Hotel Gulshan.

The event, titled "Creating Trust in the Digital Banking World," was an interactive session by the experts from Utimaco and Genex Infosys on safeguarding digital banking operations, fostering trust, and addressing emerging cyber security challenges in Bangladesh.

Card payment systems usually use what is commonly known as the “Four-Party Model.” This involves the cardholder, a consumer with a payment card provided by a bank or other financial institutions, and the merchant, a business, or an individual who receives card payments in exchange for products and services. Automated Teller Machines (ATMs) belong to this category as they accept payment cards.

Key parties also include the issuing bank, which provides payment cards to the card owner on behalf of the card networks. In this model, the issuer is the one who pays the acquiring bank for the purchased products and services by the cardholder, who then pays back the issuing bank according to the contract terms. 

Lastly is the acquiring bank. It is a financial institution that contains the merchant’s bank account. Contracts with the acquirer enable merchants to accept payments from any issued card. While the model is simple, the four parties exchange critical data, which can be at risk if not secured.

Leaders in the industry shared insights to fortify data security in the country

This notable gathering brought together high-ranking officials from various banks and financial organizations, industry experts, and government officials. The keynote speakers included, Manish Gupta, Director of Business Development &Sales for SAARC, UtimacoIS PTE; Abu Taiyab, Chief Operating Officer, Genex Infosys Limited; Mohit Malik, Pre-Sales Head-SAARC, UtimacoIS PTE.

"Partnering with Utimaco, a global leader in advanced cybersecurity solutions, fills us with immense pride," stated Abu Taiyab, Executive Director at Genex Infosys Limited. "With Utimaco'sFIPS certified HSMs, we are dedicated to leveraging our expertise to drive the Bangladesh Bank's BACH II &Nikash Project towards resounding success. Genex Infosys consistently aims to deliver innovation to our clients, and this collaboration is a testament to our commitment. Together, we strive to contribute to a secure digital transformation, ushering in an era of unparalleled protection."

"Zero trust is a transformative concept in the banking sector, requiring organizations to continuously verify access requests and monitor user activity," highlights Mohit Malik, PreSales Head-SAARC at UtimacoIS PTE.Utimaco's, play a crucial role in this endeavor.These FIPS certified HSMs offer robust cryptography and secure key management, enhancing cybersecurity and fostering resilience in banking."

The event offered valuable insights through interactive Q&A sessions, urging financial organizations to prioritize data security and collaborate with industry leaders like Utimaco and Genex Infosys. With combined expertise and commitment to innovation, Utimaco and Genex Infosys are poised to play a pivotal role in revolutionizing data security practices in Bangladesh.