Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation, and Arcot Systems, Inc., a leading provider of solutions for securing electronic identity, announced a partnership to deliver Arcot’s TransFort payment authentication solution to its financial institution clients. Under the terms of the agreement, Metavante will use Arcot’s 3D Secure-compliant TransFort solution as a hosted solution to provide real-time payment authentication for the Verified by Visa program, which verifies the identity of a cardholder during an online purchase, resulting in lower overall transaction costs and offering protection from fraud losses.
Arcot helped develop and is fully compliant with the 3D Secure interoperability standard by the Visa Interoperability Lab, and has been adopted by over 4000 financial services institutions around the world. With this announcement, Arcot now serves nearly all of the major credit card processors. In its partnership with Arcot, Metavante plans to offer a comprehensive suite of payment authentication and security services to further instill confidence in its clients and their customers in the integrity of the online payment process.
“Arcot emerged as the clear choice to deliver the Verified by Visa service to our Visa credit and debit clients because of its leadership and innovation in the payment authentication space,” said Frank D’Angelo, executive vice president and general manager, Metavante EFT and Card. “Arcot’s history with Visa in developing the 3D secure protocol, their leadership in the payments authentication market and their large customer base, including many of the other major credit and debit card processors, made it a logical choice. In partnering with Arcot, we can offer our issuers a solution that is a value-added service to their cardholders, resulting in reduced chargeback costs and improved security for online shopping.”
“We are excited to be working with Metavante to deliver Verified by Visa to their clients,” said Ram Varadarajan, president and CEO of Arcot Systems. “In working together to bring Arcot’s state-of-the-art TransFort solution to hundreds of Metavante’s issuers, millions of cardholders will enjoy the benefits of a more secure online shopping experience.”
Metavante EFT and Card Solutions
Metavante is a leading provider of Electronic Funds Transfer (EFT) and Card solutions, including account processing, merchant servicing, database management, data entry, card personalization, and fulfillment services for debit, credit, stored-value, prepaid, transit, and ATM cards. Metavante provides EFT and card services to approximately 1,600 financial services providers in the United States. Metavante links with all major electronic funds transfer networks, gateways, and processors to route and authorize ATM and debit card transactions for banks, credit unions, Internet banks and independent sales organizations.
About Metavante Corporation
To improve the financial experience for more than 5,100 clients — including the largest 20 banks in the United States — and their thousands of customers, Metavante Corporation delivers virtually all of the technology that an organization needs to offer financial services. Metavante offers financial technology solutions that drive customer relationship management, electronic banking, electronic funds transfer and card solutions, electronic presentment and payment, financial technology services, and wealth management. Headquartered in Milwaukee, Wis., Metavante is the wholly owned financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI). For more information see [www.metavante.com].
Arcot Systems, Inc., is the leading provider of authentication solutions for securing identity in Internet-scale, transactional and wireless environments. Only Arcot provides cost-effective, scalable, software solutions based on the ArcotID(TM) Software Smart Card for strongly authenticating users and transactions for payment systems, Web-based email, 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. Arcot serves over 3000 customers today including leaders in financial services, healthcare, and e-commerce that use Arcot solutions to protect their customers’ privacy and reduce fraud. For more information, visit [www.arcot.com].