Delivering what it says is a fix for growing concerns about the security of B2B e-commerce, a UK company launched a patented system that can precisely fix the identity and geographic location of corporate buyers.
The solution, from Cambridge, England-based multi-currency Internet payment solutions company WorldPay plc, is called WorldPay Genesis. The company says it “eliminates concerns about intrusion into sensitive transactions.”
Using both encryption and Global Positioning Satellite (GPS) technology, WorldPay Genesis pinpoints the user to within a few feet of the location where a transaction is initiated, and provides positive identification, the company said.
The system “ensures the security and integrity of large commercial electronic transactions conducted by financial institutions, corporate enterprises and government agencies,” WorldPay said.
WorldPay Genesis uses a small transaction authentication device (TAD), encrypting
information to Triple DES security levels before transmission, and confirming location via GPS satellite coordinates.
“WorldPay Genesis takes e-commerce transaction security to the highest level, for the first time introducing spatial coordinates into the Internet,” said Nick Ogden, WorldPay CEO. “The ability to verify transaction participants is key to spurring rapid growth of B2B transactions, and comes at a time when security concerns are the foremost priority.”
WorldPay, founded in 1993, offers international online businesses protection against credit card fraud, and offers shoppers WorldPay Guaranteed online stores. WorldDirect, the company’s flagship multi-currency payment system, is integrated to all e-commerce store-building applications.