VerifySmart Signs 50-50 Revenue Sharing Agreement with i-Pay Commerce Ventures; Targets Share of Philippines' $22B Remittance Tr
October 27 2009 - 9:00AM
PR Newswire (US)
TAGUIG, Metro Manila, Philippines, Oct. 27 /PRNewswire-FirstCall/
-- VerifySmart(TM) Corp. (VSMR: OTCBB): ("VerifySmart" or the
"Company"), a global leader in secure and fraud free credit and
debit payment processing services, today signed a 50-50 revenue
sharing agreement (the "Agreement") with i-Pay Commerce Ventures
Inc ("IPCV")., a subsidiary of the Intellectual Property Ventures
Group Corporation, a listed company on the Philippine Stock
Exchange (PSE), to initiate a two-stage integration of the
Company's VerifyTransfer(TM) platform. IPCV is a major player in
Asia's Information and Technology sectors, with a focus on
telecommunications, on-line gaming, and business process
outsourcing. The Agreement commences immediately with an initial
three-month pilot undertaken by multiple IPCV remittance offices,
whereby IPCV will utilize VerifySmart's VerifyTransfer(TM) platform
to securely and safely enable pre-paid Visa cards subscribed from
China Trust Commercial Bank, one of Central and Southeast Asia's
largest financial institutions. On conclusion of the three-month
pilot phase, more than 100 IPCV remittance offices located
throughout Southeast Asia, will adopt VerifyTransfer(TM) as their
integrated fraud detection and prevention technology. Based on the
current $22B annual spend on in-bound remittance transfers in the
Philippines today, the Company estimates a conservative one percent
share of the market, gained over two years - or $10M USD net gross
to VerifySmart. "VerifySmart is pleased to sign an agreement with
IPCV, one of the premier remittance corporations in the
Philippines. The Philippines is one of the largest remittance
countries, where overseas workers send over $22B USD home to family
members every year. By incorporating our secured VerifyTransfer(TM)
transaction platform in this major Southeast Asian market, and
demonstrating its stability and reliability, there is significant
opportunity for VerifySmart to gain traction quickly and become the
standard for remittance transaction security worldwide," says
VerifySmart CEO Ralph Santos. About VerifyTransfer(TM)
VerifyTransfer(TM) - VerifyTransfer enables secure, simple and fast
money transfer to single or multiple recipients. VerifyTransfer
offers enterprise customers a simple and seamless solution for
sending and receiving money instantly, using VerifyGateway(TM), and
its SMS (text) enabled protocol for processing large volumes and
cash quickly and securely. By utilizing VerifyTransfer and
VerifyGateway technologies - two of VerifySmart's comprehensive
suite of fraud detection and prevention platforms - financial
institutions, telecoms, information technology and other enterprise
clients, 'and their clients' benefit from the most advanced online
money transfer and credit and debit card security technology in the
world. VerifySmart technologies build maximum security and
flexibility into a variety of financial transactions in person,
online, in wireless environments and over traditional phone lines.
VerifyTransfer advantages include: - Comprehensive reporting on all
transaction activities and customer accounts - Next generation
security, fraud monitoring and reporting - 24/7/365 customer
support - Multiple accounts for recipients - Flexibility of payment
source - Integration with sophisticated retrieval methods,
including Visa remittance - Makes remittance payments easier -
Speeds up data transmission - Increases accuracy and speed of
contributions to member accounts - Provides easy access to details
of past transactions and remittance history. VerifySmart management
believes that, in relatively few years, current debit and credit
card fraud prevention and detection technologies will be obsolete,
including the current Chip and PIN technology. And further, that
their suite of next generation fraud detection and prevention
technologies will initiate a sea-change in security standards. Chip
and PIN technology, which originated in the UK in 2004 and launched
recently in parts of North America has disappointed the industry.
In 2008 APACS (Association of Payment Clearing Services) reported
card-only fraud losses as a percentage of card turnover amounted to
0.12%. Prior to the introduction of Chip and PIN, this same
statistic was 0.14% - a mere 0.02% reduction in losses gained at
the expense of tens of millions in technology modifications. About
VerifySmart VerifySmart Corp designed and developed a Proprietary
Hardware/Software Solution that solves Credit/Debit Card fraud by
using two Factor Authentication. The Company's Core Technology is
designed to meet the needs of the Security challenged Trans action
Processing Industry. Present day solutions, such as Verified by
Visa, Chip and Pin and CVV Code (all which can be compromised) have
not reduced payment card fraud by any significant factor. The
VerifySmart solution has reduced fraud to zero in earlier
production pilots. the Company's proven and highly scalable
solution is gaining worldwide attention and placing VerifySmart at
the forefront of the fraud prevention revolution. About IPCV IPCV,
is a subsidiary of the Intellectual Property Ventures Group
Corporation (IPVG), a listed company in the Philippine Stock
Exchange (PSE) and one of the major players in Information
Technology & Telecommunications, on-line gaming and business
process outsourcing (BPO) sectors. Forward Looking Statements This
current report contains "forward-looking statements", as that term
is defined in Section 27A of the United States Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this current report which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainty of financial
estimates and projections, the competitive and regulatory
environment for start up software companies, stock market
conditions, unforeseen technical difficulties and our ongoing
ability to operate a business and obtain financing. These
forward-looking statements are made as of the date of this current
report, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that our beliefs, plans, expectations and
intentions contained in this current report are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our annual report on Form 10-K
for the 2008 fiscal year, our quarterly reports on Form 10-Q and
our other periodic reports filed from time-to-time with the
Securities and Exchange Commission pursuant to the Securities
Exchange Act. Corporate Headquarters Fort Legend Towers, Suite 2002
- 3rd Avenue corner 31st Street E-Square, Fort Bonifacio Global
City, Taguig Metro Manila, Philippines Contact: 1-877-685-1584
Questions or Feedback http://www.verifysmart.com/ DATASOURCE:
VerifySmart Corp. CONTACT: Corporate Headquarters, Fort Legend
Towers, Suite 2002 - 3rd Avenue corner 31st Street, E-Square, Fort
Bonifacio Global City, Taguig, Metro Manila, Philippines, Contact:
1-877-685-1584, Questions or Feedback, ,
http://www.verifysmart.com/
Copyright