The agreement, which serves to further boost industry-wide adoption of the Secure Electronic Transaction (SET) standard, is aimed at combining payment software with the digital certificates required to deliver SET-based services for secure Internet transactions.
Terms of the deal call for VeriFone to resell VeriSign’s certificate
services and technology either as standalone products or as part of
VeriFone’s Internet commerce product bundle solution for banks and other
financial institutions, processors, and payment card providers.
“SET holds enormous potential for merchants and banks to offer cardholders
a convenient and secure way to shop online; the VeriSign Certificate Service
offering provides VeriFone and our customers with a ‘Best-of-Breed’ CA option
from a single supplier,” said George Hoyem, vice president and general manager of VeriFone’s Internet Commerce Division.
“With VeriSign’s SET digital certificates, we’ve created an end-to-end solution, enabling financial institutions to more rapidly and effectively implement secure SET payment options for merchants and cardholders.”
VeriSign’s SET 1.0 digital certificates, issued on behalf of financial institutions to consumers and merchants, are designed to authenticate both the consumer and the merchant’s transactions.
Also, the certificates serve as “digital” credit cards that hide account numbers for merchants, eliminating the chance that someone might intercept account information during transmission to a Web site or from a Web server.
VeriFone, a subsidiary of Hewlett-Packard, provides secure electronic payment solutions for financial institutions, merchants, and consumers in more than 100 countries.
VeriSign delivers a suite of e-commerce solutions and processing services targeted at enterprises conducting large-scale e-commerce activities.