SIVAULT SYSTEMS & HYPERCOM TEAM TO HELP RETAILERS COMBAT CREDIT CARD FRAUD
Joint Solution Features SiVault`s Signature-Based Payment Solution and Hypercom`s Optimum L4100 Terminals
SAN JOSE and PHOENIX, June 2, 2005 - SiVault Systems, Inc. (OTCBB: SVTL.OB) and Hypercom Corporation (NYSE: HYC) announced today a joint solution to help retailers reduce credit card fraud, identity theft and the cost of researching payment disputes. SiVault`s new SiPay and SiPay Mobile signature authentication and transaction storage services running on Hypercom`s Optimum(TM) L4100 multi-lane signature capture card payment terminals provide a broad range of innovative security tools, payment options, marketing and promotion services and service capabilities to retailers.
The system addresses identity theft that according to the Federal Trade Commission affects approximately 10 million Americans each year. It will also help prevent the up to $70 billion of the $1.4 trillion health care cost for Americans that has been attributed to fraud.
SiVault`s Fraud-Fighting Software
SiVault`s SiPay service helps stop fraud at the point-of-sale by comparing the consumer`s signature to a biometric template captured by the retailer, pharmacy, healthcare provider or other business during an enrollment process. Once the signature is authenticated, SiPay sends the transaction downstream to the payment processor. Both the transaction information and the biometric characteristics of the customer`s signature are maintained in a secure vault for instant Web-based retrieval in the event of a payment dispute, significantly reducing chargeback costs associated with the cumbersome process of storing and retrieving paper receipts.
The service also speeds payment transactions for consumers who do not carry credit cards, store charge cards or checkbooks by allowing merchants to tie the customer`s drivers license and biometric signature to his or her card and bank account information at the time of enrollment. Consumers simply swipe their drivers license on the point-of-sale (POS) terminal, turning the drivers license into a universal currency and simultaneously eliminating the need for clerks to spend time looking up account information when the card is not present.
SiPay Mobile, a new companion service, uses Short Message Service (SMS) technology to send transactions to the consumer`s cellphone for authorization. This service brings SMS payments into the mainstream retail environment for the first time, combining SMS transaction authorization with flexible financial settlement and seamless integration with existing payment networks. It can be used to facilitate payment in applications ranging from vending machines and on-demand digital entertainment services to small purchases at retail stores, using the merchant`s existing POS infrastructure and standard mobile phones from the major US networks.
Hypercom`s Card Payment Hardware
SiVault`s SiPay and SiPay Mobile services have been integrated with Hypercom`s state-of-the-art Optimum L4100, a multi-function payment terminal with integrated signature capture that is designed for use in multi-lane retail environments. The L4100 features industry-leading transaction speeds based on a 32-bit Intel(R) XScale(R) processor; a 64K-color 5.7" 1/4 VGA display that permits exact reproduction of corporate logos, advertising and promotional messages; an exclusive bi-directional, dual-sided magnetic stripe reader that speeds checkout by allowing consumers to swipe their cards in any direction regardless of which way the magnetic stripe is facing; and an optional ISO 14443 A & B contactless RFID reader supporting the MasterCard PayPass, Visa Contactless and American Express ExpressPay contactless payment cards and fobs.
The L4100 also includes an automated screen protection system; and the ability to simultaneously support RS-232, 10/100 Base T Ethernet, and powered or non-powered USB.
SiVault is using Hypercom`s HBNet high-speed transaction transport service as part of its SiPay infrastructure. HBNet speeds authorization and processing of electronic transactions for retail point-of-sale, financial, government, healthcare and other customers in both the dial and IP POS markets.
Complementary Solutions
"SiPay and SiPay Mobile offer innovative fraud prevention solutions for retailers in various industries, and teaming with Hypercom gives us a robust payment terminal with an integrated signature pad that supports the vital biometric signature recognition, authentication and credential validation components of our services," said Emilian Elefteratos, president and chief executive officer, SiVault Systems, Inc. "These are fresh, tamper-resistant systems that break new ground in helping the retail community reduce their bad debt reserves and lower the costs of resolving chargeback disputes."
"SiVault is bringing a new level of fraud protection and cost savings to the point-of-sale, and our Optimum L4100 is an ideal hardware platform for their service offerings," said O.B. Rawls IV, President, Hypercom North America. "The combined solution has the potential to raise the bar and expand the options for handling payments at the point-of- sale."
About SiVault Systems (www.sivault.com)
Founded in 1999, SiVault Systems is a recognized leader in the secure storage and retrieval of signed documents and biometric signature-based authentication for processing of online transactions. SiVault Systems` services are 100% compliant with regulations and standards in the retail and healthcare industries for authentication, authorization, transmission and storage of data. For more information, visit the companies` web site at http://www.sivault.com.
About Hypercom (www.hypercom.com)
Widely recognized as the global payment technology innovator, Hypercom delivers complete card payment terminal, network access device, server and transaction networking solutions that help merchants and financial institutions generate revenues and increase profits. Hypercom`s card payment terminal, network and server solutions are leading the transformation of electronic payments in more the 100 countries. The company is headquartered in Phoenix, Arizona.
Hypercom is a registered trademark of Hypercom Corporation. Optimum and Design is a trademark of Hypercom Corporation. Intel and XScale are registered trademarks of Intel Corporation. All other products or services mentioned in this document are trademarks, service marks, registered trademarks or registered service marks of their respective owners. SiVerify and SiVault are service marks or registered service marks of SiVault Systems, Inc. All other products and services mentioned in this document are trademarks, service marks, registered trademarks or registered service marks of their respective owners.
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995:
This press release contains "forward-looking statements" within the meaning of the U.S. federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. SiVault Systems, Inc. cautions readers that statements regarding this transaction, the timing of such a transaction and any other future aspect relating to such a transaction are forward-looking statements and are based on management`s current expectations, estimates and projections. Words such as "expects", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks and uncertainties, including the Company`s ability to market its products and services in a competitive environment, as well as other factors, many of which are beyond the Company`s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. For additional information on these uncertainties, please see the Company`s filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. SiVault Systems and its logo are trademarks of SiVault Systems, Inc. All other trademarks are the property of their respective holders.
This press release includes statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding market acceptance of new products, product performance, product sales, revenues and profits. These forward-looking statements are based on Hypercom (R) management`s current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward-looking statements include, industry, competitive and technological changes; the loss of, and failure to replace any significant customers; the composition, timing and size of orders from and shipments to major customers; inventory obsolescence; market acceptance of new products and services; the performance of suppliers and subcontractors; risks associated with international operations and foreign currency fluctuations; the state of the U.S. and global economies in general and other risks detailed in our filings with the Securities and Exchange Commission , including the Company`s most recent 10-K, and subsequent 10-Qs and 8-Ks. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements.
Contacts:
SiVault Systems Inc.
Emilian Elefteratos
408-321-5100
Hypercom Corporation
Pete Schuddekopf
602-504-5383
Back...
