Consumers complete a short, one-time only enrolment process during which a few spoken words are used to generate a unique biometric voiceprint. Subsequently whenever a purchase is made, the user voice verifies the transaction over the phone or Internet
New York and London (PRWEB) April 30, 2007
Voice Pay, the world's first voice-verified payment processing system, launches today and is set to change the way that mobile and Internet payments are conducted.
In a move that will substantially reduce the threat of credit and debit fraud, the Voice Pay system uses the customer's own voice as a means of digitally signing and authorising payments. It incorporates VoiceVault voice biometric authentication technology which is already in use by global banks, insurers and public sector organisations.
With its use of biometric, anti-phishing and anti-fraud technologies, Voice Pay can provide payment guarantees to consumers and business users processing any size of transaction from a penny upwards.
Chief Executive Officer of Voice Pay, Nick Ogden, believes that the use of voice biometric technology will improve security and consumer confidence making it far safer for shoppers to buy goods and services. "Using Voice Pay is secure, quick and easy. No special software or hardware is required - just access to a phone," he says.
"Consumers complete a short, one-time only enrolment process during which a few spoken words are used to generate a unique biometric voiceprint. Subsequently whenever a purchase is made, the user voice verifies the transaction over the phone or Internet," Ogden adds. 'No special software or hardware is required'.
Voice Pay changes the way that all payments can be undertaken - not only Internet transactions. It opens up many new commercial avenues and the potential for voice-verified payments is phenomenal. Voice Pay gives consumers new freedoms to buy using their mobile phone from a TV or print advertisement instantly or pay for goods in a shop. Buyers simply call the national Voice Pay number and authorize payments over the phone using their unique voiceprint as a digital signature.
As well as convenience, the Voice Pay system also offers buyer and retailer additional safeguards. For example, consumers using Voice Pay via the Internet benefit from integrated anti-phishing technology, which ensures total confidence in the stores that process payments with Voice Pay.
Ogden explained: "Security of personal data and credit card fraud remains at the forefront of people's minds. Voice Pay hands power and control of the transaction to the consumer, who for the first time can digitally sign every transaction using their voice and benefit from a guarantee."
Consumers are not the only group to gain from the service. VoicePay also offers merchants low cost credit and debit card payment processing services. In addition, merchants that use Voice Pay for payment processing benefit from other voice technologies, including 'Click to Call' integrated telecommunications capabilities for their business. Voice Pay is cost effective and easy to use, works anywhere in the world and whenever the retailer receives a signed Voice Pay payment, the transaction is guaranteed.
The Voice Pay's patent pending process has been developed by Ogden, who founded the Internet payment processor, WorldPay, before it was sold to the Royal Bank of Scotland in 2002. He was also the first person to guarantee internet payments and built Europe's first online store. Ogden and Biometric Security worked for more than a year developing and refining the technology and processes that are now encapsulated in the Voice Pay payment processing system.
Consumers and retailers can register for Voice Pay through the website http://www.voice-pay.com.
Notes to Editors
Voice Pay is the only payment system that meets the multiple demands of Internet, Mobile and Retail transactions, underwritten by exceptional levels of authentication, security, and the unique patent pending, Voice Pay Guarantee that allows transactions to be signed and guaranteed instantly. Voice Pay has been designed to make purchasing easier, cost effective and totally secure for all parties.
A consumer Voice Pay account can also be linked to a physical or virtual Visa or MasterCard.
Nick Ogden has been involved in the IT industry since 1985. In 1993, he founded Multi Media Investments Limited, a technology research and development company that launched the Internet in the Channel Islands through Interactive Telephony Ltd. This led to the construction of Europe's first on-line store in October 1994 and the development of one of the first bank endorsed e-commerce initiatives BarclaySquare, in 1995.
Nick founded the multi-currency processor WorldPay and led the company through its growth to over 270 employees with 20,000 merchants in 120 countries and processing transactions in excess of $2bn per annum. He invented the internet payment guarantee in 2001 guaranteeing Internet transactions for consumers and businesses. WorldPay was sold to the Royal Bank of Scotland in 2002.
Nick was a finalist in the UK Ernst and Young Entrepreneur of the Year Award in 2000 and 2002. In 2004 Nick was selected as part of the "Internet Decade", an event organised to recognise the contribution of around 100 individuals for their input and influence on the development and growth of e-commerce and the internet in the UK over the previous ten years and was nominated for the Computer World Global IT Leaders award in 2006.
VoiceVault, from Biometric Security Ltd, is the only voice verification platform certified and accredited to issue Advanced Electronic Signatures (voice digital certificates) and to be ISO 27001 rated. It is used already used by banks, insurers and government agencies.
As well as verifying an individual's identity over the phone or the internet, VoiceVault can be employed across a diverse range of business applications, including procurement, payment authorisation and corporate security. Organisations that deploy VoiceVault can deliver enhanced levels of service to their customers, increase security while optimising identity verification costs.
For more information, visit http://www.voicevault.com