VerifySmart, a global credit and debit payment processing services firm, has implemented its PIN authentication system, VerifyNGo, to use with its VeriSmart Cards globally. This enables VerifySmart customers in Europe, Asia and North America to instantly disburse funds through VeriSmart Visa cards using their own personal PIN to authenticate transfers.
Reportedly, VerifyTransfer senders can instantly send money worldwide on the VeriSmart Visa Cards. Recipients receive an authentication message on the cell phone number provided by the sender requiring PIN validation to complete the transaction. Only when the correct PIN is entered does the transaction go through. When the card, the cell phone, of the PIN is compromised, the transaction fails and fraud is averted.
According to the company, VerifyTransfer enables money transfer to single or multiple recipients. It also offers enterprise customers a solution for sending and receiving money instantly, using VerifyGateway, and its SMS (text) enabled protocol for processing large volumes and cash.
VerifySmart claimed that the some of the benefits of the VerifyTransfer include: reporting on all transaction activities and customer accounts; security, fraud monitoring and reporting; 24/7 customer support; multiple accounts for recipients; flexibility of payment source; integration with retrieval methods, including Visa remittance; and provides access to details of past transactions and remittance history.
Ralph Santos, president and CEO of VerifySmart, said: “This fundamental integration between our transfer system, VerifyTransfer, and our authentication protocol, VerifyNGo, was a natural and necessary evolution to provide our customers with the security they’ve come to rely on from VerifySmart. It is truly the first of its kind in the world especially coupled with VeriSmart Cards.”
