A vision a decade ahead of its time: How the future of payments was born at Monet+ in 1996

While the magnetic stripe was still the banking standard in the mid-nineties and cash dominated wallets, Monet+ in Zlín was already writing the script for a digital revolution.

Together with Česká spořitelna, the company's IT experts set out to develop the first chip-based payment card — a technology built on deep applied cryptography, designed to deliver a then-unimaginable level of transaction security. This strategic head start proved absolutely crucial in establishing today's authority in digital identity and electronic payments, even though the broader market and everyday users only began to benefit from chip cards as standard a decade later.

In an era of unstable data connections, the physical chip served as a secure carrier of both identity and funds. It gradually replaced the widely used magnetic stripes, which were easy to clone. A new security standard was born: encryption locked into a physical chip made card counterfeiting and PIN theft dramatically more difficult.

By the late nineties, petrol station checkouts resembled an electronics showroom — a separate terminal existed for every card type. For the Slovnaft network, we put an end to this chaos and designed a system unlike anything available at the time. We built an architecture where a single device at the counter could process both standard bank cards and specific corporate fuel cards. It wasn't just a hardware upgrade — it was a complex software solution with multi-party security parameters, enabling closed-loop transaction clearing and the direct integration of loyalty programmes into the authorisation process.

This collaboration produced the first fully independent project in Monet+'s history: the Credit loyalty card, which became the largest system of its kind in Slovakia. It was later followed by the Bonus system for the MOL Group, which remained in live operation for an incredible 17 years thanks to its robustness and reliability. These experiences in integrating diverse payment methods and loyalty schemes into a single platform became the genetic foundation for our current flagship platform, Switchio. What began at Slovnaft's fuel pumps is now the technological engine powering thousands of payment points across Europe.

In 2000, Monet+ made one of its boldest moves, building the ASORS central transaction system for ČSOB to manage and authorise payments. While similarly large banking systems had previously run exclusively on cumbersome and expensive UNIX mainframes or Windows NT, the Zlín developers were among the very first in the industry to bet on the innovative Enterprise Linux platform. This proved to be a visionary decision — it gave the bank unprecedented flexibility and significant cost savings, while the system reliably handled extreme loads from thousands of terminals simultaneously requesting payment authorisations.

The birth of ASORS definitively confirmed Monet+'s position as a provider of critical IT infrastructure. Acting as a secure "pipe" connecting hundreds of thousands of merchant terminals directly to central processors, it became the architectural cornerstone of modern card acceptance. Its technological robustness is so exceptional that we continue to successfully operate and develop it to this day. ASORS currently manages a network of over 60,000 payment terminals and processes nearly two million transactions every single day without interruption.

At a time when digital security was still finding its footing, Monet+ introduced a revolutionary solution in 2002: a PKI client on an RSA smart card, originally known as CryptoPlus. Until then, private keys stored only in computer software posed a significant security risk. We solved this by locking users' private keys directly into a hardware chip — a place from which they could neither be copied nor stolen. This cryptographic protection made possible, among other things, the innovative Guaranteed Payments project for Komerční banka. The technology gave corporate clients absolute confidence — using a smart card, they could sign and authorise transactions of enormous value with security equivalent to a handwritten signature.

The success of this robust solution made us a cybersecurity provider for the biggest players on the market. The very next year, Česká spořitelna integrated these PKI smart cards as the primary authentication method for its electronic banking. The architecture proved so strong and universal that it soon crossed the boundaries of the financial sector to become a pillar of enterprise security. Our solutions were adopted by further banks in the Czech Republic and Slovakia, as well as key state institutions, led by the Czech Social Security Administration. The original CryptoPlus eventually evolved into today's ProID+ brand, enabling companies and public authorities to securely manage identities and create qualified electronic signatures and seals.

Another major milestone and proof of Monet+'s technological maturity came in 2005 with its involvement in building the national toll system. In collaboration with ČSOB, we successfully applied innovative technology for accepting both fleet and standard bank cards for large-scale toll collection. This move brought Monet+ into the world of critical state infrastructure, where errors are simply not an option — any downtime would mean immediate and enormous losses for the state treasury. Our response was the deployment of robust High Availability systems, guaranteeing absolute reliability and full auditability of all financial operations around the clock.

This demanding technological baptism of fire served as a powerful reference and a strategic springboard for further expansion. The architecture proved so reliable that just two years later, in 2007, Monet+ began supplying the system to SkyToll in neighbouring Slovakia. Today, we are a key technological partner for both SkyToll and the Czech state enterprise CENDIS, fully securing the payment and control mechanisms for truck toll collection in both countries.

2006 brought a revolution to Czech travel documents with the introduction of the first chip-based biometric passports (ePAs). Monet+ played a key role as the technological partner of the State Printing Works of Securities (STC) and the Ministry of the Interior of the Czech Republic. We collaborated on building the system for producing modern chip-embedded passports, on which sensitive biometric data (such as fingerprints) is securely stored, making document forgery virtually impossible.

Monet+'s task was to develop the complex software and PKI infrastructure for formatting and securely writing biometric data onto the chip. This highly secure system, supported by us, remains in operation to this day.

Moving to a new building in April 2009 allowed Monet+ to realise a key strategic goal: building its own Personalisation Centre and ending dependence on external suppliers. By investing in top-tier technology, including Mühlbauer machines and NBS lines, the company gained full control over the process of writing data to chips and the visual finishing of cards.

This capital-intensive step paid off enormously. The centre subsequently passed extremely strict security audits and received the prestigious Visa and Mastercard certifications for issuing bank payment cards. The unique combination of in-house software development and a physical personalisation line allowed us to respond to specific market demands. As a result, we began creating sophisticated bespoke solutions — from multifunctional encrypted cards to unique gift and employee editions.

2012 marked a turning point in how we use technology — smartphones were rapidly becoming our primary gateway to the digital world. Monet+ responded by developing the innovative CASE system, which defined new standards for mobile security. CASE stands for a robust system for strong authentication using one-time passwords (OTP) on mobile platforms. In practice, this transformed your mobile phone into a highly reliable and secure key for user verification and transaction confirmation. The technology, in the form of mobile tokens, began protecting the digital channels of the largest banks on the market — including ČSOB, Česká spořitelna, and Air Bank.

While the highest level of electronic security had previously been tied to physical smart cards, the CASE system aimed to make secure login accessible to everyday users through the device already in their pocket. The company's commitment to this direction was so strong that it directly led to the founding of a specialised subsidiary, Ahead iTec, fully expanding Monet+'s capabilities into mobile security application development.

Identity Federationis a centralised authentication system that allows a user to access many different applications and services using a single identity — without needing separate credentials for each one. This is the principle behind well-known services such as Bank iD and the state NIA ID.

Monet+ began focusing heavily on this concept around 2014. The impulse came from major banks — such as ČSOB and Česká spořitelna — that realised they had a multitude of different applications (internet banking, building savings, insurance), each handling security and client login independently. Monet+ therefore developed central authentication systems and an identity federation module. As a result, a bank client today has one secure app on their phone and can use it to log in anywhere within the entire group. We built the Identity Provider — the system that securely verifies the client and issues a confirmation token that all other applications trust.

While CASE successfully moved authentication to mobile devices, the key product for end-users became the Smart OTP project, which gave rise to the popular Smart Key app, originally developed for ČSOB. The primary motivation was both security and cost — the bank wanted to replace outdated and expensive SMS confirmation messages with a more secure mobile token.

The security cornerstone of the new Smart Key was the principle of "What You See Is What You Sign." This dramatically increased client protection against cyberattacks. Even if a user's computer browser were compromised and attempted to display a different account number or amount, the mobile app received the information from the bank via a separate, independent channel and always showed the true details of the transaction.

Looking back, it is also fascinating that in its early days the app used a revolutionary "image PIN." Rather than a numeric code, the user had to tap the correct images in a pre-selected order. Though this approach was later replaced by the now-standard biometrics, it was a highly innovative step at the time.

When Česká spořitelna launched its extensive digital transformation in 2014, it faced a major challenge: the need to radically modernise and unify the security infrastructure across all its online channels. In response, Monet+ — in collaboration with Deloitte — designed and implemented the Multichannel Entry Point (MEP): a central security component covering all electronic identification and user authentication processes.

Fragmented login processes were replaced by a unified identity platform built on the CASE server, opening the door to the smartphone era for both the bank and its clients. Users gained access to highly secure and convenient verification methods, including a mobile token (the foundation of today's George Klíč app) and innovative voice biometrics.

This step proved to be a strategic asset reaching far beyond a single institution. Monet+'s timeless architecture became the technological cornerstone for the group-wide George digital banking platform within Erste Group. By leveraging identity federation principles and full support for open interfaces (PSD2), a highly scalable ecosystem was created, securely connecting the bank's applications with third-party services.

Building on an earlier project with the State Printing Works of Securities, since 2018 we have been the supplier of the personalisation system for driver memory cards for the digital tachograph system, along with other related operational cards. The driver card records data on the vehicle's operation, speed, and mandatory rest periods. We also updated and continue to operate the Digital Tachograph Information System (ISDT).

Compared to the previously implemented system from another supplier, we achieved a significantly simpler and faster process, including quicker issuance of tachograph cards. Additional benefits include efficient and reliable system management, faster record corrections, and a flexible approach to ongoing system development.

From hardware chips to smartphones — this sums up the natural evolution in enterprise security that Monet+ addressed with ProID Mobile. For many years, the company built on robust PKI systems and smart cards (developed since 2002 under the names CryptoPlus and later ProID+), providing absolute cryptographic protection for transaction authorisation and login.

As smartphones gradually became the primary gateway to both personal and professional digital life, a strong market demand emerged for a more modern approach to identity verification — one that didn't require carrying a physical card or hardware reader. ProID Mobile turned the standard mobile phone into a high-security authentication tool, allowing employees to log in securely and conveniently to computers, VPN networks, and enterprise systems. With ProID Mobile, we confirmed our ability to combine three decades of cryptographic expertise with modern trends, offering customers exactly the authentication method they prefer most in the age of accelerated digitalisation.

We achieved major success and international recognition for our electronic payment processing platform, Switchio, and entered into a strategic partnership with Mastercard as part of the first European IDBT-project.

When Monet+ became one of the first companies to introduce open-loop systems for bank EMV card acceptance in public transport — following the London model — it revolutionised the way people travel. Passengers no longer needed change or paper tickets; a simple tap of a contactless card or digital wallet was enough.

The technology, which started with deployments in a handful of Czech cities, had grown into a confident global business by 2024. The Switchio platform now manages public transport systems across continents, operating successfully in Polish cities, Santiago de Chile, and Lagos, Nigeria.

2024 brought a significant turning point for electromobility with the EU's AFIR regulation, mandating support for standard bank card payments at public charging stations.

We responded to this technological challenge by partnering with Mastercard to introduce the innovative EV-Core cloud solution, operating under the Switchio platform. This step radically simplified life for drivers, who no longer need complex registrations or special chips — they simply tap their card at the terminal. For charging station operators, this highly scalable platform enables easy integration of contactless EMV payments into existing management systems, with all the complex back-end transaction processes handled by Monet+'s software.

In 2025, Czech public administration reached another major milestone on its path to modernisation. Driving licences and digital tachograph driver cards are now delivered directly to self-service pickup points and parcel boxes. Citizens can apply online and have their documents sent to one of over 10,000 locations across the country — putting an end to long queues at government offices and bringing the kind of user convenience people are used to from everyday e-commerce.

At the heart of this innovative service is Monet+'s robust production and integration software. Our development team delivered comprehensive technical upgrades — from the production and personalisation systems for both document types, through updates to the Digital Tachograph Information System, to the complex integration with large-scale logistics and distribution networks. Thanks to this sophisticated solution, the Czech Ministry of Transport, via the State Printing Works of Securities, is able to efficiently produce and deliver thousands of documents every day.

We were awarded the prestigious Volkswagen Company of the Year 2025 title. This recognition solidified our position as a leader in digital identity, payments, and cybersecurity, and motivates us to keep developing innovations for a secure future.

The moment is approaching when current encryption standards will no longer be sufficient against the immense computing power of emerging quantum computers. Monet+ has therefore made a strategic decision to fully commit its attention to post-quantum cryptography in 2026.

Monet+ is investing its R&D capacity into developing quantum-resistant documents and identities, including the strategic KRID project. The company is laying the groundwork well in advance for the future integration of the European Digital Identity Wallet (EUDIW) and new security requirements from national and international authorities, including NÚKIB and ICAO.