Mobileway and Arcot partner for mobile authentication
23 July 2002 | 4285 views | 0
Mobileway and Arcot Systems have teamed up to offer financial institutions a new payment authentication service via a mobile phone.
The service is based on Arcot's TransFort authentication solution and Mobileway's Mobile Transaction Tracker interactive debit/credit payment service.
The combined solutions allow issuing banks to verify a cardholder's identity through the use of a password typed into the mobile phone. Results are sent back to the merchant before the transaction authorisation is processed, thereby reducing their exposure to payment fraud and unauthorised card use.
The combined offering can be utilised in support of the MasterCard UCAF and SPA initiatives and Verified by Visa for authenticated payments, and will enable cardholders to validate purchases from any GSM phone in any country, say the companies.
Carles Guillot, head of mobile commerce product marketing for Mobileway, comments: "Our solution is extremely simple, ensuring the cardholder can make the transaction using any type of mobile handset. The result is a secure process that can be delivered from anywhere in the world in order to reduce fraud on 'non-card-present' transactions."