| Developers: | Tieto |
| Date of the premiere of the system: | 2017/02/27 |
| Branches: | Financial services, investments and audit |
| Technology: | SaaS - Software as service |
For February 27, 2017 Cloud Based Payments is technology of emulation of EMV chips of payment cards in virtual space.
On February 27, 2017 the Tieto company announced release of the Cloud Based Payments technology created using HCE technology (HCE – Host Card Emulation).
The technology is certified by the global organization of payment solutions MasterCard. By means of Cloud Based Payments banks can create payment products and services to service the clients wishing to pay services and goods by means of mobile devices.
 | Mobile payments are important means on the way to digitalization of payments. When more than a year ago our specialists started solution development based on HCE technology, one of our purposes - to achieve certification in MasterCard. This milestone event proves that we could provide successfully a qualitative product, and investments into products of Tieto are investments into the certified and reliable solutions for mobile payments. Mâris Ozolinsh, the director of solutions for retail payments and payment cards in Tieto |  |
The HCE technology allows banks to pass from physical maps to electronic payments. HCE allows to emulate the EMV chip on the physical map in virtual space – in a cloud. The bank or the processor servicing bank can control technology. Thus, there is no need of involvement of the third parties, and banks will be able to establish the relations with end consumers directly.
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