Paymentech and Arcot Team Together to Deliver End-to-End Solution for Verified By Visa; Industry Leaders Bring Complete Fraud Protection Solution to Top Online Merchants.Business Editors DALLAS & SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Aug. 19, 2002 Paymentech, the nation's premier electronic payment solutions provider, today announced a partnership with Arcot Systems, Inc., to provide the full suite of Arcot TransFort(TM) Merchant Solutions to businesses selling goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. online. Arcot TransFort is the leading solution for payment 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. with deployments expected to enable more than 10,000 merchants worldwide by mid-2003. Together the two companies have raised the bar in providing a global end-to-end service for secure e-commerce payment processing using 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). . E-commerce merchants can now get unprecedented fraud and 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, while increasing the confidence of online shoppers. Today, numerous merchants are already in production with fully compliant and reliable Verified by Visa solutions from both Paymentech and Arcot. The two companies together provide solutions that not only correctly handle the authentication process for Verified by Visa, but do so in a secure, seamless, highly scalable way. Arcot TransFort provides front-end cardholder card·hold·er n. One who holds a card, especially a credit card. card  hold authentication with a suite of reliable, lightweight, and easy-to-implement single-merchant and multi-merchant solutions. Paymentech provides secure, world-class front and back-end payment processing that captures and routes all the proper authentication fields to be fully compliant with Verified by Visa. The two solutions work together to complete an authenticated au·then·ti·cate tr.v. au·then·ti·cat·ed, au·then·ti·cat·ing, au·then·ti·cates To establish the authenticity of; prove genuine: a specialist who authenticated the antique samovar. Visa transaction from start to finish -- checkout through authorization. "As the marketplace becomes increasingly online, delivering solutions that reduce the high cost of fraud for our merchants becomes even more critical," said John Shirey, eBusiness Group Manager Product Development, Paymentech. "We've seen cases wherein for every sale a merchant accepts online, they incur a fraud loss of as much as $1.00. Together with Arcot, we can provide our merchants with the most reliable, end-to-end solution (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. for Verified by Visa, giving them the assurance and chargeback protection they need to conduct business online." "We are very excited to be working with Paymentech, the market leader in payment processing, to bring the most comprehensive authentication solution available today to businesses selling online," said Ram Varadarajan, 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 Arcot Systems. "The combined effort of Arcot and Paymentech will help thousands of merchants take advantage of Verified by Visa, a critical first step in effective fraud reduction." Paymentech Fraud Management Solutions Paymentech offers a comprehensive suite of fraud tools to help merchants with virtually any fraud-related problem. From relatively simple address verification services to more sophisticated fraud scoring solutions to third-party specialty services like Arcot, Paymentech offers a full-range of proprietary and third-party products that enable merchants to better manage their exposure to fraud and alleviate their customers' concerns. Arcot TransFort Merchant Solutions The TransFort suite includes a range of merchant solutions for both single and multi-merchant environments. The software provides a lightweight web server plug-in combined with an enterprise class authentication service that is secure, reliable, and highly scalable. The Arcot solution is easy to implement and proven in production e-commerce environments with worldwide deployments that will enable more than 10,000 merchants. About Verified By Visa Verified by Visa allows consumers to actively protect their Visa accounts from unauthorized use by selecting a personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. password for web purchases. Each time cardholders make purchases at participating online stores, they are automatically presented with a Verified by Visa window where they enter their password and authenticate (1) To verify (guarantee) the identity of a person or company. To ensure that the individual or organization is really who it says it is. See authentication and digital certificate. (2) To verify (guarantee) that data has not been altered. themselves to the Issuer. Verified by Visa significantly minimizes fraud and customer disputes because only the cardholder and their card Issuer know the password. For participating merchants compliant with the Verified by Visa program, these businesses will receive unprecedented fraud and chargeback protection for web-based purchases where the merchant attempts to authenticate the cardholder. How it Works Upon completion of the shopping and checkout process -- which remains unchanged from the cardholder experience today -- the cardholder is asked to confirm their purchase with their issuing bank Issuing bank Bank that issues a letter of credit. . The issuing bank provides the merchant with a confirmation that is validated by the merchant using the Arcot software. Upon validation, the merchant proceeds with the existing authorization process from Paymentech and includes result fields from the authentication process. For Visa purchases where the merchant has obtained the cardholder authentication, the merchant cannot be held responsible for chargebacks for fraudulent purchases. About Paymentech Dallas-based Paymentech, the payment solutions company(TM), delivers secure and reliable payment service in merchant acquiring and point-of-sale 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. with a wide array of product functionality and support. Paymentech processed approximately 3.7 billion total transactions and $114 billion in bankcard sales volume in 2001. Founded in 1985, Paymentech is the nation's premier processor and acquirer of electronic transactions. About Arcot Arcot Systems, Inc., is the leading provider of authentication solutions for securing identity in Internet-scale, transactional and wireless environments. Only Arcot provides cost-effective, scalable, software solutions based on the ArcotID(TM) Software Smart Card for strongly authenticating users and transactions for payment systems, Web-based email Web-based email or webmail is a term referring to an e-mail service intended to be primarily accessed via a web browser, as opposed to through an application such as Microsoft Outlook or Outlook Express, Mozilla's Thunderbird or Apple's Mail. , Web portals and Virtual Private Networks. Arcot solutions meet the business need for strong transactional security while providing the customer a user-friendly experience with anytime, anywhere convenience. Leaders in financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , healthcare, and e-commerce are using Arcot solutions to protect their customers' privacy and reduce online fraud. For more information, visit www.arcot.com. |
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