ClearCommerce Launches Multi-Merchant Version of `Verified by Visa' Payment Security; Approach Provides Widest Range of Options for Merchants' Banks.Business Editors & High-Tech Writers AUSTIN, Texas--(BUSINESS WIRE)--Sept. 17, 2002 ClearCommerce Corporation, the leading provider of payment processing and risk management software for e-commerce, today announced the availability of the latest addition to its ClearCommerce Payer Authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. product family -- the multi-merchant version of Verified by Visa Verified by Visa is a system used by Visa as an added layer of security for online credit and debit cards transactions. A similar system is used by MasterCard under the name SecureCode (which is completely separate from verified by Visa, although it uses the same protocol). , a cardholder card·hold·er n. One who holds a card, especially a credit card. card  hold authentication service by Visa U.S.A.
By offering this leading-edge solution as either software or a hosted service, ClearCommerce provides the widest range of options to acquiring banks This article or section deals primarily with the English-speaking world and does not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , processors and other hosting service providers. Among the first to implement the ClearCommerce solution is First National Merchant Solutions (FNMS FNMS First National Mortgage Sources ), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of First National Bank of Omaha and one of the nation's largest card acquirers. FNMS has become a leader in the merchant processing industry by providing the latest in card-processing technologies and assisting clients in the reduction of chargebacks and fraud. "The electronic retail industry will receive tremendous benefits from payment security initiatives like Verified by Visa," said Robert Renzuilli, vice president of product development at First National Merchant Solutions. "It is important to First National to lead the merchant banking industry in providing this capability to our customers, particularly small and medium-sized merchants, with a minimum of technology requirements. The ClearCommerce platform enables us to transparently provide the security and fraud reduction benefits of this initiative." Launched in December 2001, Verified by Visa provides an added layer of security to online credit and debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. payments. Today, more than 6,000 U.S. banks and credit unions offer the service to their Visa cardholders. After enrolling with his or her participating financial institution and creating a special password, a Visa cardholder can shop at participating online stores with greater confidence. At checkout, the financial institution asks the cardholder for his or her password and, in a matter of seconds, the financial institution informs the merchant that the password is valid. This added protection helps to deter unauthorized card use and gives merchants additional chargeback Chargeback The charge a credit card merchant pays to a customer after the customer successfully disputes an item on his or her credit card statement. Notes: Customers dispute charges to their credit card usually when goods or services are not delivered within the protection. Visa has been successful in encouraging early adoption by a wide range of banks, consumers and merchants. According the Worldwide Network for Fraud Prevention, 30% of online merchants plan to implement Verified by Visa for their online retail sites within the next 12 months. GartnerG2 reports similar findings, and also forecasts that 72% of online merchants will offer this payment security by the end of 2003. "We have found strong interest in Verified by Visa within our installed base of more than 55,000 merchants," said Robert Lynch, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ClearCommerce. "In early discussions, it became obvious to us that many merchants wanted the benefits, but found it difficult to commit the IT resources required to include it on their Web storefronts. A hosted solution, by ClearCommerce or one of our many Commerce Service Provider partners, was a clear answer. We expect this to be embraced by the online merchant community." The multi-merchant Verified by Visa version of ClearCommerce Payer Authentication is available immediately worldwide. A hosting service is also available. About ClearCommerce Corporation Austin, Texas-based ClearCommerce is the leading provider of e-commerce payment processing and risk management software that enables merchants and service providers to safeguard and automate To turn a set of manual steps into an operation that goes by itself. See automation. online financial transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. . ClearCommerce software is used by more than 55,000 businesses worldwide, including customers such as Barclay's, Apple Computer, Best Buy, PETsMART, Sony Online, and Orbitz. ClearCommerce solutions feature patent-pending risk management technology as well as real-time payment processing. For more information, visit www.clearcommerce.com. |
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