Trintech Launches Powerful Online Fraud Reduction Solution
PayWare Guardian Provides Enhanced Payment Verification and Cardholder Authentication With Increased Security
DUBLIN, Ireland and SAN MATEO, Calif., May 15 /PRNewswire/ — Trintech Group plc (Nasdaq: TTPA; Neuer Markt: TTP) a global provider of secure electronic payment infrastructure solutions for real world, Internet and wireless environments, today announced the release of its evolutionary PayWare Guardian, an umbrella payment security architecture. The PayWare Guardian security suite is interoperable with Trintech’s eIssuer product suite and encompasses a range of powerful security modules that verify cardholder identity and authenticate their transactions.
Trintech’s PayWare Guardian security suite provides financial institutions and telcos with the versatility necessary to implement real world, Internet and wireless transaction security, while complementing their existing payment solutions. Merchants benefit by experiencing a reduction in chargebacks and fraud as well as an increased potential for higher sales volume based on greater consumer confidence.
PayWare Guardian is a suite of product modules, PayWare Guardian TA (Transaction Authentication) and PayWare Guardian SA (SET(TM) Authentication), designed to support card numbers and real-time authorization verification for issuers. The Guardian security suite is dynamic and versatile and supports emerging payment industry security standards, bio-metrics, and smart card technology within a single, integrated security product line. The Guardian product suite provides a level of choice, flexibility and integration between security standards previously unprecedented in ePayment product solutions.
Financial institutions and payment processors choose from a menu of security options on a per transaction basis to fully accommodate emerging marketplace requirements.
The PayWare Guardian Transaction Authentication (Guardian TA) module for fraud reduction uses unique transaction authentication technology to secure transactions. PayWare Guardian TA supports proxy card numbers and real-time authorization verification for issuers, which protects consumer information and provides card issuer assurance of transaction authentication. PayWare Guardian SA is a separate Guardian module which supports the industry-wide SET standard and has also received the industry recognized SET Mark approval. SET was developed by Visa and MasterCard, with participation from several technology companies, including Microsoft, IBM, NetScape, and VeriSign.
“The need for adaptable security is a growing necessity for financial institutions and merchants who are struggling to service the emerging growth of online and wireless transactions,” said George Burne, Chief Technology Officer at Trintech. “We believe that the greatest barrier to the continued growth of eCommerce and mCommerce is concern about fraudulent transactions. As Internet and wireless commerce grows, so do fraud levels.”
“Our PayWare Guardian TA security module offers issuing banks an off-the-shelf proxy card number and transaction verification solution. One of the main features of this solution is that it does not require merchants to change their existing transaction processing system,” Burne added.
“Unlike our competitors, PayWare Guardian has built-in authentication mechanisms. A consumer’s credit card information remains private, issuing banks verify the financial transaction and provide authorization, and merchants are assured of a verifiable transaction actually related to a genuine purchase.”
PayWare Guardian reduces the incidence and cost of fraud, as well as online privacy exposure risks. It provides merchants with the ability to reduce costs associated with charge-backs and fraud.
Consumers can rest assured that their online card information is secure and financial institutions can benefit from enhanced transaction processing security if using PayWare Guardian.
About Trintech
Founded in 1987, Trintech is a leading provider of secure electronic payment infrastructure solutions for card-based transactions for physical world commerce, eCommerce and mobile commerce. The company offers a complete range of payment software products for credit, debit, commercial and procurement card applications, as well as being a world leader in the deployment of payment solutions for Internet commerce that are fully SSL and SET(TM) compliant. Trintech’s range of scalable open systems architecture solutions for UNIX(R) and Windows NT(TM) platforms covers consumer, merchant and financial institution requirements for physical payments and the emerging world of electronic commerce. Trintech can be contacted in the U.S. at 2755 Campus Drive, San Mateo, CA 94403 (Tel: 650-227-7000) and in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: 353-1-207-4000). Trintech can be reached on the Web at http://www.trintech.com .
This press release may contain “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any “forward looking statements” in this press release are subject to certain risks and uncertainties that could cause actual results to differ materially from those stated. Factors that could cause or contribute to such differences include the growth of the eCommerce and mCommerce markets, the availability of financial resources to continue investment in research and development and sales and marketing programs, Trintech’s ability to develop, market and sell eCommerce and mCommerce software, the market acceptance of the SSL or SET(TM) standards for eCommerce payment transactions, and its ability to effectively respond to future changes in the ePayment software market. Actual performance may also be affected by other factors more fully discussed in Trintech’s Form 20-F for the year ended January, 2001 filed with the US. Securities and Exchange Commission. CONTACT: Cara Sloman of Nadel Phelan, Inc., 831-440-2411, or cara@nadelphelan.com, for Trintech Group plc.