VerifySmart, a global provider of credit and debit payment processing services, has received a ‘solutions request’ from a UK-based banking institution. The request encompasses all aspects of the bank’s operations globally and includes the potential introduction of a fraud-free co-branded debit/credit/money transfer card.
VerifySmart said that the UK bank has operations in 57 countries, is a major credit and debit card issuer and provides financial services to a range of individual, enterprise, multinational, investment banking and asset management clients globally.
VerifySmart executives and developers are working together with the UK bank’s security and card services divisions to better understand the intricacies of its business and to propose integration of all VerifySmart core technologies. The next steps would be the development of a beta testing phase whereby a number of VerifySmart applications would be used in a controlled test market(s) environment to measure security and fraud loss efficacy.
Adi Muljo, honorary chairman of VerifySmart, said: “We received the request with a large measure of pride. For us it validates our technologies and the confidence we have in their relevance to safeguarding the global financial community and reducing or eliminating credit/debit card and online transaction fraud loss.
“Given the size of the UK bank’s operations globally, it is difficult to know how long this initial phase will take. But we do know with certainty is that our technologies have captured the attention of one of the most respected and venerable financial institutions in the world. We are therefore proceeding methodically and with all due diligence to exploit this opportunity to the mutual benefit of our potential UK-based partner and of our shareholders.”
