e-Payments Greenlist® Registry Service Unveiled at the NACHA MEGA Meeting
First of its kind e-payment registry for financial services firms permits e-pay users to securely move money from any account to any account with less effort and minimal risk. Greenlist® works with all existing bank payment networks without modification and appeals to users slow to adopt e-pay services due to security or privacy concerns.
CHICAGO, IL., BALTIMORE, MD., 9/28/2010 – Payment Pathways, Inc. and Authentify, Inc. announced today the launch of the e-payments registry, Greenlist. Greenlist is a registry service for electronic payment addresses and is operated as a secure Web service for banks. Greenlist uses state-of-the-art database and security technology to verify that each party to a transaction is properly credentialed, based on easy-to-remember public identifiers such as an email address or other nickname. Greenlist is available immediately for adoption by banks and payment gateways.
“There is nothing like this in the e-payments space,” according to Richard O’Brien, President and CEO of Payment Pathways. “Until now, e-pay users would have to track down a payees account, obtain routing numbers and reveal their own payment and account information. Passing that information back and forth is a risk many consumers and businesses recognize and choose to avoid.”
As a secure alternative, the e-payment Greenlist provides the user with a way to locate the virtual listing for payment addresses just as a “white pages” finds phone numbers and physical addresses. The difference is that the Greenlist entry is only a pointer securely keyed to the actual accounts and routing information. It publicly exposes only payment addresses of deposit-only bank accounts. Consumers’ real bank account numbers never have to be divulged to merchants or payment processor networks.
“Given security concerns and the cost of modifying existing systems, money transfers between smaller businesses and consumers is still a challenge,” according to Tim Sloane, VP at Mercator Advisory Group. “A common directory of merchant and consumer payment addresses operated for banks makes sense. One that functions without changing today’s ACH and ATM network payment rules should ease deployment by banks. Effective marketing should speed adoption by end users.”
Authentify, Inc. was chosen as a partner because they are currently a trusted and neutral provider of authentication as a Web service to many prominent e-payment and peer-to-peer payment firms.“Our customers value Authentify’s ability to deliver identity confirmation and authentication services with reliability and security,” said Peter Tapling, President and CEO of Authentify. “Greenlist can provide measurable value to our financial and e-commerce customers via a lift in user adoption. Helping Payment Pathways offer an authenticated and secure e-payments registry to advance monetary asset transfers is a natural complement to Authentify’s mission.”
About Payment Pathways:
Payment Pathways, Inc. (PPI), makes it safe to pay for goods and services electronically. Through its patented Greenlist registry, PPI Improves the security of today’s electronic payment systems by routing trusted addresses of transaction participants to reduce systemic risk and accelerate money transfers. The Greenlist service is less expensive for consumers than traditional wire services, can add security to any online payment mechanism and more convenient than paper checks.
Visit www.paymentpathways.com or call 312-346-9400 for more information.
About Authentify, Inc.
Authentify, Inc. pioneered interactive telephone-based, out-of-band authentication services introducing its services in 2001. These out-of-band authentication services enable organizations that need strong security to quickly and cost-effectively add 2-factor authentication or 3-factor authentication layers to user logins, provide transaction context for user transaction verification or authenticate critical data changes such as adding a payee to an e-pay or wire account.
Visit www.authentify.com or call 773-243-0300 for more information.
| Press Contacts: | |
Richard O’Brien | Payment Pathways |
John Zurawski | Authentify |
© September 2010, Authentify, Inc.
