DES MOINES, Iowa and FT. LAUDERDALE, Fla/PRNewswire/ -- The SHAZAM network today announced that it has launched the Adaptive Payments Pentagon mobile point-of-sale (POS) payments application. Pentagon is a mobile payments platform, which allows merchants to accept PIN debit, signature debit and credit transactions using iPhone® and Android® mobile phone and tablet devices. SHAZAM will roll out Pentagon to its nearly 1,500 community financial institutions and their merchant customer base.
The technology behind the Pentagon mobile payments application is unique to the marketplace as it uses Adaptive Payments' 5DSecure ? five factor-dual channel authentication technology to authenticate PIN debit transactions quickly and securely. The Pentagon solution breaks new ground by being the first and only solution to use the consumer's phone for PIN capture and using Adaptive Payments' patent pending, outside-of-band authentication technology. The PIN is captured in a second channel and is never stored virtually with the cardholder's card data or personal information. Security is a hallmark for Adaptive Payments and Pentagon is no different. In addition to accepting PIN debit, Pentagon uses 3DES to encrypt the magnetic stripe right at the read head. The transaction produces a Regulation E-compliant receipt that is delivered to consumers via SMS text message. Pentagon also captures and stores an image of the signed receipt.
"Payments are rapidly evolving from traditional card-present and card-not-present situations to more mobile and online environments," said Mike Hollinger, SHAZAM President and CEO. "Consumers expect to be able to shop any time and at any place. There is also an expectation to be able to shop safely and securely without fear of fraud or identity theft. Not only does Pentagon make payments more accessible to more consumers and merchants, but it does so without compromising on end-to-end security, providing peace of mind to all stakeholders."
"The mobile payments space is becoming crowded with many look-alike payers but Adaptive Payments stands alone. Unlike other mobile payment providers that disintermediate existing relationships, Pentagon is "an open platform" specifically designed to be accessible to all financial institutions and merchant acquirers, allowing them to use the product without changing processors and to customize it to make Pentagon their own," said Shashi Kapur, Adaptive Payments CEO. "What's more, we are creating additional differentiation by processing PIN debit and encrypting the mag stripe at the read head. We are also announcing today a discount rate of 1% for PIN debit transactions for all merchants that use Pentagon . Our confidence in the security of our authentication technology, combined with our ultra modern and lower cost processing environment enables us to price PIN debit using Pentagon very aggressively."
"We continue to look for safe and secure ways to expand PIN debit transactions and Pentagon does just that," stated Hollinger. "Adaptive Payments is delivering a significantly lower cost for PIN debit. Pentagon is a win for all stakeholders by lowering fraud risk for financial institutions and merchants, making card-based payments accessible to more merchants, and enabling cardholders to conduct secure PIN transactions anywhere they shop. Merchants of all types and sizes will be able to quickly, cost-effectively, and securely accept electronic payments anytime, anywhere using their mobile phones."
Merchants that are interested in Pentagon can find more information athttp://www.adaptivepayments.com/PentagonRegistration.php
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 for internet sales, money transfer, bill payment, prepaid top up, mobile overdraft opt in and mobile payments. These products are delivered across all payments card acceptance 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 or other authentication token.
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 provides innovative and state-of-the-art EFT services to community financial institutions in 30 states. SHAZAM is a single source provider for ATM processing, debit and ATM card processing, card authorization services, merchant processing, Automated Clearing House (ACH) services and information security solutions.
SOURCE Adaptive Payments