MobiClear and Forex Bank pilot mobile phone verification for card transactions

Source: MobiClear

MobiClear (OTCBB: MBIR - Deutsche Borse: B3CA) and Forex Bank have completed a pilot test of a jointly designed system intended to enhance the security of FOREX Bank's card transactions.

During the spring of 2007, participating FOREX Bank employees were able to verify their card transactions via their mobile phone. The participants used this new service for ATM withdrawals, online and in-person store purchases.

Based on the pilot program's initial success, the two companies are planning to offer select card customers the opportunity to try MobiClear's services.

This new solution, developed by MobiClear and FOREX Bank, provides the card user more control over their purchases. This increased level of security is attained by allowing card users to authorize credit card transactions through their mobile phones. Both MobiClear and FOREX Bank agree that this is a great step toward increasing the security and comfort level of card users for ATM withdraws and online and in-person store purchases.

Tomas Zetterquist, Chief Executive Officer of FOREX Bank stated, "By being able to offer our customers secure identification through their mobile phones, we have reached an important milestone in our security targets. FOREX Bank's work to further enhance our customers security continues."

Anders Ericsson, Chief Executive Officer of MobiClear, added "We are pleased with the results and with FOREX Bank's initiative to offer our joint solution to FOREX Bank's card customers. Additionally, we look forward to continued cooperation with one of the leading Nordic niche banks."

One of the many benefits associated with the use of a MobiClear solution is that the end user is not required to master any new skills, download or install any new software. The MobiClear solution simply adds yet another function to the mobile phone, allowing the identification of the cardholder and the verification of a purchase or an ATM withdrawal.

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