ValidSoft, a global supplier of advanced telecommunications-based fraud prevention, authentication and transaction verification solutions, and a wholly owned subsidiary of Elephant Talk Communications, Corp. (NYSEMKT:ETAK), today announced a strategic partnership with Spindle, Inc., (OTCBB: SPDL) a US-based provider of innovative mobile commerce and alternative payment solutions for merchants and consumers.
Spindle is well positioned to take advantage of the nascent mobile payments industry in North America and offers leading banks and merchants the ability to leverage their patented technology to enable participation in this emerging payments eco-system. As part of the relationship, ValidSoft will provide Spindle with its custom-built, advanced multi-layered, multi-factor authentication and transaction verification technologies: SMART (Secure Mobile Architecture for Real-time Transactions), which will be integrated into Spindle's RhinoVerify security solution.
"We are delighted to announce this partnership with Spindle, which offers its banking customers, merchants and partners a compelling and innovative value proposition that we believe will generate a great deal of attention in the marketplace," said Pat Carroll, chief executive officer of ValidSoft. "This is a strong technical win for ValidSoft, which provides further validation of our advanced security capabilities in the mobile payments arena and gives ValidSoft the ability to greatly expand our company's presence in the United States. IE Market Research estimates that the potential mobile payments market in America is expected to reach $260 billion by 2015, so this relationship is a welcome opportunity to showcase ValidSoft's unique capability to deliver its superior security and authentication solutions which are custom built for the mobile payments ecosystem in one of the world's most security-demanding markets."
Spindle is a pioneer in, and at the forefront of frictionless finance©, and a leading provider of alternative and mobile commerce payment platforms for merchants and consumers. Spindle, one of a handful of providers that offer an open payment service for both consumers and merchants, is actively pursuing what Mercator Advisory Group recently published is a 16 million underserved micro merchant addressable market. In addition, the company is pursuing the approximately 58 million households a actively engaged in online and mobile commerce money movement as reported by Javelin Research.
"Spindle offers customers a patented solution and approach to mobile and alternative commerce," said Bill Clark, president of Spindle. Mr. Clark continued, "With global mobile payments transactions projected to rise to $945 billion in 2015, and mobile payment users to rise to 893.3million, Spindle continues to seek best in breed international partners for this emerging mobile community." Clark added, "Our Nurture, Convert, and Transact philosophy enables commerce across a wide range of payment form factors and infrastructure fully addressing both consumer and merchant interaction in the mobile ecosystem within the evolving social marketplace."
Spindle's patented portfolio includes RhinoPay®, a simple, mobile, secure payment solution which enables person-to-person, person-to-business, business-to-person, and business-to-business payments. The RhinoPay® platform is accessible universally through any networked or mobile device and delivers superior flexibility by enabling payments through credit and debit cards, check, closed loop, and ACH transfers.
Spindle's RhinoVerify solution is a verification process that uses instant messaging, SMS, and other technologies to authenticate purchases and transactions. It works for all modes of transactions, including mobile commerce, e-commerce, and traditional retail.
"Maintaining the security and privacy of customer data has been—and will continue to be— Spindle's highest priority," said Clark. "Our relationship with ValidSoft enables us to integrate a 'best-in-class' payments-specific layered authentication and security solution that is seamless, transparent, and above all, highly effective. The integration of ValidSoft's SMART into the RhinoVerify solution will further differentiate Spindle's solutions in a burgeoning marketplace and we expect to be live in the second half of 2012."