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WorldPay utilises GPS technology in new transaction authentication device.

INTERNET BUSINESS NEWS-(C)1995-2001 M2 COMMUNICATIONS LTD

UK-based WorldPay Plc has unveiled WorldPay Genesis, its new system designed to offer positive identification of parties undertaking Internet-based transactions.

Genesis is a small hardware product, also known as a transaction authentication device, which encrypts information to a security level called Triple DES before transmission over the Internet. WorldPay has also embedded a global positioning system (GPS) chip into the hardware, in order to confirm that the transaction originates from the physical location of the business or individual approved by WorldPay to undertake the transaction. The company believes that this is the first time GPS technology has been used to assist in the validation of financial transactions.

According to WorldPay the principal application for Genesis is in high-value transactions in the business-to-business (B2B) sector. Genesis will form the key component of WorldPay Business Pay, a multi-currency, global B2B payment system scheduled to become available early next year.

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Comment:WorldPay utilises GPS technology in new transaction authentication device.
Publication:Internet Business News
Article Type:Brief Article
Geographic Code:1USA
Date:Sep 25, 2001
Words:166
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