SiVault Systems Introduces Technology to Authenticate, Validate
Identification at the Point-of-Transaction
New SiVerify System with Hypercom Optimum and Intelli-Check Technologies
Targets ID Theft and Fraud
NEW YORK, and SAN JOSE, Calif., Oct. 6 /PRNewswire-FirstCall/ -- SiVault
Systems Inc. (OTC:SVTL.OB) (BULLETIN BOARD: SVTL.OB) , a leading provider of
products and services for the secure authentication, processing, storage, and
retrieval of signature-based medical, financial, and retail electronic
transactions and documents, today introduced an innovative point-of-transaction
solution that authenticates and validates an individual's identification in
real time. Called SiVerify, the new solution, incorporating Hypercom
Corporation (NYSE: HYC) and Intelli-Check Inc. (AMEX:IDN) technologies is
available now.
Using global payment technology leader Hypercom Corporation's compact, high
speed and high performance signature capture Optimum L4100 card payment
terminal and Intelli-Check's proprietary ID-document-verification technology in
the back-office, SiVault's new solution is designed to validate and
authenticate government-issued documents across the US and Canada by building a
biometric template of the cardholder's signature, and then validating all
subsequent signature-based transactions.
The new SiVerify solution can help to dramatically reduce transaction losses
due to the use of forged documents and signatures, identity theft, or the
creation of false identities. By first verifying the encoded data on a
driver's license with Intelli-Check's proprietary technology and then building
a unique customer file with a tamper-proof template of one's biometric
handwritten signature, the identity of the individual can be assured. Industry
estimates indicate that up to $70 billion of the $1.4 trillion health care cost
for Americans can be attributed to fraud, and that's just the beginning.
"SiVerify represents a key milestone in SiVault's vision and commitment of
establishing industry standard fraud prevention solutions with its strategic
partners," said Emilian Elefteratos, chief executive officer, SiVault Systems,
Inc. "The result of this integration effort is a system designed to offer
customers a high level of security. SiVerify will apply to SiVault's core
services for the healthcare, government, financial and retail sectors" further
added Mr. Elefteratos.
"The intelligent integration of our technologies marks a significant advance in
our continued efforts to help pharmacies, healthcare providers and other
businesses combat credit card fraud and identity theft, while delivering new
levels of speed and convenience to their customers," said O.B. Rawls IV,
president, Hypercom North America.
SiVault developed SiVerify using its centralized service oriented platform for
biometric signature recognition, authentication and credential validation,
compatible with most point-of-sale devices.
SiVault in August announced a strategic partnership with Hypercom to combine
SiVault's end-to-end signature verification technology with Hypercom's
point-of-transaction card payment technology in a solution designed to
significantly improve the authentication and fulfillment of medical
prescriptions. In addition, the new SiVerify solution incorporate Hypercom's
new PED and EMV certified Optimum L4100 high speed, high performance signature
capture card payment terminal, packing a powerful Intel(R) processor based on
Intel XScale(R) technology for unprecedented multi-application performance.
Pricing for SiVerify will be based on a per-transaction basis and as an
enterprise license.
About SiVault Systems Founded in 1999, SiVault Systems is a recognized leader in the secure storage
and retrieval of signed documents and biometric signature-based authentication
for processing of online transactions. SiVault Systems' services are 100%
compliant with regulations and standards in the retail and healthcare
industries for authentication, authorization, transmission and storage of data. For more information, visit the companies' web site at
http://www.sivault.com/.
About Hypercom (http://www.hypercom.com/) Celebrating 26 years of technology excellence, innovation and leadership,
Hypercom Corporation is a leading global provider of electronic payment
solutions that add value at the point-of-transaction for consumers, merchants
and acquirers, and yield increased profitability for its customers.
Widely recognized as the global payment technology innovator, Hypercom delivers
complete card payment terminal, network access device, server and transaction
networking solutions that help merchants and financial institutions generate
revenues and increase profits.
Headquartered in Phoenix, Arizona, Hypercom's card payment terminal, server and
network solutions are leading the transformation of electronic payments in more
than 100 countries.
About Intelli-Check Intelli-Check, Inc. is the acknowledged leader in technology that assures the
authenticity of driver licenses, state issued non-driver and military
identification cards used as proof of identity. Our patented ID-CHECK
technology instantly reads, analyzes, and verifies the encoded data in magnetic
stripes and barcodes on government-issue IDs from approximately 60
jurisdictions in the U.S. and Canada to determine if the content and format is
valid. Applications include: -- security and access control to protect airports, government and
commercial buildings, military installations, and other critical sites
-- identity theft, commercial and government fraud prevention to help stem
the millions of dollars each year in losses from credit card, check-
cashing, bank, insurance, healthcare and pharmacy fraud
-- age verification to protect bars and other retail establishments from
the potential fines and penalties associated with selling age-
restricted products to minors
-- productivity enhancement to eliminate inefficiencies and inaccuracies
associated with manual data entry The company has been the national testing laboratory for the American
Association of Motor Vehicle Administrators (AAMVA) since 1999 and has access
to all the currently encoded driver license formats. For more information,
visit http://www.intellicheck.com/.
Hypercom is a registered trademark of Hypercom Corporation. Optimum and Design
is a trademark of Hypercom Corporation. SiVerify and SiVault are service marks
or registered service marks of SiVault Systems, Inc. Intel and XScale are
registered trademarks of Intel Corporation. All other products and services
mentioned in this document are trademarks, service marks, registered trademarks
or registered service marks of their respective owners.
Application of the Safe Harbor of the Private Securities Litigation Reform Act
of 1995: This press release contains "forward-looking statements" within the meaning of
the U.S. federal securities laws, which are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. SiVault
Systems, Inc. cautions readers that statements regarding this transaction. The
timing of such a transaction and any other future aspect relating to such a
transaction are forward-looking statements and are based on management's
current expectations, estimates and projections. Words such as "expects",
"anticipates", "estimates", "believes", or statements indicating certain
actions "may", "could", or "might" occur and similar expressions are intended
to identify such forward-looking statements. These statements are not
guarantees of future performance and are subject to certain risks and
uncertainties, including the Company's ability to market its products and
services in a competitive environment, as well as other factors, many of which
are beyond the Company's control and are difficult to predict. Therefore,
actual outcomes and results may differ materially from what is expressed or
forecasted in such forward-looking statements. For additional information on
these uncertainties, please see the Company's filings with the Securities and
Exchange Commission. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the dates on which
they are made.
Contact: Emilian Elefteratos, CEO
SiVault Systems, Inc. 212-931-5760
DATASOURCE: SiVault Systems Inc.
CONTACT: Emilian Elefteratos, CEO of SiVault Systems, Inc., +1-212-931-5760 Web site: http://www.sivault.com/
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