Confirming Secure Interoperability in Mobile Financial Services: Challenges of Data Federation and Cryptography-Based Solution

Abstract

Mobile Financial Services (MFS) is a very promising and prospering sector in Bangladesh with emerging challenges. Currently, each MFS providers is functioning independently utilizing their own platforms to provide service to the users. This imposes restriction in exchanging information among the providers. Hence, the MFS providers confront unnerving challenge to alleviate interoperability and security concerns. Therefore, this paper is aimed at discovering and lessening the challenges linked to interoperability and security issues by introducing the concept of unified and distinct platform under one umbrella so that each MFS provider in Bangladesh can operate their business in cooperative and smooth manner. In order to achieve our objective, the two imminent methods such as data federation (DF) and public key cryptography are suitable candidates in this regard. The strength of DF is comprehended by integrating the power of IBM InfoSphere federation server accompanied by secured blockchain technology. Power of InfoSphere server is strengthened using data encryption technique with its ease-of-use nature. Besides, Elliptic-Curve Cryptography (ECC) is utilized to confirm the security and privacy during information sharing as one of the strong candidates of public key cryptography. The choice of ECC is influenced by its nature of being the most lightweight cryptographic techniques which facilitates the use of smaller key to ensure superior security features. Formal analysis of security measure and performance analysis proves the efficiency of our system with respect to strong security and privacy protection of the clients.