CLEARCOMMERCE LAUNCHES MULTI-MERCHANT VERSION OF ‘VERIFIED BY VISA’ PAYMENT SECURITY
Contacts:
Chris Oake
Oake Public Relations for ClearCommerce
(781) 248-6513
coake@oakepr.com
Michael Staley
ClearCommerce Corporation
(512) 977-5418
mstaley@clearcommerce.com
Approach Provides Widest Range of Options for Merchants’ Banks
Austin, TX. September 17, 2002 – ClearCommerce Corporation, the leading provider of payment processing and risk management software for e-commerce, today announced the availability of the latest addition to its ClearCommerce Payer Authentication product family – the multi-merchant version of Verified by Visa, a cardholder authentication service by Visa U.S.A.. By offering this leading edge solution as either software or a hosted service, ClearCommerce provides the widest range of options to acquiring banks, processors and other hosting service providers.
Among the first to implement the ClearCommerce solution is First National Merchant Solutions (FNMS), a wholly owned subsidiary of First National Bank of Omaha and one of the nation’s largest card acquirers. FNMS has become a leader in the merchant processing industry by providing the latest in card processing technologies and assisting clients in the reduction of charge-backs and fraud.
"The electronic retail industry will receive tremendous benefits from payment security initiatives like Verified by Visa," said Robert Renzuilli, vice president of product development at First National Merchant Solutions. "It is important to First National to lead the merchant banking industry in providing this capability to our customers, particularly small and medium sized merchants, with a minimum of technology requirements. The ClearCommerce platform enables us to transparently provide the security and fraud reduction benefits of this initiative. "
Launched in December 2001, Verified by Visa provides an added layer of security to online credit and debit card payments. Today, more than 6,000 U.S. banks and credit unions offer the service to their Visa cardholders. After enrolling with his or her participating financial institution and creating a special password, a Visa cardholder can shop at participating online stores with greater confidence. At checkout, the financial institution asks the cardholder for his or her password and, in a matter of seconds, the financial institution informs the merchant that the password is valid. This added protection helps to deter unauthorized card use and gives merchants additional chargeback protection.
Visa has been successful in encouraging early adoption by a wide range of banks, consumers and merchants. According the Worldwide Network for Fraud Prevention, 30% of online merchants plan to implement Verified by Visa for their online retail sites within the next 12 months. GartnerG2 reports similar findings, and also forecasts that 72% of online merchants will offer this payment security by the end of 2003.
"We have found strong interest in Verified by Visa within our installed base of more than 55,000 merchants," said Robert Lynch, president and CEO of ClearCommerce. "In early discussions, it became obvious to us that many merchants wanted the benefits, but found it difficult to commit the IT resources required to include it on their web storefronts. A hosted solution, by ClearCommerce or one of our many Commerce Service Provider partners, was a clear answer. We expect this to be embraced by the online merchant community."
The multi-merchant Verified by Visa version of ClearCommerce Payer Authentication is available immediately worldwide. A hosting service is also available.
About Clear Commerce Corporation
Austin, Texas-based ClearCommerce is the leading provider of e-commerce payment processing and risk management software that enables merchants and service providers to safeguard and automate online financial transaction processing. ClearCommerce software is used by more than 55,000 businesses worldwide, including customers such as Barclay’s, Apple Computer, Best Buy, PETsMART, Sony Online, and Orbitz. ClearCommerce solutions feature patent-pending risk management technology as well as real-time payment processing. For more information, visit www.clearcommerce.com.
Back...
