Safewww and CardinalCommerce Announce Joint Solution
Safewww and CardinalCommerce have developed a joint solution to support credit/debit issuers for the secure payment initiatives of Visa, MasterCard and Concord EFS.
UNIONDALE, NEW YORK and CLEVELAND, OHIO- January 8, 2002- - Uniondale, New York-based Safewww, Inc., which provides strong two-factor authentication for secure online access, payments and transactions and Cleveland, Ohio-based CardinalCommerce, a leading electronic transaction security company, have jointly developed an end-to-end authentication solution to support the new Visa 3-D Secure and MasterCard SPA secure payment initiatives. The solution is based on a proprietary and modular architecture to allow seamless support for these and new initiatives expected from other payment networks, including Concord EFS/Star.
"Combining Safewww`s easy to deploy, strong IDshield authentication technology with Cardinal`s proprietary Payment Authentication Platform, provides financial institutions with a powerful solution to support the current secure payment initiatives as well as those to come," commented Tim Sherwin, Co-founder and Executive Vice President of CardinalCommerce. "Our integrated system, through one common platform and one implementation, addresses the challenges facing our financial institution customers."
"With financial institutions soon to be facing liability for fraudulent online transactions, they need to ensure that they and their customers are protected from fraud," added Kenneth Bob, CEO of Safewww. "The joint CardinalCommerce-Safewww solution allows them do so without inconveniencing their customers or adding complexity to the process."
The joint solution will enable issuing banks to rapidly deploy a software platform for the Verified by Visa and MasterCard SPA programs with no legacy system integration. This will provide an easy-to-use, strong two-factor authentication system to increase security and comfort to cardholders to conduct online transactions. Visa and MasterCard research has shown that consumers are likely to purchase more online with the added security provided by these new initiatives. Furthermore, these initiatives will effectively shift the liability for fraudulent transactions from the merchant to the financial institution. To address the expected $15 billion of credit card fraud predicted by 2004 (Meridien Research), financial institutions need to implement an authentication scheme strong enough to protect the bank from this liability shift, yet that is transparent to their consumers. The CardinalCommerce-Safewww solution satisfies this requirement while allowing the financial institution to leverage the investment for numerous other revenue generating authentication opportunities in the future.
About Safewww Incorporated
Founded in 1999 by Israeli Internet security entrepreneurs, Safewww, Inc. provides identity protection products and services for business and personal Internet transactions. With corporate headquarters in the U.S. and a research and development center in Israel, Safewww has established strategic alliances and received investment capital in the U.S., Israel, Spain, China, Japan and Argentina. Its target online markets include banking, B2B exchanges, digital music and video, auctions, store cards, and gaming. Utilizing patent pending third-party user authentication and content encryption technology, Safewww`s impenetrable and simple-to-use solution allows Internet transactions to achieve the utmost in security without the need to transmit confidential information over the Internet. For information, visit http://www.safewww.com.
About CardinalCommerce Corporation
CardinalCommerce Corporation is a leading provider of a technology-neutral authentication platform for securing electronic and wireless commerce, thus ensuring that individuals, businesses and government agencies can process electronic transactions and access confidential information safely, securely and privately. The first application of Cardinal`s proprietary technology, the Cardinal Payment Authentication Platform, provides consumers, merchants, credit/debit card issuers, and processors the ability to conduct fully authenticated Internet-based e-commerce, while protecting the transactions from fraud. For more information, visit www.cardinalcommerce.com.
Contact Information
Safewww, Inc.
Matt Biscuiti
Golin/Harris International
(212) 309 1422
mbiscuiti@golinharris.com
CardinalCommerce Corp.
Kendall G. Myles
Senior Vice President
(440) 352-8444
kenm@cardinalcommerce.com
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