Crunchfish have today released Digital Cash 2.1 enabling trusted payments anywhere, anytime, and to anyone using telecom connectivity. This much awaited release broadens the scope of Crunchfish Digital Cash significantly making it possible to pay offline to anyone that is onboarded on a domestic payment scheme.

 Digital Cash 2.1 offers new functionality, settings and minor bug fixes and is based on the Digital Cash 2.0 release that implements Crunchfish’s patent-pending Trusted Application Protocol (TAP). Major focus for this release has been to design and implement Crunchfish’s patent-pending product Digital Cash telecom. This lays the foundation of robust digital payments as it allows for payments anywhere, anytime, and to anyone using telecom connectivity.

Digital Cash telecom allows the payer to connect remotely using Crunchfish patent-pending Trusted Application Protocol (TAP) and send a trusted payment message to the payment service provider’s host server via the alternate and much more widely available telecom route.

The main benefit is that payers do not have to care whether they are online or not. Digital Cash telecom provides a seamless user experience where it is possible to pay to anyone that is onboarded on a domestic payment scheme, e.g. UPI in India. Attached is a demonstration video showing the payer scanning a static QR-code, authorizing the payment, which is then sent to the host server over telecom. The payee using in this case a feature phone is notified of the payment by the payment rail in the standard way.

“We continue our journey of providing user centric and robust payments. This new version enables a much-requested feature in Digital Cash telecom, which we are now proud to release to our customers.”, says Rutger Petersson, R&D Director at Crunchfish Digital Cash.

Digital Cash telecom is easy to implement for an issuer, whether a central bank, retail bank or payment service provider, as there are no changes required for the payment rail or the payee. Digital Cash telecom compliments Digital Cash online for remote payments as well as Digital Cash offline for payments in proximity. The Crunchfish Digital Cash 2.1 SDK is available for customer download through the Crunchfish developer portal.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

The information was provided by the contact person above for publication on 29 March 2023 at 08:00 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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IDFC FIRST Bank is set to be a part of RBI’s pilot project to enable offline payments. This project will give access to digital payments even when there is no network. This unique digital payment solution was designed by Crunchfish for merchants and customers under the RBI’s Regulatory Sandbox Program.

This project will provide support for offline retail payments based on a Digital Cash platform to the payment ecosystem of India. IDFC FIRST Bank will be one of the first few banks to be a part of this pilot project by HDFC Bank. The application was approved by RBI to demonstrate offline payments between two banks. The Development and Demonstration Agreement which is a non-commercial agreement has now been signed to give IDFC First Bank access to the Digital Cash SDK. Commercial terms for deployment will be regulated in a Software License Agreement.

IDFC FIRST Bank believes in providing customer first products and being a part of this pilot only resonates with the Bank’s ethos. This solution will open up more customer base and regions for adoption of cashless digital payments. 

Madhivanan Balakrishnan, COO, IDFC FIRST Bank said “This application will help make transactions easier for customers. Being a part of this pilot project and enabling an unique offering for customers is something that is aligned with the Bank’s philosophy”.

“Signing an agreement and adding IDFC FIRST Bank to the RBI pilot project is very satisfying, as it together with HDFC Bank enables to showcase offline payment interoperability. Interoperability between banks will be key for the adoption and success of the offline retail payments solution we develop together with the two banks and will showcase to RBI.", says Joachim Samuelsson, Crunchfish’s CEO.

The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefit to end users. The Regulatory Sandbox is a formal regulatory program for market participants to test new products and services with customers in a live environment, subject to certain safeguards and oversight. It allows the regulator, innovators, financial service providers and end users to conduct field tests to collect evidence on the benefits of new financial innovations, while carefully monitoring and containing their risks. To be approved access to the Regulatory Sandbox, the proposed financial service shall include new or emerging technology, or use of existing technology in an innovative way and should address a problem and bring benefits to consumers.

About IDFC First Bank – IDFC First Bank

IDFC First Bank was formed by the merger of erstwhile IDFC Bank, promoted by renowned infrastructure financing institution IDFC Ltd. and leading technology NBFC, Capital First. The bank believes in making customer-first products and was the first universal bank to offer monthly interest credit on savings accounts, first bank to issue life-time free credit cards with no minimum spend conditions, first bank to offer dynamic and low APR rates, evergreen rewards points, and many other such interesting products.

The Bank’s vision is to build a world class bank in India, guided by ethics, powered by technology, and to be a force for social good. Our mission is to touch the lives of millions of Indians in a positive way by providing them high-quality banking services.

IDFC FIRST Bank, has a balance sheet of Rs. 2,21,374 crores and serves customers across the length and breadth of the country.

The Bank has expanded to 707 branches, 253 asset service centers, 867 ATMs and 578 rural business correspondent centers across the country, a next-generation net and mobile banking platform and 24/7 Customer Care services. IDFC FIRST Bank is committed to bring high-quality banking at affordable rates to India. The Bank also offers high quality technology-enabled corporate banking solutions, contemporary cash management solutions, fleet card and FASTag solutions and wealth management solutions.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

The information was provided by the contact person above for publication on 24 March 2023 at 12:00 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Offline payment security was the topic of the webinar in the series Enabling offline payments in an online world to discuss the 2nd white paper – A practical guide for offline payment security that Lipis Advisors have released in partnership with Crunchfish. A panel discussion with participation from Lipis Advisors, V-key and Crunchfish followed a presentation of the white paper.

The recording of the webinar discussing the 2nd whitepaper – A practical guide to offline payment security in the Enabling offline payments in an online world series is now available. Bonni Brodsky, Managing Consultant at Lipis Advisors presented key insights of the offline payment security white paper, such as offline security protocols, cryptographic signatures and software-based trusted environments. Crunchfish CEO Joachim Samuelsson also gave Crunchfish’s contrarian payment perspectives on offline protocols as well as offline payment design and security. This was followed by a panel discussion with V-key’s CEO Jospeh Gan, Bonni Brodsky, and Joachim Samuelsson, moderated by Johan Wester.

All webinars are available on our website, our YouTube channel and as podcasts on Spotify, Apple Podcasts and anywhere where podcasts are available, distributed from our SoundCloud channel. You can subscribe and never miss when we publish new episodes.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com

This information was provided by the contact person above for publication on March 17, 2023 at 12:20 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish has applied for a Swedish patent for a method to prevent fraudulent rollbacks. The patent application enables Trusted Applications to execute securely in software-based trusted environments, which is key for CBDC implementations and other payments applications to achieve scalability, interoperability and cost-efficiency.

Crunchfish has applied for a patent for method of preventing fraudulent rollback of a protected asset in trusted application, executable in a secure execution environment on a host device. Rollback is a technique wherein an identical instance of the entire host device or the trusted application running therein, depending on the security arrangement, is created, cloned and then re-installed in order to re-use the protected asset. The clone may be rolled back to act as the original trusted application or host device. A malicious user attempting to hack the host device, or with the intent of being able to fully access all of the functionality of the host device.

Rollbacks give rise to critical security vulnerabilities relating to fraudulent use the protected assets in a trusted application. For instance, double-spending may occur if a clone of the Digital Cash Trusted Application is rolled back and continues to operate offline. Other related security vulnerabilities may be realised in other scenarios, for instance multi-usage of any finite resource or exploiting license timers for subscriptions or accounts or exploiting expiry timers.

“This is another strategic Crunchfish Digital Cash innovation enabling payments applications to execute securely in software-based trusted environment on smartphones, the dominant bearer for payments. As it is not possible that all users should be forced to use the hardware, the trusted environment for payments on smartphones need to be software-based. This is key for CBDC implementations and other payments systems to achieve scalability, interoperability and cost-efficiency”, says Joachim Samuelsson, CEO of Crunchfish.

This patent application protecting against fraudulent rollbacks complements Crunchfish’s patent application from last year that prevented fraudulent cloning.   

 
For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 17 March 2023 at 00:01 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Lipis Advisors in partnership with Crunchfish released today the second white paper – A practical guide for offline payment security – in the Enabling offline payments in an online world series, outlining the key security aspects relating to offline payments. The white paper includes also Crunchfish’s contrarian views on offline payment design and security. A webinar covering the key insights of the whitepaper will be held tomorrow morning.

Crunchfish are pleased to announce that Lipis Advisors have today released a second white paper in the series – Enabling offline payments in an online world. The white paper with the subtitle – A practical guide to offline payment security, provides valuable insights to how to design a secure and scalable offline payment system that can interoperate with online payment system. It provides the payment ecosystem with a better understanding of the nuances of offline payments security. The white paper includes an editorial that describes Crunchfish’s perspectives on offline payment design and security. 

On Friday March 17th at 8 am CET / 12.30 IST, Crunchfish in partnership with Lipis Advisors will host a webinar where Bonni Brodsky, Managing Consultant at Lipis Advisors will present the key insights of the whitepaper, followed by a panel discussion with V-key CEO Jospeh Gan and Crunchfish CEO Joachim Samuelsson moderated by Johan Wester. Register for the webinar here

All webinars will be available on our website, our YouTube channel and as podcasts on Spotify, Apple Podcasts and anywhere where podcasts are available, distributed from our SoundCloud channel. You can subscribe and never miss when we publish new episodes.

About Lipis Advisors
Lipis Advisors is a Berlin-based strategic consulting firm focused exclusively on the payments sector. Our expertise has expanded over the years, evolving from research-driven comparative analysis of core payment systems to strategic advice for diverse stakeholders on topics ranging from cryptocurrencies, CBDCs, digital banking, real-time payments, fraud mitigation, payment design and implementation. We have provided consulting services to clients in 40+ countries around the world, including international organizations, financial institutions, payment service providers, fintechs, payment schemes, payment system operators, technology vendors, industry associations, and regulators.

 
For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the contact person above for publication on March 16, 2023 at 13:15 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish presentation in English from Stora Aktiedagen Stockholm is now available where Crunchfish CEO outlined several contrarian perspectives that are necessary for payment services to survive in the face of temporary failures.

Crunchfish Group CEO Joachim Samuelsson presented Crunchfish’s pioneering Digital Cash solutions for making digital payments robust at Stora Aktiedagen Stockholm on Tuesday, March 14. Watch the presentation via this link.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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