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. (NYSE MKT: ETAK), has integrated its secure mobile commerce technology with Spindle's new "MeNetwork360" mobile commerce ecosystem, which is being previewed at the Money2020 conference being held from October 6 to October 10, 2013 in Las Vegas.
The new app, which brings together mobile payments and marketing by enabling consumers to discover, transact and build relationships with multiple merchants, is protected by VALid-IMA™, ValidSoft's In-band Mobile Authentication platform based on its Voice Biometric technology. This authentication tool allows MeNetwork users to unlock the MeNetwork Mobile Wallet™ by speaking a phrase into their mobile device, with no phone call required. The VALid-IMA platform includes Dynamic Contingency Processing, meaning false-negatives, or the rejection of a legitimate customer, which is a major issue associated with traditional Voice Biometrics, can be virtually eliminated.
Pat Carroll, CEO of ValidSoft, stated: "Frequency and magnitude of fraud and security breaches in the mobile payments space have risen rapidly. Prevention of breaches is important, but we must also be certain that increased security doesn't affect the customer experience negatively. We believe that a winning formula is providing secure, multi-layered authentication and verification based on Voice Biometrics. That is the way to transform the traditional biometric model based on Equal Error Rates (Industry standard for biometrics, represents balance point between False Positives and False Negatives). ValidSoft is proud to be part of Spindle's MeNetwork360 mobile app and to showcase the fruits of our innovation with them at Money2020. The launch of Spindle's MeNetwork360 mobile app enables ValidSoft core solutions to be part of an evolutionary payments infrastructure, capable of serving large institutions that are utilizing mobile payments from customers on a daily basis."
Bill Clark, CEO of Spindle, said: "We are very pleased to integrate this innovative biometric solution into the MeNetwork 360 platform. It provides the highest level of authentication for payment transactions, and security for various wallet applications. Providing a platform that maintains the highest levels of security and privacy is of paramount importance to Spindle. Through our relationship with ValidSoft, our customers can be reassured that we have integrated the most robust security protocol in the industry.''