Challenger brings home order from BGC

PrimeKey Solutions, a small Stockholm based company, has within a few years become a powerful competitor to the major IT security companies.

Its most recent customer is Bankgirocentralen BGC (The Swedish Clearing House of Payments). PrimeKey is now looking in ways to further expand its business in Sweden and abroad.

In December, Stockholm based PrimeKey Solutions AB received a large and prestigious client in Bankgirocentralen (BGC) which is now using the company’s technology for certificate issuance and handling of electronic identities (eID) and payment verifications for the banking sector. BGC was previously a customer of American RSA Technology but chose to switch to PrimeKey.

”It is a great customer for us and a springboard within the Swedish banking sector” says Konstantin Papaxanthis, CEO of PrimeKey.

The Swedish Police was the first

BGC is the company’s second major customer in Sweden. The breakthrough came in 2008 when The Swedish Police chose PrimeKey’s technology. Furthermore, the company has two major customers in the USA who account for more than 30 percent of PrimeKey’s turnover of 14 million SEK.

”25-30 percent of our turnover comes from continental Europe and the rest from Scandinavia” says Konstantin Papaxanthis.

Can be customized by the customer

According to BGC, they have chosen PrimeKey partly because its software is open source and can be modified by the client to serve their needs and business.

”We are almost alone in offering this. Moreover, our model is based on no licence fees.” says Konstantin Papaxanthis.

BGC, which is owned by SEB, Swedbank, Handelsbanken, Nordea, Danske Bank, Skandiabanken, Ålandsbanken and Länsförsäkringar, processes bankgiro transactions totalling SEK 25-30 billion daily.