Nokia and smart card specialist Giesecke & Devrient have finalized their new near-field communication (NFC) joint venture, naming it Venyon. Venyon is headquartered in Helsinki, Finland, and has another office in Munich, Germany. The company plans additional locations in Dallas, Texas, and Singapore. The current head of Nokia’s NFC group, Lauri Pesonen, will become chief executive officer of the company starting next year. The companies announced the joint venture in June. Giesecke & Devrient owns 43 percent of Venyon, and Nokia owns the remaining 57 percent. Venyon plans to create and operate a service that can be used by banks or mobile operators to securely manage transactions made using cell phones equipped with NFC technology.NFC is a short-range wireless technology originally developed by Koninklijke Philips Electronics and Sony. Users of phones that have NFC technology can simply wave the phone in front of a reader to make a payment or present a ticket. Nokia and Giesecke & Devrient were part of an announcement made last week of an NFC trial in New York. Select Cingular Wireless users that have MasterCard credit cards from Citigroup will receive Nokia NFC-enabled phones that they can use to buy goods in stores that have MasterCard NFC readers. Those taking part in the trial can also use the phones to buy subway tickets on a certain subway line in the city.Interested MasterCard and Cingular customers can still apply to take part in the trial through Wednesday.-Nancy Gohring, IDG News Service (Dublin Bureau)Check out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content opinion Website spoofing: risks, threats, and mitigation strategies for CIOs In this article, we take a look at how CIOs can tackle website spoofing attacks and the best ways to prevent them. By Yash Mehta Dec 01, 2023 5 mins CIO Cyberattacks Security brandpost Sponsored by Catchpoint Systems Inc. Gain full visibility across the Internet Stack with IPM (Internet Performance Monitoring) Today’s IT systems have more points of failure than ever before. Internet Performance Monitoring provides visibility over external networks and services to mitigate outages. By Neal Weinberg Dec 01, 2023 3 mins IT Operations brandpost Sponsored by Zscaler How customers can save money during periods of economic uncertainty Now is the time to overcome the challenges of perimeter-based architectures and reduce costs with zero trust. By Zscaler Dec 01, 2023 4 mins Security feature LexisNexis rises to the generative AI challenge With generative AI, the legal information services giant faces its most formidable disruptor yet. That’s why CTO Jeff Reihl is embracing and enhancing the technology swiftly to keep in front of the competition. By Paula Rooney Dec 01, 2023 6 mins Generative AI Digital Transformation Cloud Computing Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe