Follow Us

We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message

Spin-out looks to use Oxford University patented security protocols in payment app

Protocols developed over last 12 years in Oxford's computer science department

Article comments

An Oxford University spin-out company called OxCept is aiming to develop novel ways of securely transferring information that could be incorporated into a mobile payment app.  

Oxcept, established by the university's technology transfer company Isis Innovation, wants to create a peer-to-peer payment app for mobile users based on patented security protocols developed at Oxford University's Department of Computer Science. 

Those behind the development of the app say it will enable users to create a new secure network or to secure an initially insecure network.

Once both parties have downloaded the app the payer authenticates the payee and authorises a payment, without the need for swiping, scanning or card reading. No pass codes, account information or credit card details are disclosed.

Perry Anderson, CEO of OxCept, said: "It simply does what we all require of a security app and allows us to transfer money or data without fear of it being intercepted."

Professor Bill Roscoe of Oxford University's Department of Computer Science led the research group responsible for developing and testing the protocols over the last 12 years with the help of funding from the US military. "These protocols resist many of the threats such as so-called 'man in the middle' attacks associated with online security solutions," he said. "We create security without having to rely on any pre-existing infrastructure such as a public key infrastructure, and we do it from the things human users know and trust."

The Oxford team has also used and tested the security protocols in a map-based application for secure data sharing or 'coalition working' in disaster recovery scenarios. This allowed separate groups including police, humanitarian teams, civilians and armed forces to work securely together on common challenges.

According to OxCept, the security protocols also have the potential to be used for applications including configuring security for machine-to-machine communications and securing data. 

OxCept has raised an initial £250,000 to fund early operations and will have offices in London and Silicon Valley.



Share:

More from Techworld

More relevant IT news

Comments

Domain Seller9 said: could they be any more vague about how it works



Send to a friend

Email this article to a friend or colleague:

PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

Techworld White Papers

Choose – and Choose Wisely – the Right MSP for Your SMB

End users need a technology partner that provides transparency, enables productivity, delivers...

Download Whitepaper

10 Effective Habits of Indispensable IT Departments

It’s no secret that responsibilities are growing while budgets continue to shrink. Download this...

Download Whitepaper

Gartner Magic Quadrant for Enterprise Information Archiving

Enterprise information archiving is contributing to organisational needs for e-discovery and...

Download Whitepaper

Advancing the state of virtualised backups

Dell Software’s vRanger is a veteran of the virtualisation specific backup market. It was the...

Download Whitepaper

Techworld UK - Technology - Business

Innovation, productivity, agility and profit

Watch this on demand webinar which explores IT innovation, managed print services and business agility.

Techworld Mobile Site

Access Techworld's content on the move

Get the latest news, product reviews and downloads on your mobile device with Techworld's mobile site.

Find out more...

From Wow to How : Making mobile and cloud work for you

On demand Biztech Briefing - Learn how to effectively deliver mobile work styles and cloud services together.

Watch now...

Site Map

* *