LAS VEGAS, Oct. 7, 2013 /PRNewswire/ -- ValidSoft, a global supplier of advanced telecommunications-based fraud prevention, authentication and transaction verification solutions, and a wholly owned subsidiary of Elephant Talk Communications Corp. (NYSE MKT: ETAK), has integrated its secure mobile commerce technology with Spindle's new "MeNetwork360" mobile commerce ecosystem, which is being previewed at the Money2020 (www.money2020.com) conference being held from October 6 to October 10, 2013 in Las Vegas.
The new app, which brings together mobile payments and marketing by enabling consumers to discover, transact and build relationships with multiple merchants, is protected by VALid-IMA™, ValidSoft's In-band Mobile Authentication platform based on its Voice Biometric technology. This authentication tool allows MeNetwork users to unlock the MeNetwork Mobile Wallet™ by speaking a phrase into their mobile device, with no phone call required. The VALid-IMA platform includes Dynamic Contingency Processing, meaning false-negatives, or the rejection of a legitimate customer, which is a major issue associated with traditional Voice Biometrics, can be virtually eliminated.
Pat Carroll, CEO of ValidSoft, stated: "Frequency and magnitude of fraud and security breaches in the mobile payments space have risen rapidly. Prevention of breaches is important, but we must also be certain that increased security doesn't affect the customer experience negatively. We believe that a winning formula is providing secure, multi-layered authentication and verification based on Voice Biometrics. That is the way to transform the traditional biometric model based on Equal Error Rates (Industry standard for biometrics, represents balance point between False Positives and False Negatives). ValidSoft is proud to be part of Spindle's MeNetwork360 mobile app and to showcase the fruits of our innovation with them at Money2020. The launch of Spindle's MeNetwork360 mobile app enables ValidSoft core solutions to be part of an evolutionary payments infrastructure, capable of serving large institutions that are utilizing mobile payments from customers on a daily basis."
Bill Clark, CEO of Spindle, said: "We are very pleased to integrate this innovative biometric solution into the MeNetwork 360 platform. It provides the highest level of authentication for payment transactions, and security for various wallet applications. Providing a platform that maintains the highest levels of security and privacy is of paramount importance to Spindle. Through our relationship with ValidSoft, our customers can be reassured that we have integrated the most robust security protocol in the industry.''
ValidSoft Limited provides B2B mobile-and cloud-security solutions. ValidSoft has developed a sophisticated multi-factor authentication platform (SMART™), which takes full advantage of mobile telecommunication channels and devices and includes a leading proprietary voice biometric engine. These solutions combat electronic fraud and safeguard consumer privacy across internet and mobile banking, credit/debit-card and (mobile and fixed line) telephony channels. ValidSoft's solutions are used to verify the authenticity of both parties to a transaction (Mutual Authentication), ensure the fidelity of telecommunication channels (Secure Communications), and confirm the integrity of transactions themselves (Transaction Verification) – in each case, in a manner which is scalable for the mass market, cost-effective, secure and easy to use and deploy. The company counts some of the world's largest financial institutions among its customers. ValidSoft is the only security software company in the world that has been granted three European Privacy Seals. Visit: www.validsoft.com.
Spindle (OTCQB: SPDL) is an innovator of mobile commerce solutions for financial services providers and consumer-facing merchants of all sizes. Spindle is focused on pioneering new ways for businesses to rapidly integrate mobile payments acceptance and mobile marketing services while empowering location-based merchant discovery, fulfillment and frictionless mobile payments for consumers. Spindle is dedicated to expanding beyond traditional electronic payment boundaries by offering cutting-edge solutions that allow clients, partners, merchants and consumers to take full advantage of the rapidly emerging mobile economy. Spindle has an extensive proprietary intellectual property portfolio—which include patents pending—that encompass networks, mobile payments, and security. For more information, visit www.spindlehq.com.
About Elephant Talk:
Elephant Talk Communications Corp. (NYSE MKT: ETAK), is a leading international provider of mobile proprietary Software Defined Network Architecture (Software DNATM) platforms for the telecommunications industry that empower Mobile Network Operators (MNOs) and Mobile Virtual Network Operators (MVNOs), Enablers (MVNEs) and Aggregators (MVNAs) with a full suite of applications, Full OSS/BSS Systems, Delivery Platforms, Support and Managed Services, on-site, cloud, hybrid and S/PaaS solutions, including Network, Mobile Internet ID Solutions, Secure Remote Access Management, Loyalty Management and Transaction Processing Services, superior Industry Expertise and high quality Customer Service without substantial upfront investment. Elephant Talk counts several of the world's leading Mobile Operators amongst its customers including Vodafone, T-Mobile, Zain and Iusacell. Virtually all business is focused on tier 1 and tier 2 operators worldwide. Visit: www.elephanttalk.com.
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