ValidSoft, a global supplier of advanced telecommunications based fraud prevention, authentication and transaction verification solutions and part of Elephant Talk Communications, Corp. (AMEX: ETAK), is today pleased to announce a new, global partnership with Utiba, a global leader in mobile payments and mobile financial services solutions.
Following the successful completion of stringent technical trials, ValidSoft's industry-leading, special purpose security architecture for mobile payments, SMART (Secure Mobile Architecture for Real-time Transactions), derived from its advanced VALid-4F platform, has been selected by Utiba and will be integrated into Utiba's market-leading suite of mobile financial services.
Since its conception in 2001, Utiba has focused on the development of the most scalable and flexible mobile financial service platform in the market. Thanks to this partnership with ValidSoft, Utiba's more than 40 Mobile Network Operators (MNOs) and banking customers worldwide will be able to offer advanced, user-friendly authentication options using ValidSoft's proprietary technology. As a result, this partnership stands to impact more than 500 million subscribers that have access to the Utiba platform, including those involved in Utiba's recently announced partnership with MasterCard.
Richard Matotek, Co-CEO of Utiba, commented, "As mobile commerce takes off around the globe, we are very aware of the importance of security for the success of any offering. As we look to deploy sophisticated financial services solutions under our Converging Payments strategy, ValidSoft is a natural choice for us. We feel ValidSoft's advanced mobile payments authentication platform (SMART) delivers proven, real-time and user-friendly authentication that is ideally suited for mobile payments, and we are delighted to announce this partnership with them to deliver the most sophisticated and secure mobile financial services in the world."
Pat Carroll, CEO of ValidSoft, added, "We're particularly excited about this partnership with Utiba because of the scale at which Utiba operates. Utiba processes 12 billion mobile commerce transactions annually, and has processed over 3 billion so far this year. Following on from our partnership with Adeptra, this is the latest proof of the way in which ValidSoft's solutions can be easily and quickly integrated into the offerings of major financial technology providers. Traditional security methods are inadequate and unsuitable for the world of mobile payments. We have custom built our SMART™ architecture to be specifically designed for optimum use in the mobile payments world and we fully intend to lead the world in this field."