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Alaric Offers myPinPad Solution to Transform Online and Mobile Payments(M2 PressWIRE Via Acquire Media NewsEdge) Alaric (www.alaric.com), a global supplier of fraud prevention and payments solutions, announced today that it is now offering the innovative myPinPad(TM) product. This proprietary solution enables cardholders to securely control the authorisation 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 (TM) solution for transaction processing delivers an end-to-end platform for mobile and online payments, with EMV-level security. myPinPad (www.mypinpad.com) enables the secure processing of mag-stripe or chip cards. It addresses the challenges of securely authorising 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 authorisation is effectively invisible until it is authorised 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 smart phones 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. "There have been many advances in the world of payments, but easy and cost-effective authentication of the individual making the payment has always proved a challenge. I am delighted that we can now offer myPinPad to the market, and provide a secure solution for cardholder PIN entry across mobile devices and web browsers, and separating the authentication of the user from the physical POS device," said Mike Alford, CEO at Alaric. "The flexibility of the solution, which can even deliver EMV-level security just using mag-stripe and PIN, provides an ideal complement to our Authentic product - together they can transform the way ecommerce and bricks-and-mortar merchants accept card payments." How it works To initiate a transaction, a secure virtual PIN Entry Device (PED) is created which integrates with all of today's current and emerging payments technologies. PEDs can be created on almost all mobile, tablet and browser platforms, delivering PIN verified transactions without investment in EMV-capable POS terminals. This cloud-based virtual architecture has also facilitated development of an ultra-low cost traditional EFTPOS terminal, supporting all traditional payment methods including Swipe/Chip and NFC. It can be integrated with next generation online wallet technology, allowing customers to pay in store simply with their mobile number or username. In countries where online PIN isn't supported at the point of sale, myPinPad provides an alternative solution for banks and processors, utilising current banking systems/protocols. This online architecture is required by banks to deliver effective next generation wallet payment systems. "The integration of Authentic and myPinPad will offer benefits to all participants in the payments ecosystem and those who aspire to enter it, no matter whether it is in support of existing debit and credit card payments, or new generation technologies such as wallets or P2P payments. The reductions in fraud, chargebacks and risk are clearly attractive," said David Muxworthy, CEO of myPinPad. "Our aim is to improve security, provide an alternative to complex verification systems which are deterring customers, and deliver enhanced convenience and trust for the customer. More broadly, our ability to be able to facilitate online PIN and EMV level security off a mag stripe has generated significant interest, particularly in the UK and in the US. Working with Alaric is an important step in bringing the benefits of next generation authentication software to the market and provides validation of the myPinPad technology." About Alaric (www.alaric.com) Alaric is a global supplier of fraud prevention and payments processing products. Alaric's products allow financial institutions, processors and retailers to manage ATM, POS, ecommerce and mobile payment or banking transactions, deliver complex multi-channel payments integration and carry out enterprise fraud and risk management. Alaric's focus is on customer empowerment ensuring its users can stay ahead of the market. Alaric's products are designed to be rapidly customisable by customers allowing them to take strategic control of their system investments. Alaric's customers get the best of both worlds: an unprecedented degree of control over their solutions while retaining all the benefits and economies of using product-based solutions. The Alaric product line up comprises 'Fractals' fraud prevention and 'Authentic' payments technology. About myPinPad Ltd (www.mypinpad.com) myPinPad Limited is a global eCommerce and mCommerce software payments and solutions provider with proprietary software solutions enabling secure transactions on unsecured electronic devices such as mobile phones, tablets and personal computers. Through enabling direct PIN entry our solutions facilitate improved security, reduce risk and fraud, improve convenience and through changing the economics of the transaction improve the return on investment for issuers and acquirers, schemes, merchants and networks. For further information please contact: Catherine Eyres Alaric Tel: +44 (0) 20 7593 2209 [email protected] @alaricsystems David Muxworthy myPinPad Tel: +44 (0)29 2067 4437 [email protected] ((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.com on the world wide web. 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