Arcot Systems, Inc. and Oasis Technology Ltd. announced an agreement to package Arcot’s authentication software with Oasis’ payment engine to speed delivery of a more secure online payments infrastructure for credit and debit card issuers and merchants.
The two companies plan to co-market a payments processing and authentication solution suite to their respective client bases. By aligning Arcot’s TransFort payer authentication product with Oasis’ IST/Card issuing and acquiring software and the e-merchant component of IST/Switch, the two companies will provide banks and merchants with a complete solution that offers consumers greater security and control over when and where their card is used online, while also delivering reliable and proven transaction processing capabilities.
The primary aim of enhanced authentication software is to dramatically reduce the number of disputed transactions resulting from fraudulent use of credit cards on the Internet. It is estimated that more than 80 percent of all web-based fraud and chargebacks could be eliminated by authenticating the cardholder at the time of purchase. Both Oasis and Arcot firmly believe that the joint offering will have strong appeal among Visa and MasterCard issuing banks and merchants.
“We are pleased to be working with Oasis to deliver a comprehensive solution for online authenticated payments,” said Chet Silvestri, president and CEO of Arcot Systems. “By combining Arcot’s TransFort solution for the Verified by Visa program with Oasis’ payment software, we will provide a robust approach to enhance the security of online payments for merchants and credit card issuers.”
Verified by Visa allows consumers to actively protect their Visa accounts from unauthorized use by selecting a personalized password for web purchases. Each time cardholders make purchases at participating online stores, they are automatically presented with a Verified by Visa window where they enter their password and authenticate themselves to the issuer. Verified by Visa significantly minimizes fraud and customer disputes because only the cardholder and their card issuer know the password.
“Oasis has a long track record with Visa, MasterCard, and their member banks for providing superior payments software that is proven, reliable and flexible,” said Ashraf Dimitri, president and CEO of Oasis Technology. “We believe this agreement with Arcot will extend and strengthen our position with these card associations in the online world. This is in keeping with Oasis’ commitment to be the leading provider of software to enable payments anywhere, any place on any device.”
Arcot Systems, Inc., is the leading provider of authentication and access control solutions for securing e-business 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. Leaders in financial services, healthcare, and e-commerce are using Arcot solutions to protect their customers’ privacy and reduce fraud. For more information, visit ww.arcot.com.
Arcot TransFort strongly authenticates and digitally signs transactions in real-time, providing for the secure, non-repudiation of online payments. Scalable to hundreds of millions of transactions, Arcot TransFort allows companies to grow the volume and value of their online transactions and provide their customers with an added level of confidence and security in the business relationship.
Arcot TransFort is a multi-platform solution capable of authenticating transactions across Web, Virtual Private Network (VPN), and wireless environments. In addition, Arcot TransFort can comply with a variety of business rules or procedures that govern online payments and support multiple authentication methods including username/password (pass-code), physical smart cards (or “chip cards”), and the ArcotIDTM Software Smart Card.
Oasis Technology Ltd. is a leading provider of software to enable payments any time, any place, on any device. Since 1989, Oasis has worked with financial institutions, card associations, retailers, or any business reliant on payments to build the most secure, reliable and flexible payment infrastructures available. Oasis serves clients in more than 70 countries around the world, including ABN Amro, American Express, Citibank, Credicard/Redecard Brazil, Diners, Europay, Golden Card (China), MasterCard and Visa International. With corporate headquarters located in Toronto, Canada, the company also operates offices in Miami, Florida; Dubai, UAE; Kuala Lumpur, Malaysia; and supports an extensive network of international partners and sales representatives. Oasis is ISO 9001 registered.