APS Chooses Strong Authentication from TriCipher for Multiple Strengths of Credentials From a Single Infrastructure

LONDON and SAN MATEO, Calif.—Sept. 27, 2005—Advanced Payment Solutions (APS), the United Kingdom’s leading provider of general-purpose prepaid cards and payment solutions, and TriCipher, Inc., a leading innovator of strong authentication for the real world have announced APS will be using TriCipher’s patented authentication technology to secure the infrastructure for issuing, reloading and redeeming its new stored value cards. APS chose the TriCipher Armored Credential System™ (TACS) to balance security, cost and usability across different user groups — such as customer service reps, consumers, and merchants — from a single infrastructure.

“We are leading a new financial services market in the United Kingdom, serving several million consumers who don’t have a credit card or banking account but to buy goods and services over the Internet and phone and to have an alternative to cash,” said Rich Wagner, CEO and founder of APS. “Since prepaid cards are new to British consumers, our product has to match maximum security with user friendliness. TriCipher gives us the many authentication types we demand, on a single infrastructure, meeting our needs for maximum security and great customer service.”

In September, APS launched the cashplus™ prepaid MasterCard card, one of the first general use prepaid products available to UK consumers. APS selected TACS to secure critical elements of processing transactions of the chip and PIN-enabled cards. TriCipher’s “Authentication Ladder” offers multiple strengths of credentials from a single infrastructure, and will secure multiple internal, retail and consumer users for APS. This single infrastructure enables APS to increase the functionality offered to certain users and is far more affordable than other authentication options, providing APS with a highly affordable, flexible, easily scalable authentication infrastructure. APS will be using a combination of zero footprint, Device 2 Factor and Portable 2 Factor credentials.

“Innovative security technology can make or break new initiatives that require users to interact with the Internet, particularly in an age when financial institutions are more accountable than ever,” said Jim Jones, APS’s chairman of the board. “Our turnkey services depend on our ability to deliver the level of security that allows us to create and maintain trust with our customer base, and TriCipher’s innovative strong authentication system helps us do that.”

“Complexity and cost have long been the two formidable barriers to successful authentication deployments in the financial services sector,” said TriCipher CEO Ravi Ganesan, who formerly served as vice chairman of CheckFree Corporation. “We worked with APS to develop a cost-effective, easily managed solution that enables them to drive a new market for stored value cards in the UK.”

About the TriCipher Armored Credential System
TACS is based on two key innovations:

1. Multi-part credentials. One part is stored on the TACS ID Vault at the data center, while the user keeps the other. Since users don’t have the whole credential, an attacker can’t steal it from them.

2. Flexible factors. A variety of factors can be used to derive the part of the credential kept by the user. Options include a password, a cookie stored in the browser, a key stored on the PC and/or a portable device such as a smart card or USB memory stick, or one-time password tokens.

TACS eliminates the gap between password-based authentication solutions that are too weak and technically complex solutions that many companies are simply not equipped to buy, deploy or manage. TACS allows organizations to easily migrate between credential types, enabling them to quickly adapt to changing business needs and maximize their authentication investment.

About APS
Advanced Payment Solutions was established in early 2004 to become a pre-eminent leader of general purpose prepaid cards and payment solutions in the United Kingdom.

Its senior management team and board of directors comprise a team with unparalleled experience in the payment industry and aim to lead UK prepay market growth and emulate the success of prepaid payment cards in the US.

APS’ first prepaid payment card, the cashplus™ prepaid MasterCard, launched in September 2005, is the UK's first general purpose prepaid chip and PIN payment card.

Alongside developing its cashplus™ product portfolio, APS provides turnkey solutions for businesses to offer branded prepaid products to their customers.

About TriCipher
TriCipher, Inc. provides strong authentication for the real world. The first authentication system that issues multiple types of credentials from a single infrastructure, the TriCipher Armored Credential System™ (TACS) allows for authentication strength to change in response to new threats without any infrastructure changes. Its patented technology fills the gap between authentication systems that are not secure enough and those that are too hard to use and deploy. TriCipher’s innovative approach to strong multifactor authentication protects against phishing and eliminates dictionary attacks. Founded in 2000, TriCipher is headquartered in San Mateo, California. The company was incubated as NSD Security before launching as a separate entity in 2005. Investors in TriCipher include ArrowPath Venture Capital, Intel Capital, Trident Capital, and Wasatch Venture Partners. For more information, go to www.tricipher.com.
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TriCipher Armored Credential System is a trademark of TriCipher, Inc. cashplus is a trademark of Advance Payment Solutions. All other products and services mentioned are the property of their respective companies.

For more information, contact:
Elizabeth Safran, Trainer Communications for TriCipher, Inc.
tc@trainercomm.com , (408) 920-0585

Sally Sheward, TriCipher, Inc.
sally@tricipher.com, 650-372-1312