June 15, 2011 10:00 ET
SCHIPHOL, THE NETHERLANDS--(Marketwire - Jun 15, 2011) - When Google recently announced plans for the Google Wallet, it declared that the wave of the future is coming soon, literally. With a mobile wallet, the consumer will be able to wave or touch a mobile phone at a store terminal, both to pay and to receive discounts and coupons as part of one transaction.This revolutionary new technology, however, will not be accepted by retailers unless security and privacy are assured. Elephant Talk Communications (OTCBB : ETAK) (www.elephanttalk.com), an international provider of business software and services to the telecommunications and financial services industries, is planning to provide security services for Near Field Communications (NFC) on which the mobile wallet is based.
In a recent interview with Dustin Moore of Seeking Alpha, Elephant Talk CEO Steven van der Velden noted that the company will offer one of the first fully integrated mobile wallets.
"We have begun integrating NFC technology into our mobile platform," Mr. van der Velden said in the interview. "[This will allow] mobile operators to immediately start offering these services without having to worry about all the time, costs, and risk elements involved in upgrading their legacy back office systems to be NFC-ready."The full interview is available at http://seekingalpha.com/article/272972-elephant-talk-and-mobile-wallets-the-next-trillion-dollar-revolution
In addition, ValidSoft (www.validsoft.com), a wholly-owned subsidiary of Elephant Talk, is ready now for the mobile wallet, with a suite of multi-layered security products with strong, built-in privacy protections. So effective are ValidSoft's privacy protections, that ValidSoft is the first and only mobile security software company to be granted the rigorous European Privacy Seal by EuroPriSe.
"For the mobile wallet to be accepted, consumers must be assured not only that their money is safe, but that their privacy is protected as well," said ValidSoft CEO Patrick Carroll. "ValidSoft's cross-border technology includes four-factor verification: something you know, something you have, something you are, (or are not) and somewhere you are (or not) along with a range of cutting-edge protections, among other powerful features."
Mr. Carroll pointed out that the strength of Elephant Talk's platform enables ValidSoft to process up to 400,000 transactions per second, to "carrier grade" level, the industry standard in telecommunications. In addition, Elephant Talk is a leading provider of Mobile Virtual Network Operator (MVNO) and Mobile Virtual Network Enabler (MVNE), software which offers ValidSoft the opportunity to service the security layer needs of this capability.
Furthermore, ValidSoft has highly relevant experience at the leading edge of high-volume, high-speed transaction security. Currently, the company has an agreement with Visa Europe to provide ValidSoft's fraud-prevention solutions, VALid-POS®, and VALid®, ValidSoft's Four-factor authentication platform. The agreement will allow Visa Europe to integrate and market the solutions as services to its member banks as part of its European processing platform. There are about 4,000 member banks in the European Visa group, handling about 24 billion transactions a year. (source Visa Europe Annual Report - 2010).
About Elephant Talk Communications
Elephant Talk Communications, Inc. (OTCBB : ETAK) is an international provider of business software and services to the telecommunications and financial services industry. The company enables both mobile carriers and virtual operators to offer a full suite of products, delivery platforms, support services, superior industry expertise and high quality customer service without substantial upfront investments from clients. Elephant Talk provides global telecommunication companies, mobile network operators, banks, supermarkets, consumer product companies, media firms, and other businesses a full suite of products and services that enables them to fully provide telecom services as part of their business offerings. The company offers various dynamic products that include remote health care, credit card fraud prevention, mobile internet ID security, multi-country discounted phone services, loyalty management services, and a whole range of other emerging customized mobile services. For more information, visit (www.elephanttalk.com).
Elephant Talk Communications, Inc. (
About ValidSoft
ValidSoft is a subsidiary of Elephant Talk Communications, Inc. (OTCBB : ETAK), (www.elephanttalk.com) and is a market leader in providing solutions to counter electronic fraud relating to card, the internet, and telephone channels. ValidSoft's solutions are at the cutting edge of the market and are used to verify the authenticity of both parties to a transaction (Mutual Authentication), and the integrity of the transaction itself (Transaction Verification) for the mass market, in a highly cost effective and secure manner, yet easy to use and intuitive. For more information, please visit (www.validsoft.com).
ValidSoft is a subsidiary of Elephant Talk Communications, Inc. (
