2008-11-18 15:34:01 -
metavante.mediaroom.com/ - NYCE today announced that it has signed a contract with Verient to conduct a pilot of NYCE"s SafeDebit, an e-commerce payment solution that will enable online shoppers to make purchases on the Internet without sharing their PIN or account information at the merchant"s Web site. NYCE plans to pilot SafeDebit beginning in early 2009. NYCE Payments
Network, LLC, is a leading U.S. electronic payments network and a Metavante (NYSE:MV) company. Metavante is a leading provider of banking and payments technology.
The SafeDebit solution provides consumers with a more secure way to access their deposit accounts for Internet purchases. The solution keeps sensitive information in the hands of the consumer"s bank or credit union, entrusting security to the trusted payments system. At the same time, it uses familiar e-banking interfaces and the established electronic payments infrastructure to deliver online, real-time transactions to merchants, helping to facilitate increased sales opportunities.
In connection with the pilot, consumers who want to use the SafeDebit option when making purchases online will choose "NYCE SafeDebit" on the merchant"s Web site during the checkout process. The system then seamlessly redirects them to their financial institution"s online banking site, where they log on as usual through that site"s existing security protocols. The SafeDebit system then generates virtual debit card information for one-time use and automatically populates the merchant"s checkout screen with this information, with no additional keystrokes required from the consumer. The consumer"s actual debit card number is never disclosed to the merchant, and a PIN is not required for these transactions.
"With SafeDebit, NYCE is bringing a new technology solution to the e-commerce market to help both merchants and financial institutions generate new revenue opportunities," said Steve Rathgaber, NYCE president and chief operating officer. "Consumers find shopping online convenient, but many choose to avoid it because of security concerns. Alternative payment products are addressing those concerns at the same time they bypass the financial institution. SafeDebit puts the demand deposit account squarely at the center of the transaction, helping to stem the defection to alternative payment methods using the most natural system -- the NYCE payments network, whose singular objective is moving real-time payments in a secure fashion."
Because SafeDebit integrates with a financial institution"s online banking product to authenticate the consumer, SafeDebit also has the potential to draw more consumers to an institution"s online banking product by activating non-users who want a more secure way to make Internet purchases.
About Verient
Verient develops technologies and products that enable financial institutions (FIs) and merchants to customize payment choices for their customers, thereby offering more convenient and more secure transactions for both Internet and in store purchases. This capability results in the capture of additional customer payments, thus increasing revenue, while at the same time reducing fraud losses.
The Verient hosted platform is compatible with the existing merchant acquirers, card and EFT networks as well as FIs' legacy authorization and settlement systems. Verient's unique architectural approach (eight patents pending), and software-as-a-service model, provides FIs as well as merchants a fast, easy and economical path to offering payment options specifically tailored to customer needs.
Verient is located in the heart of Silicon Valley and is funded by DoCoMo Capital and Global Catalyst Partners. For more information about Verient, please visit our Web site at
cts.businesswire.com/ct/CT"id=smartlink&url=http%3A%2F%2Fwww ...
About NYCE
NYCE Payments Network, LLC, a Metavante company, helps its clients grow with innovative new products and strategic alliances that enable them to capitalize on the efficiency, consumer convenience and security of electronic real-time payments. The NYCE Network provides consumers with secure, real-time access to their money, offering hundreds of thousands of ATM locations and millions of point-of-sale locations nationwide. The NYCE Direct Bill Payment service offers cardholders a convenient way to pay bills online in real-time via their bank accounts. NYCE Balance Transfer services drive asset growth for consumer credit issuers through automated balance transfer/consolidation payment services. Headquartered in Secaucus, N.J., NYCE Payments Network, LLC, (
cts.businesswire.com/ct/CT"id=smartlink&url=http%3A%2F%2Fwww ..) is a wholly owned subsidiary of Metavante (NYSE:MV).
Cautionary Language Regarding Forward-Looking Statements
This press release contains "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those that express a plan, belief, expectation, estimation, anticipation, intent, contingency, future development or similar expression, and can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "should" or words of similar importance. Statements that describe our objectives or goals are also forward-looking statements. The forward-looking statements in this press release involve significant risks and uncertainties, and a number of factors, both foreseen and unforeseen, could cause actual results to differ materially from our current expectations. The factors that may affect our results include, among others, our debt level, restrictions and limitations in our credit facilities, our competitive industry, changes in customer demand for our products or services, disruptions and instability in the credit and financial markets, economic recession, general changes in economic conditions, risks of damage to our data centers or associated infrastructure, additional costs and requirements associated with our public company status, foreign currency fluctuations, intellectual property risks, effect of regulation on our business, network and operational risks, loss of significant customers and customer consolidation risks, risks associated with future acquisitions, and other factors discussed in Metavante"s Annual Report on Form 10-K under the heading "Risk Factors?, and other filings with the SEC. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements. Readers are cautioned not to place undue reliance upon forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date hereof.
Metavante and NYCE are registered trademarks of Metavante Corporation, which is the principal subsidiary of Metavante Technologies, Inc.
Chip Swearngan, Metavante Corporation
414-357-3688, mailto:chip.swearngan@metavante.com
or
Jordan Rittenberry, Edelman
312-233-1226, mailto:jordan.rittenberry@edelman.com
