LONDON, Cloudforce 2011 London, September 14, 2011 /PRNewswire/ --
Misys GeoGuard aims to reduce cost of fraudulent transactions for banks
and minimises consumer frustration when travelling
Announcement made at Cloudforce 2011 London, the UK's largest cloud computing event
Misys plc (FTSE: MSY.L), the global application software and services company, today announced the launch of Misys GeoGuard. The new service makes use of location-based social media applications to allow customers to confirm their location to authorise bank transactions, simplify access to their money and reduce fraud.
The process of confirming a customer's location abroad, and any reimbursement of fraudulent withdrawals from an account, is a significant cost for banks and customers. By leveraging location-based social media applications already in use, Misys has developed a new offering that aims to simplify that process, improve customer service and help reduce fraud. Misys GeoGuard is a location aggregation service that collates geographic information and enables customers to allow their banks to request their most recent location information, regardless of the services they use.
"We believe that location-based services should be a key mobile strategy for financial services," states Marc DeCastro, Research Director, IDC Financial Insights. "Consumers may engage on social networks more often with financial firms for the promise of increased security over marketing, something consumers are very concerned with."
"The launch of Misys GeoGuard is an exciting opportunity for consumers and can help reduce the cost of fraud to banks," states Tim Tyler, Solution Manager, Misys. "By mashing up banking and location-based services, customers will be able to improve control of their funds automatically with a little help from their existing location-based social networks' interactions. Misys GeoGuard allows the bank to benefit from these social networks in a highly secure way that gives the customer total control and confidence."
Built and delivered on Force.com, salesforce.com's social enterprise platform for custom app development, Misys GeoGuard can be easily and rapidly implemented on a bank's existing infrastructure, as there is no on-premise software or hardware to install. Security, scalability and availability are all handled by the trusted Force.com platform.
Misys GeoGuard does not provide banks with customer tracking information, it lets customers choose their preferred method and frequency for confirming their location to their banks. Misys acts as a third party - never allowing the bank to be in possession of the customer location.
By leveraging existing social network services that incorporate location information, such as Facebook Places, foursquare, Gowalla and TripIt, customers do not have to access a specific bank service in order to update their bank.
The service can also be offered to a bank's customers who prefer not to use social networks by allowing integration directly with a bank's existing channels, such as e-banking and mobile banking. This allows a bank to offer their customers the ability to "check-in" directly with their bank, and not share their location information elsewhere.
Being able to confirm a customer's location benefits both banks and consumers through many levels of authentication:
- Geographic Rules on Card Usage - Prevent false-positives on card blocks based on out-of-character locations.
- Card Geo-Lock - Prevent a card from being used for any cardholder-present transactions unless the customer has "checked in" within user-defined parameters based upon radius and time.
- Card Geo-Fence - Extend the Card Geo-Lock to allow customers to define pre-approved locations within which there is no requirement for them to check-in.
- Geo-Alert - Location-Based Alerts - Receive notifications from Misys GeoGuard when a customer crosses either customer-defined or bank-defined boundaries, for example when arriving in a new country. Alternatively, an alert could be generated when a customer "checks in" to a specific location.
About Salesforce.com Force.com and AppExchange
Force.com is the trusted social enterprise platform for building and running any employee app in the cloud. Force.com powers the Salesforce CRM apps, the more than 200,000 custom apps used by salesforce.com customers such as Japan Post, Kaiser Permanente, KONE, and Sprint Nextel and the more than 1,200 ISV apps built by partners such as BMC, FinancialForce.com and Fujitsu.
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About Misys plc
Misys plc (FTSE: MSY.L), provides integrated, comprehensive solutions that deliver significant results to financial services organizations. We maximize value for our customers by combining our deep knowledge of their business with our commitment to their success.
Misys is a market leader with over 1,300 customers, including all of the world's top 50 banks. Misys employs approximately 4,000 people and work with over 100 partners globally who serve customers in more than 120 countries.
We aspire to be the world's best application software and services company, delivering results for the most important industries in the world. Working with our extensive partner network, together we create compelling solutions enabling our customers to differentiate themselves and drive a competitive edge.
Misys: experience, solutions, results
Contact us today, visit: http://www.misys.com
For further information, please contact:
Global Head of Public Relations
+44 (0)20 3320 5530
+44 (0) 20 7269 7158
+1 (646) 395-6300
SOURCE Misys plc