OxCept dials in mobile focus

Oxford spin-out OxCept is to put its focus on secure peer-to-peer mobile payments, the university’s tech transfer unit Isis Innovations has revealed.

The mobile payments app developer was launched in November last year with over £1m in funding from both UK and US militaries. Its primary product, also called OxCept, uses military-level cryptography tested by the UK’s Ministry of Defence and peer-reviewed by other UK universities.

At OxCept’s core is a technology which is purely software based which allow users to create a new secure network to make the transfers. No cords, network connections, card reading, or scanning is required, and no details such as pass codes, account information, or credit card details are disclosed.

The app will be released shortly for iOS, Android, and Windows Phone, and will generate profits via a $0.05 charge per transaction.

Shawn Modarresi, president and cofounder of OxCept, said: “At the moment it is almost impossible to deter intruders and prying eyes using software. As it becomes second nature for us to transmit delicate information between mobile devices, reliable software based security protocols will be a key tool for all mobile users.”

Perry Anderson, CEO of OxCept, 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.”