SHAZAM Makes Strategic Investment in Adaptive Payments
DES MOINES, Iowa, Jan. 25, 2011 /PRNewswire/ -- SHAZAM, Inc. announced today that it has made a strategic investment in the payment authentication company Adaptive Payments, Inc. SHAZAM, an electronic funds transfer (EFT) network in the payments industry since 1976, chose to invest in the Fort Lauderdale, Fla.-based company after partnering with Adaptive Payments for Internet PIN debit processing and gateway services.
"We made an investment in Adaptive Payments because we believe in the company and the technology they are implementing," said Michael Hollinger, SHAZAM President and CEO. "We concur with Adaptive Payments' vision for the future of e-commerce and m-commerce transactions and are confident in their ability to deliver these products to the marketplace."
"We are thrilled to strengthen our relationship with SHAZAM, not just as a customer but as a strategic partner," said Shashi Kapur, Adaptive Payments CEO. "This investment underscores the level of confidence that SHAZAM has in our products, our management team, and our vision for the delivery of highly secure and authenticated payment solutions across all payment card acceptance channels."
In September 2010, SHAZAM and Adaptive Payments partnered to provide Internet PIN debit processing and gateway services for financial institutions across the nation. SHAZAM and Adaptive Payments are also working together on a Person-to-Person (P2P) solution, assisting financial institutions' customers in transferring funds directly from one person to another, most commonly using mobile technology, in real time.
"Adaptive Payments has demonstrated their ability to work with us to tailor products to meet the needs of our financial institution partners," stated Hollinger. "Together we are expanding access for financial institution customers to multiple payment options through multiple channels, without sacrificing security or functionality."
"Adaptive Payments will benefit not just from SHAZAM's financial investment, but also from their knowledge, experience, and reputation as a leading PIN debit network," said Kapur. "This will significantly enhance our ability to execute our core strategy to enable secure payment applications that are universally accepted by consumers, merchants, and PIN debit networks." Kapur added, "Consumers expect that the channels and 'device screens' through which they interact, such as a lap top, desk top, mobile phone, or tablet, will provide the connectivity needed to enable easy, fast, safe, and secure commerce to occur irrespective of channels and devices. Adaptive Payments operates at the intersection of these channels to enable secure commerce to occur using its 5DSecure™ authentication platform."
About Adaptive Payments
Based in Ft. Lauderdale, Fla., Adaptive Payments is a payment authentication company that enables easy, safe, secure, and authenticated transactions to occur using the cardholder's PIN or other data that is known to the cardholder to authenticate debit and credit transactions. The company has developed payment solutions that serve four vertical markets: Internet Sales, Money Transfer, Bill Payment, and Prepaid Top Up. These products are delivered across the e-commerce, mobile commerce, mail/phone order, call center, and brick and mortar channels. All Adaptive Payments' solutions feature "5DSecure"- five-factor authentication using two unique channels for authentication separating the sales and personal data from the secure PIN.
About SHAZAM
The SHAZAM network was founded in 1976 and is one of the last remaining member-owned and -controlled EFT networks and processors in the industry. SHAZAM offers ATM processing, debit and ATM card processing, card authorization services, merchant processing, Automated Clearing House (ACH) services, core processing, and information security solutions. SHAZAM serves 1,500 community financial institutions in 31 states.
SOURCE Adaptive Payments, Inc.
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