Thales, Saifu pact promises bank-grade security for cryptocurrency

Saifu, a financial services provider that allows customers to switch between conventional and cryptocurrencies to suit their needs, is deploying Thales nShield hardware security modules to deliver cryptographic services for online and mobile banking services.

The Saifu platform has integrated the Thales advanced data security solution to deliver high-assurance protection of keys for use with cryptocurrencies, according to a press release. The complexity associated this task remains in the background, allowing customers to enjoy a simple, seamless experience.

As a fully regulated financial institution licensed by the Czech National Bank, Saifu must comply with the strictest KYC and AML regulations for both traditional and blockchain transactions. Although not a conventional bank, the company is subject to many of the same data privacy and personal identifiable information mandates and regulations.

Saifu provides customers with IBAN accounts for cryptocurrencies and fiat currencies in a single place, and currently provides checking accounts, money transfers, fiat and cryptocurrency exchanges, MasterCard prepaid cards, online banking and a mobile app.

The company said that, by offering a robust, tamper-resistant platform that meets Federal Information Processing Standards, nShield hardware security modules ensure that Saifu meets important regulatory audit and compliance requirements.

The nShield also enables Saifu to attain scalability, achieve company goals for high speed transactions and be ready for rapid customer growth, the release said.

"Thales is the most recognized and widely used security provider for global payment transactions and we have been able to take that expertise and apply it to the world of cryptocurrencies," Saifu Chief Operations and Technology Officer Evgeny Vigovsky said in the release. "Thales has given us a beautiful solution around which we've developed our own software, equipping Saifu with the ability to offer our customers a truly compelling value proposition with a user experience that meets or even exceeds that of a conventional online or mobile banking application and other cryptocurrency services."

Topics: Banking, Cryptocurrency, Exchanges, Regulation, Security / Theft

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