October 7, 2013 -
ValidSoft has integrated its secure mobile commerce technology into Spindle’s new MeNetwork360 mobile commerce ecosystem, which the two companies say can nearly eliminate false-negatives.
The new app includes ValidSoft’s in-band mobile authentication platform, VALid-IMA, which allows users of the MeNetwork app to unlock its mobile wallet by speaking a phrase into their smartphone, without requiring a phone call. According to ValidSoft, this platform includes dynamic contingency processing, which means that legitimate customers will almost never be rejected.
“Frequency and magnitude of fraud and security breaches in the mobile payments space have risen rapidly. Prevention of breaches is important, but we must also be certain that increased security doesn’t affect the customer experience negatively,” Pat Carroll, CEO of ValidSoft said. “We believe that a winning formula is providing secure, multi-layered authentication and verification based on Voice Biometrics. That is the way to transform the traditional biometric model based on Equal Error Rates.”
Spindle’s new MeNetwork360 app and ecosystem is currently on display and is being previewed at the Money2020 conference in Las Vegas.
“We are very pleased to integrate this innovative biometric solution into the MeNetwork 360 platform,” Bill Clark, Spindle’s CEO said. “It provides the highest level of authentication for payment transactions, and security for various wallet applications. Providing a platform that maintains the highest levels of security and privacy is of paramount importance to Spindle. Through our relationship with ValidSoft, our customers can be reassured that we have integrated the most robust security protocol in the industry.”
ValidSoft also recently announced its Zero Latency Correlation product, which aims to provide real-time fraud detection for cross-border and domestic card-present transactions.
Payments and mobile commerce are very widely regarded as the next big wave of biometric products and launches, following a surge in smartphone and consumer device biometrics for authentication. A few products have recently been released and it’s likely that many will follow.
Reported previously, Opus Research and ValidSoft have recently published a new research report on mobile commerce and authentication, arguing that voice biometrics belongs in multi-factor environments.