September 18, 2017, Manchester, NH
A key portfolio of payment-authentication patents has been licensed by AuthenticID for the exclusive use with its identity validation payments platform.
The patent license affords AuthenticID with a significant intellectual property advantage and provides added value to customers in a rapidly evolving payment-processing environment which is fraught with increasing fraud and false declines. The Collective Dynamics patents with priority dates reaching back nearly a decade are applicable to any mobile authenticated payment transaction irrespective of venue or account type including mobile-initiated, tokenized transactions.
“The Collective Dynamics payment-authentication patent portfolio complements AuthenticID’s proprietary “smart” mobile capture, multi-factor biometric identifiers,” said Dr. R. Bruce Reeves, Chairman of AuthenticID. “These payment-authentication patents integrated with our AuthenticID CatfishAIR identity platform will bolster our deployments into the financial services, payment-processing segments” said AuthenticID’s Founder and President, Blair Cohen. Cohen added that “the timing of this integration dovetails perfectly with the payment industry’s forthcoming adoption of the EMV® 3-D Secure 2.0 protocol which specifies a rules-based framework intertwined with consent-based transaction approval.”
“CNP fraud and false declines are the Achilles heels of the expanding eCommerce marketplace where the weakest link is often the know-your-customer process.” said Collective Dynamic’s Founder and CEO Steve Bacastow. “Mobile cardholder authentication provides a needed counter measure for online merchants when implemented within a desirable, user-experience and without adding unnecessary friction to the checkout process,” added Collective Dynamic’s Executive, Tony Emrick.
These Collective Dynamics patent rights will extend to AuthenticID’s recently announced “Smart Identity” platform and token sale that aims to transform identity-related blockchain applications. For more information on the AuthenticID blockchain token sale, go to www.tokens.authenticid.co.
About Collective Dynamics, Inc.
Atlanta-based Collective Dynamics, Inc. is a payment-industry strategy and IT consulting firm that has served payment industry clients for over twenty years. The company was founded in 1996 by Steve Bacastow, a leading expert and thought leader in cyber security, compliance, intellectual property, and mobile payments. Mr. Bacastow previously served as the SVP of CorFire where he was instrumental in the successful deployment of the first commercial TSM in North America in support of the Google Wallet. For more information, visit www.coldyn.com.
Founded in 2001, Manchester, NH-based AuthenticID is a leading provider of revolutionary software that enables automated real-time identity document authentication solutions based on proprietary worldwide forensic document databases. Its CatfishAIR family of authentication technologies now provides industry leading identity validation products incorporating proprietary “smart” mobile capture, multi-factor biometrics and data as well as its software-as-a-service document authentication platform, supporting 192 countries, and a variety of uses cases and industries.