Mobileway®, leader in managing mobile transactions across the globe, and Arcot Systems, a leading provider of solutions for securing electronic identity, have joined forces to offer a unique mobile payment solution for financial institutions wishing to offer Authenticated Payment as a mobile service.

The service is based on Arcot TransFort™ and the Mobile Transaction Tracker from Mobileway. The combined solutions from the two companies work together to 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 authorization is processed, dramatically reducing their exposure to payment fraud and unauthorized card use. 

Arcot TransFort is the industry’s leading payment authentication solution with deployments worldwide that will today enable over 10,000 online merchants, 3100 banks, and protect more than 300 million cardholders. The Mobileway Transaction Tracker is the first wireless global interactive service for Debit/Credit payment capable of establishing a two-factor authentication session with 400 million cardholders worldwide. It is highly suited to any payment-related service such as pre-authorization consumer authentication where the consumer needs to reply to a payment offer in order to validate the transaction, and post-authorization actionable alert services where the consumer needs to reply to a transaction notification in order to dispute it or get more information on this transaction. 

The two systems work together seamlessly to provide a global footprint for mobile-based payment authentication for true anytime, anywhere commerce. The combined offering can be utilized 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 with safety and convenience. Once the cardholder initiates the purchase; the merchant alerts the card issuer that a mobile transaction by an enrolled cardholder (one of the bank’s card customers) is in process and to authenticate the cardholder. The transaction may be initiated by a phone order from a fixed line, a text message or call from a mobile phone or via the Internet. The issuing bank carries out the authentication over the cardholder’s mobile phone or other mobile device and alerts the merchant when the authentication has been completed to ensure security of payment and guard against possible fraudulent activity. In doing so, the process will offer reassurance to both the buyer and seller. 

“As the market leader in secure transactions and authenticated payments, Arcot is constantly working to bring-to-market the most needed and most advanced authentication technologies, said Ram Varadarajan, president and CEO of Arcot Systems. Our partnership with Mobileway combines best-of-breed solutions to do exactly that.”
Carles Guillot, Head of Mobile Commerce Product Marketing for Mobileway added, “We are delighted to be working with Arcot on such a prestigious development in the financial world. 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. Mobileway has incorporated Transaction Tracker with Arcot TransFort in order to provide a wireless reach of 400 Million cardholders worldwide. The Mobile Transaction Tracker will also extend the current Verified by Visa environment from the Internet to all the channels available in Digital Commerce.

-Ends-

Mobileway is a trademark of Mobileway Inc. The names of actual companies and products mentioned herein may be the trademarks of their respective owners. 

About Mobileway
Mobileway is the leader in managing mobile transactions across the globe. With direct connections to 88 mobile carriers, Mobileway has unrivalled reach to 90% of mobile users throughout the World, guaranteeing cost effective, secure deployment of mobile applications to professional and personal mobile users. By expanding the reach of lifestyle services such as instant messaging, infotainment, mobile marketing, m-commerce and enterprise applications, Mobileway increases the value of mobile data for operators, content providers and corporations alike. Incorporated in Delaware USA, Mobileway has offices located throughout Europe, Asia and the United States. Additional news and information about the company is available at www.Mobileway.com . 

About Arcot
Arcot Systems, Inc., is the leading provider for securing identity and payments in Internet-scale, transactional and wireless environments. Only Arcot provides cost-effective, scalable, software-based solutions for strongly authenticating users and transactions, and managing access for payment systems, B2B extranets, Web portals and virtual private networks. Arcot solutions meet the business need for strong transactional security while providing the customer a user-friendly experience with anytime, anywhere convenience. Leaders in financial services, healthcare, and e-commerce are using Arcot solutions to protect their customer’s privacy and reduce fraud. For more information, visit www.arcot.com