MARLBOROUGH, Mass., June 12, 2006 (PRIMEZONE) -- Cyphermint, Inc., a leading provider of secure electronic payment solutions, announced today that the U.S. Patent Office awarded Cyphermint the patent for the "Method used for making a blind RSA-signature and apparatus therefor."
This technology, in development over the last ten years, is used to create a virtual coin to transfer funds from different accounts over the Internet secured by its proprietary 1024-bit encryption.
Whether shopping on the Internet, using any of PayCash's financial services, or on a PayCash-enabled kiosk, PayCash customers are using this encryption-secured payment method to quickly transfer payments for goods and services to merchants and account holders worldwide.
Further, the "Method for making a blind digital RSA-signature and apparatus therefor" relates to the cryptographic field, particularly to making an RSA-signature, and can be used in electronic systems in a global scope. This method includes steps of masking the initial data by means of the RSA-encryption, the corresponding unmasking of the signed masked data, and the untraceability when masking the digital RSA-signature with relatively small resources in electronic systems of mass service.
Also maintained and protected by patent 7,058,808 is the "Method for effecting payments and apparatus therefor," which relates to commercial systems and can be used for organizing payment systems on the basis of computer networks in a financial environment. This method will ensure the protection of financial interests of each participant against other participants in the system as well as maintaining privacy.
Cyphermint President and CEO, Joe Barboza, said, "Over the past few years, Cyphermint has been awarded numerous patents involving its PayCash technology and this latest patent reflects our demonstrated expertise in secure global electronic payments using cryptology."
For more information about Cyphermint, please contact Joe Barboza at 508-481-6400. To learn more about Cyphermint and PayCash, visit www.cyphermint.com.
About PayCash
PayCash is a highly secure, electronic, cash-backed online payment system. Every dollar of electronic currency is backed with real currency that Cyphermint has already collected. Settlement is instantaneous; the money moves immediately from the consumer into the merchant's PayCash account.
PayCash provides the security and assurance consumers want and need. PayCash transactions use a proprietary 1024-bit encryption technology to exchange data over the Internet. All transaction records for the consumer, merchant, and Cyphermint are available and stored with the same 1024-bit encryption technology.
About Cyphermint, Inc.
Headquartered in Marlborough, Mass., Cyphermint is a provider of Global Electronic Cash Payment and e-commerce solutions. Our core technology, PayCash, is used in three major areas: (1), Pre-paid and emerging consumer market, featuring Cyphermint's stored value card for secure retail and e-commerce services for the un-banked, (2) Kiosk Solutions -- delivering web-enabled highly secure self-service B2C merchandising systems, and (3) The PayCash Mobile technology that can be used by today's web-enabled wireless devices. The PayCash System provides un-banked consumers access to financial services such as Internet shopping, bill payment and debit cards. Cyphermint's software solutions provide complete turnkey solutions that deliver secure web-enabled transactional, financial self-service and merchandising services to merchants and consumers on the Internet, self-service kiosks and on cell phones, smart phones and Internet-capable PDAs.
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