PALO ALTO, Calif., Jan. 31, 2012 /PRNewswire via COMTEX/ -- AnywhereCommerce, a leading eCommerce and mCommerce engineering and solutions provider, announced the issuance of US Patent No. 8,055,545, Apparatus and method for conducting secure financial transactions.
Specifically, the patented technology uses a "trusted platform module" which stores sensitive consumer payment information securely. A virtual appliance module exists to create a protected environment wherein two computers can share a secure connection to deliver secure information stored in the TPM (TPM is one of the backbones of PC/mobile data security). Financial information is passed between parties using the most secure integrated chip technology along with encryption standards to protect all data transmission. For example, a bank can transmit and embed a consumers payment credentials to a mobile handset and enable a variety of transactions including; NFC, credit and debit.
"The technology covered by this patent will help revolutionize mobile commerce" said Mitchell Cobrin, AnywhereCommerce CEO. "One of the major concerns to widespread adoption of mobile commerce has been the lack of a simple but secure methodology for transmitting sensitive data. The AnywhereCommerce technology resolves this issue by providing a highly innovative (and now patented) dual authentication methodology that can be easily implemented."
"This patent bolsters our patent portfolio and continues to establish AnywhereCommerce's important role in the hyper-growing mobile payments ecosystem". Cobrin added "In today's technology environment, patent portfolios are recognized as necessary assets and we believe our growing patent portfolio is vital to providing secure payment solutions to financial institutions, merchants and consumers. In addition to our intellectual property, we continue to develop state-of-the-art certified mobile solutions that will support tailored security for data stored on TPM chips for respective application needs."
About AnywhereCommerceAnywhereCommerce is a global eCommerce and mCommerce payments technology engineering and solutions provider with patented and proprietary suites of hardware and software services for secure online and mobile card present credit card, PIN debit Chip and PIN- EMV and NFC transactions. The universal "aCommerce" platform is ideal for eCommerce, mCommerce, P2P, retail line busting as well as traditional field services such as repairman, delivery or taxi services. PCI certified devices and bank grade secure end-to-end ecosystem provides greater security, reliability, convenience and return on investment for consumers, merchants, networks, issuers and acquirers.