Wave Systems Announces Commitment to FINREAD European Secure E-Commerce Terminal Specifications.Business/Technology Editors LEE, Mass.--(BUSINESS WIRE)--July 2, 2001 Wave Systems Corp. (Nasdaq: WAVX)-- Wave's Personal E-Commerce Technology Strategy Powered by Industry Leading EMBASSY(R) Trust System Capabilities Wave Systems Corp. (Nasdaq: WAVX - www.wave.com) today announced that the company is moving aggressively in support of the secure E-commerce FINREAD FINREAD Financial Transactional IC Card Reader FINREAD Financial Reader international specifications and standard. FINREAD (Financial Transactional IC Card Reader), a consortium created in the framework of a European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community Information Society (IST) Program, and led by Groupement des Cartes Bancaires (France), along with SIZ SIZ Informatikzentrum der Sparkassenorganisation (Bonn, Germany) SIZ Seasonal Ice Zone SIZ Special Industrial Zone (Balochistan, Pakistan) SIZ Sediment Impact Zone SIZ Security Identification Zone (Germany), Banksys (Belgium), Interpay (The Netherlands), Europay, VISA and Ingenico (France), establishes standards and specifications for smart card readers and advanced E-commerce terminals used in home banking, shopping and other e-commerce services to insure the manufacture and rapid deployment of interoperable, secure smart card terminals for European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community countries. FINREAD compliant terminals will first be deployed in Europe and then globally. Observers estimate the market for readers with new increased security specifications required by financial institutions could exceed 80 million units in Europe alone. FINREAD specifications require terminals designed to address a high level of security for PIN entry and display of sensitive information. Those specifications guarantee a level of online security that is among the highest in the world, enabling all forms of secure financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. transactions, including secure electronic transactions (SET) protocol transactions. The most demanding FINREAD specifications require interoperability features, future adaptability in the field, and a method to securely certify software applications to upgrade the device, disqualifying dis·qual·i·fy tr.v. dis·qual·i·fied, dis·qual·i·fy·ing, dis·qual·i·fies 1. a. To render unqualified or unfit. b. To declare unqualified or ineligible. 2. most if not all fixed function solutions in the market today. "Our open, programmable, platform-independent EMBASSY(R) personal E-commerce technology is the premier solution capable of delivering the security and functionality demanded by FINREAD's strenuous specifications," said Steven Sprague, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Wave Systems. "We anticipate partnering with many of the important smart card reader manufacturers and technology suppliers to help them deliver on FINREAD requirements to users and the banking industry. This is a very important, very large addressable Reachable. When something is addressable, it can be identified and manipulated independently of its surroundings. For example, screen pixels and RAM memory are addressable. Each of the screen's picture elements can be individually turned on and off, and each of the memory's bytes can be market for us." EMBASSY Delivers FINREAD Demanded Functionality Wave's comprehensive EMBASSY Trust System delivers the following functionality and specifications demanded by FINREAD: FINREAD compliant card readers must be able to support different national and international payment schemes through the installation of interoperable software modules. Wave's EMBASSY Trust System allows secure distribution of multiple payment system applets to secure compliant devices to support any current and future payment scheme. Wave recently announced the licensing of Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. Java(TM) 2 Platform, Micro Edition (J2ME (Java 2 Platform, Micro Edition) A version of Java 2 for cellphones, PDAs and consumer appliances. J2ME uses the K Virtual Machine (KVM), a specialized Java interpreter for devices with limited memory. (TM)) Connect Limited Device Configuration to deploy Wave's EMBASSY technology across multiple processor platforms. FINREAD has adopted J2ME as the framework for a trusted personal E-commerce terminal. FINREAD requires that readers, once distributed on the market, be able to cost-effectively adapt to emerging E-commerce requirements without replacing hardware components in the reader. FINREAD makes it mandatory that the software of the readers can be replaced or updated to achieve future adaptability. "Wave's EMBASSY chip is open, and programmable and can be easily upgraded in the field securely, delivering the adaptability function mandated by FINREAD. No competitor can offer this capability today," Sprague said. FINREAD specifications demand that there shall be a secure and trustworthy way for the reader to control the acceptance of new software. The control over this mechanism shall remain under the control of a certification process that is currently under development, to guarantee the future security of FINREAD card readers. "Again, Wave is ahead of any competition in that we can deliver today a Trust Assurance Network that authenticates and certifies new software prior to loading onto the EMBASSY chip within the FINREAD card reader," Sprague said. Other functionality mandated by FINREAD including a high level of security, strong authentication, non-repudiation, and secure downloads are all enabled by Wave's EMBASSY technology. As part of its commitment to supporting the FINREAD standards and deployment, Wave has recently announced a series of agreements with SCM (1) (Software Configuration Management, Source Code Management) See configuration management. (2) See supply chain management. Microsystems, Inc. (NASDAQ: SCMM SCMM Standing Committee on Military Matters SCMM Standard Chartered Mumbai Marathon (Mumbai, India) SCMM SoCal MINI Maniacs (Los Angeles, CA) SCMM Software Capability Maturity Model , Neuer Markt: SMY SMY Solar Maximum Year ), Securealink, and Sun. About Wave Systems Wave Systems, with partners and allies, envisions a worldwide network of users based on trusted electronic relationships. Trust @ the Edge defines a new architectural model An architectural model is a tangible representation of a structure (typically a scale model) built to communicate design ideas to clients, owners, committees, customers, and the general public. for the Internet, which embeds trust and security in every user device. Wave Systems, Lee, MA, is developing, deploying, and licensing its EMBASSY Trusted Client technology for the mass adoption of this revolutionary model. Wave is integrating industry standard functions from a wide range of partners that enable reliable, secure digital exchange and commerce. Wave Systems and third parties are building the services that will take advantage of this open model. With multiple offices in France Wave Systems is aggressively supporting the rapid deployment of FINREAD compliant secure E-commerce terminals in European Community countries. For more information, visit www.wave.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. . Such factors include general economic and business conditions, the ability to fund operations, the ability to forge partnerships required for deployment, changes in consumer and corporate buying habits, chip development and production, the rapid pace of change in the technology industry and other factors over which Wave Systems Corp. has little or no control. Wave Systems assumes no obligation to publicly update or revise any forward-looking statements. |
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