Fraud Detection Software integrates into Wallets and Apps.
October 7, 2013 -
Designed for integration into smartphone-based Wallets and Apps, Zero Latency Correlation™ provides real-time, zero latency, fraud detection and false-positive reduction solution for cross-border and domestic card-present transactions. Because it provides cloud service with always-on proximity awareness and knowledge of other crucial invisible indicators, network latency associated with mobile network lookups, performed at time of execution of transaction, is eliminated.
|Original Press Release |
ValidSoft UK Limited
9 Devonshire Square
ValidSoft Announces Release of Zero Latency Correlation(TM)
LONDON, -- ValidSoft, the wholly owned subsidiary of Elephant Talk Communications Corp. (NYSE MKT: ETAK), a leading international provider of proprietary Software Defined Network Architecture (Software DNA(TM)) platforms that process big data for the telecommunications industry that empower Mobile (Virtual) Network Operators (MNOs and MVNOs) and a market leader in providing cyber security solutions to counter electronic fraud in the cloud, today announced the release of its latest addition to the VALid® suite of telecommunication based security products, Zero Latency Correlation(TM) (ZLC(TM)).
The ZLC(TM) patent pending technology provides a real-time, zero latency, fraud detection and false-positive reduction solution for both cross-border and domestic card-present transactions. It is specifically designed for integration into smart phone-based Wallets and Apps. Because it provides the cloud service with an "always-on" proximity awareness and knowledge of other crucial invisible indicators, the network latency associated with mobile network lookups, performed at the time of execution of a transaction, is eliminated. This capability completes the portfolio of Proximity Correlation solutions from ValidSoft for the needs of any transaction type in mobile and electronic payments.
Pat Carroll, ValidSoft CEO, said, "ValidSoft's cloud-based Zero Latency Correlation(TM) service provides a new dimension to our existing proximity correlation solutions. It is the first Wallet/App based plug-in capable of providing a real-time solution to authorization engines requiring exacting performance in terms of response times, for domestic as well as cross-border transactions. ZLC(TM) will also provide additional functionality in the requirement of securing communication channels between banks and their customers and is constructed in accordance with our "Privacy by Design" principles. ValidSoft is the only company in the world with three European Privacy Seals (EuroPriSe) from the European Union which we have leveraged to demonstrate full compliance with data privacy and data protection legislation in a number of key global jurisdictions, including the US and Mexico."
The ZLC(TM) capability, constructed around ValidSoft's core analytics and comprising a number of invisible real-time fraud checks, can be integrated into any Wallet or App, regardless of its core functionality, operating system and smart phone type. As the migration of banking and payment solutions onto the smart phone continues apace, VALid-ZLC(TM) leverages the mobile device to provide solutions within even the most stringent time tolerances required of payment networks in a completely privacy sensitive manner.
About Elephant Talk:
Elephant Talk Communications Corp. (NYSE MKT: ETAK) provides a proprietary software platform (a 'Software Defined Network Architecture' or Software DNA(TM)) for the telecommunications industry that empowers Mobile Network Operators (MNOs), Mobile Virtual Network Operators (MVNOs), Enablers (MVNEs) and Aggregators (MVNAs) with a full suite of applications, support- and managed-services. These solutions and services can be deployed on-site, cloud-based (SaaS/PaaS) or hybrid and include Mobile Network Management, Mobile ID, Secure Remote Access Management, Loyalty Management and Transaction Processing Services - all supported by superior industry expertise and high quality customer service. Elephant Talk's solutions avoid the need for prohibitive upfront investment and deliver substantial ROI and on-going cost-savings over legacy telecommunications systems. Elephant Talk counts several of the world's leading Mobile Network Operators among its customers including Vodafone, T-Mobile, Zain and Iusacell. Visit: www.elephanttalk.com.
ValidSoft Limitedprovides B2B mobile- and cloud-security solutions. ValidSoft has developed a sophisticated multi-factor authentication platform (SMART(TM)), which takes full advantage of mobile telecommunication channels and devices and includes a leading proprietary voice-biometric engine. These solutions combat electronic fraud and safeguard consumer privacy across internet and mobile banking, credit/debit-card and (mobile and fixed line) telephony channels. ValidSoft's solutions are used to verify the authenticity of both parties to a transaction (Mutual Authentication), ensure the fidelity of telecommunication channels (Secure Communications), and confirm the integrity of transactions themselves (Transaction Verification) - in each case in a manner which is scalable for the mass market, cost-effective, secure and easy to use and deploy. The company counts some of the world's largest financial institutions among its customers. ValidSoft is the only security software company in the world that has been granted three European Privacy Seals. Visit: www.validsoft.com.