Sept. 26, 2013
/PRNewswire/ -- ValidSoft, the wholly owned subsidiary of Elephant Talk Communications Corp. (
NYSE MKT: ETAK
), a leading international provider of proprietary Software Defined Network Architecture (Software DNA™) platforms that process big data for the telecommunications industry that empower Mobile (Virtual) Network Operators (MNOs and MVNOs) and a market leader in providing cyber security solutions to counter electronic fraud in the cloud, today announced the release of its latest addition to the VALid® suite of telecommunication based security products, Zero Latency Correlation™ (ZLC™).
The ZLC™ patent pending technology provides a real-time, zero latency, fraud detection and false-positive reduction solution for both cross-border and domestic card-present transactions. It is specifically designed for integration into smart phone-based Wallets and Apps. Because it provides the cloud service with an "always-on" proximity awareness and knowledge of other crucial invisible indicators, the network latency associated with mobile network lookups, performed at the time of execution of a transaction, is eliminated. This capability completes the portfolio of Proximity Correlation solutions from ValidSoft for the needs of any transaction type in mobile and electronic payments.
Pat Carroll, ValidSoft CEO, said,
"ValidSoft's cloud-based Zero Latency Correlation™ service provides a new dimension to our existing proximity correlation solutions. It is the first Wallet/App based plug-in capable of providing a real-time solution to authorization engines requiring exacting performance in terms of response times, for domestic as well as cross-border transactions. ZLC™ will also provide additional functionality in the requirement of securing communication channels between banks and their customers and is constructed in accordance with our "Privacy by Design" principles. ValidSoft is the only company in the world with three European Privacy Seals (EuroPriSe) from the European Union which we have leveraged to demonstrate full compliance with data privacy and data protection legislation in a number of key global jurisdictions, including the US and
The ZLC™ capability, constructed around ValidSoft's core analytics and comprising a number of invisible real-time fraud checks, can be integrated into any Wallet or App, regardless of its core functionality, operating system and smart phone type. As the migration of banking and payment solutions onto the smart phone continues apace, VALid-ZLC™ leverages the mobile device to provide solutions within even the most stringent time tolerances required of payment networks in a completely privacy sensitive manner.