US electronic payment company NYCE and GlobeID have conducted a live Internet transaction using SafeDebit - a debit payment solution that enables secure online purchases. The SafeDebit transaction was routed through multiple global touchpoints in the USA, France and Australia, via GlobeID’s @PayIIP (Internet Interceptor Processor) platform.
NYCE's SafeDebit system is a CD based solution which captures the cardholder’s encrypted personal financial data. It is being billed as the first portable payment alternative for making PIN-secured Internet purchases using funds withdrawn directly from a customer’s bank account.
At present, online debit card transactions require the consumer to reveal account details, raising security concerns. Using the SafeDebit card, financial data is not made accessible to the merchant, reducing the potential for fraud. The consumer’s banking details remain encrypted until the information has passed from the merchant to GlobeID’s @PayIIP where it is decrypted and sent to the banking network.
To purchase online, the customer selects SafeDebit as the payment method at the participating merchants check-out screen and inserts the SafeDebit card into the CD-ROM drive. The consumer then enters a PIN and the transaction is processed in seconds. The SafeDebit card is adaptable to other authentication methods such as smartcards or tokens.
@PayIIP is GlobeID’s issuer component of the SafeDebit specification. It is composed of a transaction routing solution and a PIN-secured authentication platform, integrated with GlobeID’s flagship product, @PayIssuer.