Charlotte, North Carolina (PRWEB) October 05, 2012
Miri Systems was recently awarded a patent that protects the algorithm that powers its products. It is the second patent granted to protect the intellectual property used in the company’s MiriPay,™ MiriID™ and MiriToken™ technologies.
The new patent covers the computerized method Miri Systems uses to generate a time-limited number used when positive identification or authorization is required. The first patent granted to Miri Systems covered the software-based computer method that limits the life of a payment card transaction. It enables MiriPay to protect against fraud by making the transmitted card information useless when a configurable time limit expires.
The company also has two additional patent applications pending. One is designed to protect the transaction when a wireless-enabled device, being used by someone to make a purchase, communicates with a wireless-enabled transaction terminal. The other involves a system and method for generating a limited use login credential associated with an account maintained by an institution. More Miri Systems patent applications are also pending in North and South America as well as Europe and Asia.
The MiriPay solution is based on a patented process that creates an encoded single-use number that looks and functions like a credit or debit card number and can, without merchant involvement, be authorized through existing credit and debit card approval systems. The dynamic number contains hidden information that is used to validate the purchase transactions. The information can only be extracted by passing the dynamic number through a MiriPay decoder typically hosted by the issuing bank, transaction processor or association. The authorization code is then sent back to the merchant to complete the purchase transaction. The merchant can never access nor store the actual account number.
MiriID is an identification and authentication solution that uses the same patented dynamic number technology as the MiriPay system. It uniquely identifies and authenticates individuals for secure access to online systems used for banking and financial services, insurance, healthcare, government programs, cloud computing and other services where secure personal identification is required. In MiriID technology, static login credentials are not used at the online point of access and are not transmitted across the Internet.
Powered by a proprietary and patented algorithm, MiriToken™ soft token technology enables a new class of authentication tokens. Unlike traditional technologies, the MiriToken algorithm dynamically and autonomously manages the encoding process. Need for two-way interaction with the authentication host is eliminated. These scalable MiriToken formats can be configured to accommodate hard or soft tokens in authentication or digital signature applications and are also conformable to support virtual purchase card systems currently in use throughout the world.
About Miri Systems
Miri Systems offers proprietary and patented security software that gives users the ability to securely process authentication transactions without the need for Internet access or any other two-way communication requirements. Miri Systems products generate dynamically configured account identification numbers containing a two-level authentication code. These single-use numbers can be decoded only by the user's account host so the information cannot be compromised. To learn more about Miri Systems, please visit http://www.MiriSystems.com or contact the company at info(at)mirisystems(dot)com or +1-704-837-0511.