GlobeSet, Inc., announced Monday a new product, the GlobeSet ServerWallet, that adheres to the SET 1.0 protocol, is cheaper for financial institutions to support, and faster and easier for consumers to use.
The GlobeSet ServerWallet is an application that resides on a server at the card issuer’s or financial institution’s operation center. The consumer’s graphical user interface, at approximately 50kb in size compared to current “fat” wallets at 4MB or more, is easier and faster to use, and communicates with a merchant point-of-sale application.
The GlobeSet ServerWallet routes purchase requests from the cardholder, receives purchase responses, and displays SET purchase transaction detail and history. It also interoperates with other GlobeSet SET applications or with SET payment systems from other vendors.
“Fat” wallets have encountered market opposition due, in part, to the expense incurred by financial institutions for deployment, coupled with a lack of consumer incentives to install and use wallets. With the arrival of the GlobeSet ServerWallet, obstacles have been cleared, paving the way for SET secure electronic commerce to flourish.
“The GlobeSet ServerWallet is removing the infrastructure barriers to make easy and secure electronic commerce a reality,” said Dennis Jolly, vice president, sales, marketing and operations for GlobeSet. “GlobeSet provides a product that is faster to download, easier to use, and cheaper to support — that’s it. Every major card issuer is going to want to take a look at this product.”
Managing many SET wallet functions from an issuer’s central location provides many benefits, including faster deployment and cheaper costs for administering, supporting and upgrading multitudes of wallets. Empirical analyses, conducted by GlobeSet for large institutions, estimate annual savings in the millions due to centralized management and administration functions for cardholder wallets. Also, the keys and certificates used for encryption and authenticating parties in a transaction can be housed in secure hardware in an issuer’s facility, increasing protection over software security.
Hardware security eliminates the need for the data to reside on a cardholder’s PC, which is subject to hard drive crashes or power failures. And because of centralized management and administration, upgrades to the product and the user interface can be conducted transparently for the user.
One of the biggest obstacles to mass deployment of SET “fat” wallets has been the size of its footprint. On average, a 4MB “fat” wallet can take nineteen minutes, or more, to download. The GlobeSet ServerWallet graphical user interface, at approximately 50kb in size, averages twelve seconds to download. The GlobeSet ServerWallet’s small footprint also delivers mobility for the user to conduct secure transactions from multiple locations across platforms of all sizes, such as set-top boxes, smart telephones or kiosks.
“The GlobeSet ServerWallet is the best solution for SET today and will revolutionize the way SET transactions occur,” said Mr. Jolly. “We are confident that SET will succeed, and that the GlobeSet ServerWallet will be a key driver in its wide market acceptance.”
GlobeSet is the world’s largest provider of SET software for OEM solutions, enabling secure payment card transactions over the Internet. The company provides applications for the buyer, merchant, financial processor, and certification authority (CA). On May 29, 1998, GlobeSet was awarded with a SET Mark for the GlobeSet Wallet. GlobeSet guarantees interoperability with any SET marked product from other vendors. Founded in 1994, GlobeSet is a privately held corporation. Strategic equity investors include Bankers Trust, and Tandem Computers.Details