DUBLIN, Ireland and DALLAS, Dec. 01, 2003 (PRIMEZONE) -- Trintech Group Plc (Nasdaq:TTPA) (Prime Standard:TTP), a leading provider of transaction management and payment infrastructure solutions, today announced that State Bank of Mauritius (SBM), has implemented PayWare MPI to provide payment authentication to SBM merchant customers under the Verified by Visa and MasterCard SecureCode programs for Internet payments.
SBM's existing PayWare eCommerce environment includes Trintech's PayWare Acquirer Internet payment gateway, which securely processes card payment transactions on behalf of SBM web merchants. With the addition of PayWare MPI, SBM merchants will benefit immediately by offering Verified by Visa and SecureCode authentication services to their customers, giving them instant protection from online fraud losses. The inability to identify the cardholder is a major cause of Internet card fraud. PayWare MPI uses the 3D secure protocol. This protocol permits issuing banks to confirm a cardholder's identity by requiring the cardholder to enter a password at the time the transaction is processed, in the same way that a signature is required when shopping in the high street.
As part of the implementation project at State Bank of Mauritius, PayWare MPI successfully completed certification and interoperability testing with Visa International. PayWare MPI is a standalone Merchant Plug-In that supports 3-D Secure that can both complement Trintech's existing PayWare Acquirer payment gateway, or can be used independently by an acquirer with an existing in-house payment gateway.
"We are very pleased with the upgrade by Trintech of our acquiring systems to support Visa and MasterCard's latest eCommerce standards," said Sailesh Sewpaul, Team Leader, Customer Service at State Bank of Mauritius. "It is extremely important for all acquirers to work towards eliminating Internet fraud. With the help of the Trintech team we are confident that our PayWare solutions meet the industry's highest security requirements."
"Authentication of identity remains one of the greatest challenges facing the growth of online commerce today" said Tom Trainor, EVP of Sales at Trintech. "The introduction of 3-D secure represents a significant initiative by the banking community to combat fraud in card-not-present purchases. State Bank of Mauritius is leading the charge to eliminate merchant fraud. Trintech's PayWare Acquirer has been efficiently and securely processing eCommerce transactions at SBM's headquarters since February 2001. The installation of PayWare MPI will ensure that SBM is now further protected against online fraud."
About PayWare MPI
Trintech's PayWare MPI is a standalone Merchant Plug-in that supports 3-D Secure -- the authentication protocol used by Verified by Visa(TM) and MasterCard SecureCode(TM). The product is targeted at Acquirers and Payment Service Providers who wish to provide hosted 3-D Secure authentication services to their merchants. PayWare MPI can both complement Trintech's existing PayWare Acquirer gateway, or can be used independantly by an acquirer with an existing in-house payment gateway.
About State Bank of Mauritius
State Bank of Mauritius Ltd (SBM) Group is an integrated financial services group -- formerly known as The State Commercial Bank Ltd -- which began operations in 1973. SBM has continuously improved its operating efficiencies and is today recognized as a dynamic, sound and innovative group. SBM has a modern Information Technology (IT) structure coupled with a flexible but flat structure and with a customer-friendly business model that enables it to be most efficient, with the lowest cost to income ratio in the Mauritian banking industry. The Group has transformed from a bank that was 100 percent manual in 1989 to a fully automated real-time online bank with over 93 percent of its eligible transactions conducted through electronic channels.
SBM has three lines of business: Personal Banking, Business Banking and Treasury, which it services through a network of 42 domestic Service Units, 87 Bank's ATMs, coupled with Internet banking, PC banking, e-commerce and over 1,000 Bank's POS terminals. SBM enjoys a large market share in most banking segments, with a particular emphasis in retail banking.
About Verified by Visa
Verified by Visa protects Member banks and e-merchants from the costly effects of fraud. The service enables issuing banks to verify the identities of cardholders, in real time, prior to authorizing charges or debits for online purchases. The service is complementary to Visa's Zero Liability policy, which protects consumers by eliminating their liability for fraudulent purchases. Verified by Visa goes one step further -- preventing fraud from occurring in the first place.
About MasterCard SecureCode
MasterCard SecureCode is an issuer-based security scheme that takes advantage of MasterCard's UCAF infrastructure to protect against fraud in an online transaction. MasterCard and Maestro issuers can enjoy the simplicity of a completely client-less architecture with no additional software and no download required. Under MasterCard SecureCode, a cardholder's identity can be confirmed using a variety of methods including passwords, smart cards, and other methods that provide for cardholder mobility without sacrificing security.
About Trintech
Trintech is a leading provider of transaction management and payment infrastructure solutions to financial institutions, payment processors, enterprise retailers and network operators globally. Built on over 15 years of experience, Trintech's solutions manage each area of the payment transaction cycle from authentication, authorization, settlement, dispute resolution and reconciliation -- enabling our customers to reduce transactions costs, eliminate fraud, minimize risk, maximize cashflow and increase profitability. Trintech can be contacted in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: +353-1-207-4000), in the US at 15851 Dallas Parkway, Suite 855, Addison, TX 75001 (Tel: +1-972 701 9802), and in the UK at 186-192 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AF (T: +44 (0) 1707 827000. www.trintech.com
The press release can be downloaded from the following link: http://hugin.info/130706/R/926698/126369.pdf