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Frost & Sullivan Commends Venyon for its Technology Leadership in Near Field Communication - Frost & Sullivan honours Venyon with the 2007 Global Award for Technology Leadership in near field communication (NFC)
Frost & Sullivan Commends Venyon for its Technology Leadership in Near Field Communication

 

PRZOOM - /newswire/ - London, United Kingdom, 2007/06/06 - Frost & Sullivan honours Venyon with the 2007 Global Award for Technology Leadership in near field communication (NFC).

   
 
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The company and its offering for secure chip management services channel the common interest of various participants in the NFC ecosystem to work together and introduce new services for consumers.

“NFC technology opens up new services and opportunities for various participants, including network operators, device manufacturers, service providers and enterprises,” states Frost & Sullivan Research Analyst Ms. Nikita Seth. “Moreover, integrating NFC into a mobile phone brings about innovative contactless services.”

Mobile Network Operators (MNOs) ideally want the applications to reside on the SIM to have full control over the usage of applications. On the other hand, service providers are likely to prefer that NFC applications are directly addressed to the end-user without passing through the SIM and do not favour the idea of the MNOs managing and controlling the participants.

As there are 200 MNOs and MVNOs in Europe, running such a platform themselves will mean that service providers will need to have bilateral agreements with them. Moreover, specific applications such as payment applications branded by Visa or Mastercard have strict requirements that require audit and certifications. If all MNOs have to abide by these procedures, it will result in overlapping investments.

“This is where TSMs (Trusted Service Managers) enter the field of offering secure chip management services,” explains Ms. Seth. “They build a platform where it is possible to host and process the master keys for certain parts of the secure element and enable the download of applications as well as life cycle management services over-the-air.”

A secure element will be capable of hosting multiple applications, which come from various verticals such as banks and retail merchants. Eventually, consumers will decide the kind of applications they want on their handset.

Some of Venyon’s main projects enable services for payment applications on NFC-enabled phones to be downloaded, activated and updated through the secure chip management platform. It helps manage contactless applications in mobile phones making them secure, cost effective and flexible for all parties involved.

“With such a credible business model, Venyon expects to see more participants entering this B2B service provisioning arena in the next few months,” says Ms. Seth. “However, the company is confident about its competitive advantage as well as its focus on high security and availability for the OTA platforms and services.”

The company emphasises that it is not a control point, but invests upfront money to enable service platforms to operate as B2B for stakeholders, as well as the rest of the service providers and handset vendors that enter the ecosystem of NFC. Moreover, its technology expertise and innovative business model will help make the current NFC ecosystem robust.

The Frost & Sullivan Award for Technology Leadership is bestowed upon the company that has pioneered the development and introduction of an innovative technology into the market; a technology that has either impacted or has the potential to impact several market sectors. This Award recognizes a company’s successful technology development that is expected to bring significant contributions to the industry in terms of adoption, change and competitive posture. It also recognizes the overall technical excellence of a company and its commitment towards technology innovation.

Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.

About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.

About Venyon
Venyon (venyon.com) develops and operates a secure and versatile service platform to be used for the Over-The-Air (OTA) provisioning of the consumer applications, such as credit cards and transport tickets, to consumers’ NFC enabled devices. Venyon’s customers for OTA services include mobile operators, banks, transport companies, retailers and other service providers, who are offering different applications for consumers’ NFC devices. Venyon is headquartered in Helsinki, Finland and has offices also in Germany, USA and Singapore.

Venyon contact
Lauri Pesonen
Chief Executive Officer
T: +358 40 5007032
E: lauri.pesonen@venyon.com

 
 
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Frost & Sullivan Commends Venyon for its Technology Leadership in Near Field Communication

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Contact: Anna Lay 
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