Arcot Systems and Diversinet partner to develop mobile authentication for online credit card transactions
Arcot Systems, a provider of solutions for securing digital identities, and Diversinet Corp., a mobile solutions provider, have announced an agreement to develop and co-market systems for mobile authentication of online credit card transactions.
Under the terms of the agreement, Diversinet will integrate its Passport SMS Messenger(TM) product into Arcot's TransFort(TM) e-payments authentication product suite, thereby extending the TransFort platform further in terms of support for SMS wireless access. The combined solution will provide banks and other card Issuers with a new mobile device channel for delivering Verified by Visa(R) and MasterCard(R) SecureCode(R) online credit card transactions.
An estimated 24 billion SMS messages are sent globally per month. Over 900 million Visa(R) and 590 million MasterCard(R) credit cards have been issued worldwide, representing over 50 billion credit card transactions annually.
Arcot TransFort is a comprehensive e-payment authentication solution that enables over 7,000 card Issuers and processors to offer their cardholders the safety and security of shopping online using the Verified by Visa and MasterCard SecureCode programs. Being fully 3-D Secure protocol compliant, TransFort provides all the key modules that power the payment authentication process. Deploying TransFort allows organizations to protect the security of customer's online transactions, connect with the customer via new, valuable interactions and extend their applications and overall business with an expanded view of customer activity and needs.
"By extending the authentication of a credit card transaction to mobile devices using SMS, we create a two-factor authentication model that incorporates both something you remember and something you have," said Nagy Moustafa, President and CEO, Diversinet Corp. "This partnership with Arcot provides next-generation mobile authentication for transactions, and builds on our mutual strengths in delivering solutions for electronic and mobile commerce."
