News Release
Contacts: Chip Swearngan, Metavante Corporation
414-357-3688, chip.swearngan@metavante.com
Jordan Rittenberry, Edelman
312-233-1226, jordan.rittenberry@edelman.com
NYCE TEAMS WITH VERIENT TO PROVIDE
NEW ONLINE PAYMENT OPTION
Debit solution enables online shoppers to make purchases
without sharing sensitive information at merchant sites
SECAUCUS, N.J., Nov. 18, 2008 – NYCE today announced that it has signed a contract with Verient to conduct a pilot of NYCE’s SafeDebit, an e-commerce payment solution that will
enable online shoppers to make purchases on the Internet without sharing their PIN or account
information at the merchant’s Web site. NYCE plans to pilot SafeDebit beginning in early 2009.
NYCE Payments Network, LLC, is a leading U.S. electronic payments network and a Metavante
(NYSE:MV) company. Metavante is a leading provider of banking and payments technology.
The SafeDebit solution provides consumers with a more secure way to access their deposit
accounts for Internet purchases. The solution keeps sensitive information in the hands of the
consumer’s bank or credit union, entrusting security to the trusted payments system. At the
same time, it uses familiar e-banking interfaces and the established electronic payments
infrastructure to deliver online, real-time transactions to merchants, helping to facilitate
increased sales opportunities.
In connection with the pilot, consumers who want to use the SafeDebit option when making
purchases online will choose “NYCE SafeDebit” on the merchant’s Web site during the checkout
process. The system then seamlessly redirects them to their financial institution’s online banking
site, where they log on as usual through that site’s existing security protocols. The SafeDebit
system then generates virtual debit card information for one-time use and automatically
populates the merchant’s checkout screen with this information, with no additional keystrokes
required from the consumer. The consumer’s actual debit card number is never disclosed to the
merchant, and a PIN is not required for these transactions.
“With SafeDebit, NYCE is bringing a new technology solution to the e-commerce market to help
both merchants and financial institutions generate new revenue opportunities,” said Steve
Rathgaber, NYCE president and chief operating officer. “Consumers find shopping online
convenient, but many choose to avoid it because of security concerns. Alternative payment
products are addressing those concerns at the same time they bypass the financial institution.
SafeDebit puts the demand deposit account squarely at the center of the transaction, helping to stem the defection to alternative payment methods using the most natural system -- the NYCE
payments network, whose singular objective is moving real-time payments in a secure fashion.”
Because SafeDebit integrates with a financial institution’s online banking product to authenticate the consumer, SafeDebit also has the potential to draw more consumers to an institution’s
online banking product by activating non-users who want a more secure way to make Internet
purchases.
About Verient
Verient develops technologies and products that enable financial institutions (FIs) and
merchants to customize payment choices for their customers, thereby offering more convenient
and more secure transactions for both Internet and in store purchases. This capability results in
the capture of additional customer payments, thus increasing revenue, while at the same time
reducing fraud losses.
The Verient hosted platform is compatible with the existing merchant acquirers, card and EFT
networks as well as FIs' legacy authorization and settlement systems. Verient's unique
architectural approach (eight patents pending), and software-as-a-service model, provides FIs
as well as merchants a fast, easy and economical path to offering payment options specifically
tailored to customer needs.
Verient is located in the heart of Silicon Valley and is funded by DoCoMo Capital and Global
Catalyst Partners. For more information about Verient, please visit our Web site at
www.verient.com.
About NYCE
NYCE Payments Network, LLC, a Metavante company, helps its clients grow with innovative
new products and strategic alliances that enable them to capitalize on the efficiency, consumer
convenience and security of electronic real-time payments. The NYCE Network provides
consumers with secure, real-time access to their money, offering hundreds of thousands of ATM
locations and millions of point-of-sale locations nationwide. The NYCE Direct Bill Payment
service offers cardholders a convenient way to pay bills online in real-time via their bank
accounts. NYCE Balance Transfer services drive asset growth for consumer credit issuers
through automated balance transfer/consolidation payment services. Headquartered in
Secaucus, N.J., NYCE Payments Network, LLC, (www.nyce.net) is a wholly owned subsidiary
of Metavante (NYSE:MV).
Cautionary Language Regarding Forward-Looking Statements
This press release contains “forward-looking statements” intended to qualify for the safe harbor
from liability established by the Private Securities Litigation Reform Act of 1995. Forwardlooking
statements include those that express a plan, belief, expectation, estimation,
anticipation, intent, contingency, future development or similar expression, and can generally be
identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “should” or words of similar importance. Statements that describe our objectives or
goals are also forward-looking statements. The forward-looking statements in this press release
involve significant risks and uncertainties, and a number of factors, both foreseen and
unforeseen, could cause actual results to differ materially from our current expectations. The
factors that may affect our results include, among others, our debt level, restrictions and
limitations in our credit facilities, our competitive industry, changes in customer demand for our
products or services, disruptions and instability in the credit and financial markets, economic
recession, general changes in economic conditions, risks of damage to our data centers or
associated infrastructure, additional costs and requirements associated with our public company
status, foreign currency fluctuations, intellectual property risks, effect of regulation on our
business, network and operational risks, loss of significant customers and customer
consolidation risks, risks associated with future acquisitions, and other factors discussed in
Metavante’s Annual Report on Form 10-K under the heading “Risk Factors”, and other filings
with the SEC. Shareholders, potential investors and other readers are urged to consider these
factors carefully in evaluating the forward-looking statements. Readers are cautioned not to
place undue reliance upon forward-looking statements, which speak only as of the date hereof.
We undertake no obligation to update forward-looking statements to reflect events or
circumstances occurring after the date hereof.
Metavante and NYCE are registered trademarks of Metavante Corporation, which is the principal subsidiary of Metavante Technologies, Inc. ###
|