May 7, 2013
Alaric offers solution to secure online and mobile payments
LONDON – Alaric, a global supplier of fraud prevention and payments solutions, has a new solution that enables cardholders to securely control the authorization of payments via the entry of their PIN on touch-screen payment terminals, smart phones, tablets and online. The combination of myPinPad and Alaric’s Authentic solution for transaction processing delivers an end-to-end platform for mobile and online payments, with EMV-level security.
myPinPad enables the secure processing of mag-stripe or chip cards. It addresses the challenges of securely authorizing card payments through its highly-scalable virtual EFTPOS and ATM platform, which presents the cardholder with a one-time virtual PIN pad - effectively moving the security elements of the transaction from the device and into the cloud. Via myPinPad, the cardholder can enter his/her PIN securely. All data relating to the transaction authorization is effectively invisible until it is authorized at the secure server.
The integrated Authentic and myPinPad solution seamlessly enables the processing of the entire transaction as a traditional card payment, irrespective of where it originated. For acquirers and issuers, no system changes are required. Transactions will continue to be processed the same as any other card transaction. The key differentiator is that the PIN is verified online with the issuing bank, as opposed to offline via the card and terminal.
The solution has significant benefit to the entire payments ecosystem:
Improving risk and fraud protection
Converting card not present (CNP) to card present with PIN transactions, with the consequence of reducing fees and the possibility of chargebacks to merchants and PSPs
Reducing terminal costs for card acceptance as standard smartphones or tablets are used
Enabling acquirers and PSPs to expand the number of merchants who can accept card payments
This new business solution from Alaric and myPinPad will help banks, card schemes, acquirers and payment service providers to increase transaction volumes simply and securely, move into new markets, develop new products and increase cardholder trust throughout the payment ecosystem.