February 22, 2000
PayPal Licenses Certicom Wireless Security Technology
Highly-trusted Encryption Technology Ensures Optimum Security and Performance for Mobile Payments
HAYWARD, CA, Feb. 22 /CNW-PRN/ - Certicom, a leading provider of mobile e-business security, and PayPal.com, a leading online payment solutions provider, today announced a licensing agreement whereby PayPal has secured its PDA application with Certicom's Security Builder and SSL Plus 3.O encryption technologies. Certicom's trusted encryption provides PayPal users added assurance that their financial transactions will be protected when using Palm organizers to perform mobile payments.
PayPal allows anyone to send money instantly and securely online to anyone with an email address, including by wireless PDA. Certicom's high-performance elliptic curve cryptography (ECC) encryption is securing the Palm PDA devices that run the PayPal application. Additionally, PayPal is utilizing Certicom's SSL Plus technology to provide a secure link for the transfer of financial data between users and the PayPal server.
"PayPal chose Certicom to provide consumers security based on strong cryptography -- without slowing transactions down," said Max Levchin, PayPal Chief Technology Officer. "The size and performance benefits of Certicom's ECC technology make it the best option for advanced security in handheld devices."
"Today's mobile consumer wants instant access to personal cash by utilizing a handheld device, yet wants assurance that wireless transactions are highly secure," said Rick Dalmazzi, president and CEO of Certicom. "Certicom's high-powered ECC technology provides the security infrastructure for innovative solutions like PayPal, which allows users to perform highly-confidential financial transactions in a wireless setting."
Certicom's Security Builder is a cryptographic toolkit enabling developers to add signatures, key management and encryption into any application. Incorporating elliptic curve cryptography (ECC) technology, Security Builder enables strong, scaleable security for every piece of the computing infrastructure. Certicom's SSL Plus toolkit is the industry's most widely deployed commercial SSL product, due largely to its ease of use, rapid development time, and support for RSA, DSA/Diffie-Hellman, and ECC -- the only SSL product with that capability.
PayPal.com, based in Palo Alto, Calif., is owned by Confinity, Inc. It is the first web-based payment service that enables consumers to email money via their PC or PDA. PayPal.com's state-of-the-art security and cutting-edge web-server technology, which were developed under the guidance of encryption pioneers at Stanford University, make it one of the most secure electronic payment systems to date. PayPal.com is working with leading platform and financial service companies to deploy PayPal.com worldwide. Its key strategic and financial backers include idealab Capital Partners, Goldman Sachs, Nokia, Deutsche Bank, and Bill Melton, founder of Verifone.
Certicom is a leading provider of mobile e-business security technology used to build strong, fast, and efficient security solutions. Major computing and communications companies, such as 3Com/Palm Computing, BellSouth Wireless Data, Hewlett-Packard, Motorola, Pitney Bowes, QUALCOMM and VeriFone, incorporate Certicom's technology into electronic commerce software, wireless messaging applications, and smart cards. Certicom is a leading source for a complete range of OEM security products and services, including cryptographic toolkits, custom implementations, and security integration services and consulting. Certicom's worldwide sales and marketing operations are based in Hayward, California, with cryptographic research and product development in Toronto, Canada. Certicom shares are traded on the Toronto Stock Exchange under the symbol "CIC." For more information, visit Certicom's Web site at http://www.certicom.com.
SOURCE: Certicom Corp.