CKMS provides Swedbank with a secure, fully compliant and scalable platform for the centralised and automated lifecycle management of keys across its own card issuing and authorisation systems, in addition to thousands of keys for more than fifty partner banks in their card payment acquirer network.
Cryptomathic also delivered a second solution, the Cryptomathic Terminal Key Management System (TKMS), which enables Swedbank to derive keys for provisioning to EFTPOS terminals. Based on the core CKMS security architecture, TKMS had to be custom-built to take into account Swedish card payment standards related to payment terminal key derivation.
Together, CKMS and TKMS provide the first truly centralised key management system for the Swedish banking market. The solution enables Swedbank to meet and demonstrate compliance to its current regulatory obligations and quickly adapt to future changes in policy and the regulatory landscape. The solution also allows Swedbank to benefit from streamlined key management processes, increased automation of procedures and reduced administrative overheads.
Commenting on behalf of Swedbank, Stefan Andersson, Business Security Manager, says: "Compliance, scalability, user experience, interoperability and deployment time frame were all key factors in the selection of the best key management system for Swedbank. Cryptomathic’s CKMS and TKMS solutions deliver against all of these factors and additionally implementation was achieved within an ambitious nine month project time line. Not only has Cryptomathic’s solution enabled Swedbank to meet its compliance requirements, it has significantly reduced the cost of key management to the security operations team. We are very pleased with the result and the relationship."
Morten Landrock, Executive Vice-President EMEA at Cryptomathic, adds: "It has been a privilege to work on this deployment and to demonstrate the capabilities of CKMS on the scale of Swedbank’s operations across Sweden, the Nordics and Baltics. It has also been satisfying to deliver a solution which has been fully customised to meet the specific needs of the Swedish banking sector.
