Online Credit Card Transactions Go Mobile
Arcot Systems and Diversinet partner to develop mobile authentication for online credit card transactions
SANTA CLARA, California and TORONTO, Canada – June 9, 2003 – Arcot Systems Inc., a leading provider of solutions for securing digital identities, and Diversinet Corp. (Nasdaq OTCBB: DVNT), a leading provider of secured mobile solutions, today 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® and MasterCard® SecureCode® online credit card transactions.
An estimated 24 billion SMS messages are sent globally per month. Over 900 million Visa® and 590 million MasterCard® 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.”
“The combined offering from Diversinet and Arcot responds to the needs of our financial services customers as they take their businesses to the next stage of e-commerce under the 3-D Secure initiative,” said Ram Varadarajan, chief executive officer and president of Arcot Systems. “This solution allows them to leverage the full potential of the wireless channel.”
About Diversinet Corp.
Diversinet is a leading provider of secured mobile solutions to the enterprise, financial services, and gaming and wagering marketplaces. With demonstrated expertise in wireless and security, Diversinet delivers secure, reliable and scalable mobile solutions through security products and professional services such as application development and integration, consulting, training and technical support. Diversinet enables customers and their employees to securely access applications and critical corporate information from anywhere, at anytime and via any mobile device.
Diversinet is headquartered in Toronto, Canada, with offices in Fremont, California; Hong Kong; and London, England. For more information, please visit www.diversinet.com.
About Arcot
Arcot Systems, Inc. is the leading provider of secure e-payment and identity solutions for financial services, healthcare and security-conscious enterprise environments. Only Arcot provides cost-effective, scalable software solutions based on the ArcotID(tm) Software Smart Card for strong authentication of users and transactions. Arcot solutions meet the business need for strong transactional security while providing the customer a user-friendly experience with anytime, anywhere convenience. Over 17,000 customers use Arcot solutions to protect their customers’ privacy and dramatically reduce fraud. For more information, please visit www.arcot.com.
For more information about Verified by Visa please visit:
http://usa.visa.com/business/merchants/verified_index.html
For more information about MasterCard SecureCode, please visit:
http://www.mastercard.com/securecode