Finance Gemalto

While the name “Gemalto” might not immediately conjure images of Wall Street, the company played a crucial, albeit often unseen, role in the financial world for many years. Gemalto was a global leader in digital security, providing solutions that protected identities, transactions, and data for banks, financial institutions, and payment processors.

One of Gemalto’s primary contributions to finance was in the realm of payment security. They were a major supplier of EMV chip cards, the smart cards used in credit and debit cards that help prevent fraud. These chips store encrypted information, making it significantly harder for criminals to clone cards or steal card data. Gemalto’s involvement extended beyond just manufacturing the chips; they also developed software and systems for managing and personalizing these cards.

Beyond physical cards, Gemalto was also heavily involved in securing online and mobile banking. They provided authentication solutions, ranging from simple one-time passwords (OTPs) delivered via SMS to more advanced methods like biometric authentication and mobile tokenization. These technologies helped banks verify the identity of customers accessing their accounts and conducting transactions online, reducing the risk of fraud and unauthorized access.

Another key area where Gemalto impacted the financial industry was in the field of identity management. Financial institutions are required to comply with strict regulations like Know Your Customer (KYC) and Anti-Money Laundering (AML) laws. Gemalto offered solutions that helped banks verify the identities of their customers, prevent identity theft, and combat financial crime. This included technologies like electronic ID verification and secure document scanning.

Furthermore, Gemalto provided solutions for secure access to financial data and systems. This involved things like hardware security modules (HSMs) that protected cryptographic keys and sensitive data, as well as access control systems that limited access to financial resources based on user roles and permissions. This was crucial for protecting the integrity and confidentiality of financial information.

In 2019, Gemalto was acquired by Thales, a French multinational company specializing in aerospace, defense, transportation, and security. While the Gemalto brand no longer exists as a standalone entity, the technologies and expertise it developed are now integrated into Thales’s broader portfolio of security solutions. Thales continues to serve the financial industry, providing the same types of secure payment, authentication, and identity management solutions that Gemalto was known for. The legacy of Gemalto remains a vital part of the financial technology landscape, contributing to a more secure and reliable banking experience for consumers and businesses alike.