Concord EFS selects Cyota to Provide MasterCard SecureCode and Verified by Visa to 6,200 Financial Institutions
Concord to implement Cyota’s SecureSuite Platform - Processor Edition at its data centers
New York, NY (Wednesday, January 22, 2003) New York, NY January 22, 2003 – Cyota today announced that its SecureSuite platform has been selected by Concord EFS, Inc., a leading electronic commerce provider, to provide MasterCard SecureCode and Verified by Visa to its 6,200 financial institution clients.
Concord will license and implement Cyota’s SecureSuite Processor Edition technology as an in-house installation at its data centers. MasterCard SecureCode, which utilizes MasterCard’s Universal Cardholder Authentication Field (UCAF™), and Verified by Visa are the new authentication initiatives designed to provide Internet shoppers with a virtual receipt to sign at the point of purchase, thus reducing online fraud. Both solutions are integrated in Cyota’s SecureSuite. Concord is the first switch processor to implement and provide MasterCard SecureCode and Verified by Visa from within its own data centers.
“As a leading provider of payments security solutions, Cyota`s experience with global processors and large scale issuers will be of great value to us,” said Craig Conway, SVP, Network Services Development and Operations at Concord.
“We are delighted to team with Concord and anticipate a mutually-beneficial relationship beginning with MasterCard SecureCode and Verified by Visa and hopefully moving forward into new applications,” said Naftali Bennett, Cyota CEO. “Whether it’s an in-house installation or our hosted solution, Cyota’s SecureSuite platform has proven to be the solution that large processors and other financial institutions are looking for.”
Cyota’s SecureSuite platform is a global solution offered to issuers and processors worldwide. SecureSuite is either installed in-house at the client’s data center or offered as a hosted service from global facilities located in the US, UK and Japan. SecureSuite is in use by some of the world’s largest credit and debit card issuers and processors. SecureSuite seamlessly integrates multiple applications including MasterCard SecureCode, Verified by Visa and surrogate numbers. With SecureSuite, issuers and processors can easily test several applications gradually in a cost-effective way.
About Cyota
Cyota is the leading payment security provider for financial institutions. Cyota SecureSuite is the only integrated payment security platform, designed to seamlessly integrate a wide range of credit and debit card security solutions including Verified by Visa, MasterCard SecureCode, surrogate numbers and more, into a single, consistent and cost-effective solution. Cyota services multiple clients in North America, Europe and Asia-Pacific with systems currently available to over 300 million cardholders. Founded in 1999, Cyota is headquartered in New York with offices worldwide. Cyota is led by a respected management team with extensive experience in the security, Internet and banking industry. For more information please visit www.cyota.com
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