The Oxford Centre for Ecclesiology and Practical Theology (OxCEPT) has unveiled its plans to offer a peer-to-peer (P2P) payment app for secure mobile payments.
According to Oxford University, the new software-based app will use a family of security protocols developed at its Department of Computer Science to allow users create a new secure network or to secure an initially insecure network.
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Using the technology, which does not require swiping, scanning or card reading, the payer authenticates the payee and authorises a payment. There is no need of disclosing pass codes, account information or credit card details.
The Oxford team have also used and tested the security protocols in a map-based application for secure data sharing in disaster recovery scenarios.
The security protocols will allow separate groups including police, humanitarian teams, civilians and armed forces to work securely together on common challenges, while also allowing other applications including configuring security for machine-to-machine communications and securing data.
OxCept CEO, Perry Anderson, added: "The security protocols used by OxCept are protected by granted patents. In practice, 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."
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By GlobalDataOxcept has raised an initial £250,000 to fund early operations and plans to establish offices in London and Silicon Valley.
