EMVCo approval is a milestone in Licel’s mission to facilitate secure mobile transactions.
Licel, a global leader in mobile channel protection, has today announced that its virtual trusted execution environment (vTEE) has been successfully evaluated and approved by EMVCo under the SBMP TEE category. The Licel vTEE is already facilitating the acceleration and innovation of mobile wallet and SoftPOS solutions, and in the coming years it looks set to make even more digital transactions and operations much more simple, seamless, and secure.
One of the most obvious benefits of the Licel vTEE is that its rich cryptographic security mechanisms are tailor-made to comply with the most stringent requirements found in PCI MPoC, EMVCo SBMP, EMVCo TEE-based Mobile Payments, and Mastercard Cloud Payments specifications. This makes the process of achieving compliance much easier for innovators and disruptors in the mobile payments space.
Licel CEO, Ivan Kinash, has shared his pride in this achievement and what is means for companies currently shaping global digital transaction trends:
“Our vTEE is the pinnacle of our work as a company over the last 13 years. It required a fusion of all of our technological wisdom and expertise, so it’s a wonderful feeling to receive this EMVCo evaluation approval. A big part of our mission as a business is to make life easier for developers creating game-changing technology that streamlines our day-to-day lives. And that is definitely true of the vTEE. It’s a peace-of-mind enabler as much as anything - it means developers can truly focus on innovation, safe in the knowledge that their application is secure and that they are going to save time and money on their compliance journey. I’m extremely proud of our technical team and I’m thankful to our partners at Applus+, whose expertise has helped make this possible.”
This sentiment is shared by Jose Ruiz, Cybersecurity BU Director of Applus+ Laboratories. “As a lab, evaluating innovative solutions such as the Licel vTEE is a challenge and makes us grow,” he said. “Applus+ Laboratories is committed to innovation and cybersecurity, so partnering with Licel fits perfectly with our strategy.”
The EMVCo SBMP TEE evaluation process* is thorough and demanding, with stringent requirements driven by Global Platform TEE standards. The Licel vTEE had to prove its ability to provide a secure execution environment where trusted applications could perform sensitive transactions while safeguarding against a range of sophisticated threats. Its approval reinforces Licel’s core mobile channel protection offering, which includes DexProtector (itself EMVCo SBMP approved for 4 consecutive years) and Alice Threat Intelligence.
The mobile payment market is predicted to be worth $221.2 billion by 2030. The Licel vTEE is well placed to enable and protect SoftPOS solutions, mobile wallets, and mobile banking applications contributing to these transactions. But in the years to come, as digital transactions and operations become the norm across industries, it can also be used in a range of settings, from securing AR and VR activities to protecting digital IDs and AI models.
*EMVCo issuance of a certificate for the Product shall mean only that the Product has been evaluated in accordance and for sufficient conformance with the EMV Security Guidelines for TEE-based Mobile Payment as of the date of evaluation. EMVCo's certificate is not in any way an endorsement or warranty regarding the completeness of the security evaluation process or the security, functionality, quality or performance of any particular product or service. EMVCo does not warrant any products or services provided by third parties, including, but not limited to, the producer or provider of the Product and EMVCo approval does not under any circumstances include or imply any product warranties from EMVCo, including, without limitation, any implied warranties of merchantability, fitness for purpose, or non-infringement, all of which are expressly disclaimed by EMVCo. All rights and remedies regarding products and services which have received EMVCo approval shall be provided by the party providing such products or services, and not by EMVCo and EMVCo accepts no liability whatsoever in connection therewith.
