June 27, 2011 14:00 ET
Enabling Technology for Electronic Wallet Is Fast, Convenient, Secure
NEWTON, MA--(Marketwire - Jun 27, 2011) - Universal Secure Registry™ LLC (USR), an enabling mobile payment security technology and identity authentication company, today announced the availability of its USR electronic wallet patented technology to third parties including credit card companies, wireless carriers, banks, retailers and others for licensing. The USR electronic wallet is the only mobile transaction technology that does not transmit sensitive information from or store exploitable information in the mobile device.Leveraging its patented 3+ FACTOR SECURITY™ system, USR's proprietary enabling identification technology makes mobile payment transactions fast, convenient, and secure. The USR electronic wallet was designed by world renowned identity authentication and computer security expert Kenneth Weiss. As the inventor of SecurID, the world standard for personal identity authentication for computer access security, Weiss had an important unfulfilled vision -- to further the advancement of a cashless society.
"The future of the mobile payment market is being defined now and tunnel vision piecemeal solutions will only retard the inevitable," said Kenneth Weiss, CEO and founder, USR. "Ours is the only enabling technology that can empower the players in the market to move the needle on widespread adoption with the ability to transcend the mobile payment space entirely to advance how we authenticate our identities universally."
Unlike other electronic payment technologies being tested or introduced by companies such as Google and Isis, private or sensitive information is not stored on the mobile device or transmitted at the point of sale (POS) with USR. The USR electronic wallet provides a convenient and reliable way to authenticate identity with three factors quickly. It integrates the convenience of a mobile phone with the security of a protected remote server. This enabling technology acts as a trusted agent for personal transactions including mobile payments, financial transactions, tolls, vending machines, computer/network/cloud access, physical access, licenses and all privileges associated with identity.
Benefits of the USR electronic wallet include:
- Unique - No sensitive information stored on phone or transmitted
- Secure - 3+ FACTOR Security that identifies, rather than verifies, user identity
- Scalable - Relatively low cost, easily implemented on all mobile phones and POS terminals and integrates with existing infrastructure
- Versatile - Transactions may be completed via NFC, Bluetooth, cellular network, or Wi-Fi
- Convenient - Integrates interpersonal financial transactions, direct consumer-to-vendor funds transfer and credit and debit card payments
- Flexible - Trusted agent for wide range of services and applications where reliable identification is required
- Universal - One convenient integrated application used for electronic wallet, interpersonal funds transfer, computer/network access, and access to physical facilities
About Universal Secure Registry LLCUniversal Secure Registry™ LLC (USR) is an enabling-technology company that holds a series of new personal identification, authentication, and mobile phone transaction application patents invented by Kenneth Weiss. More than 100 million people, Fortune 500 companies, as well as corporations, consumers, governments, and banks in more than 30 countries rely on computer security and identity authentication systems such as SecurID tokens invented, designed, and patented by Weiss. USR technology provides a secure, remote universal electronic repository for personal, private, and sensitive information; integrating the convenience of a mobile phone with the security of a protected remote server to act as a trusted agent for personal transactions including mobile payments and funds transfer, computer/network/cloud access, and access to physical facilities. The USR electronic wallet uses near field communication (NFC) and Bluetooth. It is the only mobile payment technology that does not transmit sensitive information from or store exploitable information in the mobile device. Leveraging its patented 3+ FACTOR SECURITY™ system, USR's proprietary enabling identification technology designed for smart phone applications is available to third parties for licensing. USR was established in 2000 and is based in Newton, Massachusetts. http://www.USRID.net
SecurID is a trademark of RSA, the Security Division of EMC.
