Back to all announcements

Trintech Fortifies ePayment Security

Dublin, Ireland / San Mateo, CA - December 19, 2001 - Trintech Group Plc (Nasdaq: TTPA; Neuer Markt: TTP), a global provider of secure payment infrastructure solutions, has announced today the availability of a comprehensive suite of secure ePayment solutions to address what analysts predict will be a surge in eCommerce activity this holiday season. Trintech's PayWare ePayment suite also addresses consumers' continuing security concerns by delivering proven, standards-based solutions that ensure the safe transfer of information and funds at every step of the eCommerce transaction flow .

The holiday shopping season is traditionally the busiest shopping season of the year and while brick and mortar stores suffer a slowdown, analysts expect online shopping to enjoy a record year. According to Nielsen//NetRatings, holiday shopping visits to eCommerce sites rose 48 percent from the week ending October 28 to the week ending December 9, with some categories, such as toys and games, increasing by 129 percent (See table). Despite the increase, research from Ipsos-Reid, a market research firm, found that 47 percent of U.S. consumers have "major" concerns about online security.

The rise in online shopping in recent weeks has caused Forrester Research, Inc. to reiterate its prediction that Q4 eCommerce volumes will top $4 billion. The events of September 11th have impacted negatively on the physical retailing sector but, according to Forrester, online shopping is now viewed as an attractive alternative. The Cambridge, Massachusetts-based research company estimates that six million new households will shop online during the holiday season.

According to Forrester, online retailers should ensure their sites "can accommodate shoppers who want to send gifts to multiple addresses in a single transaction; offer in-store pick up for online purchases and provide easily understood privacy and security policies, as well as clear navigation and quick checkout."

The PayWare ePayments solutions suite includes:
… PayWare eMerchant is an enterprise level online retailing solution that can handle multi-currency transactions and multiple card types on any device, including PC, PDA, mobile phone
… PayWare eAcquirer is one of the industry's most advanced online merchant acquiring and hosting solutions
… PayWare Guardian is a complete fraud solution that provides increased security to online purchasing by utilizing fraud detection, transaction and user authentication technologies
… PayWare eIssuer is a total Internet payment solution for consumers. This convenient and secure payment tool can reside on a desktop PC, PDA or any other mobile device and can support any payment card type

"The Internet is coming of age and we must ensure that consumers are confident of shopping online," says John McGuire, chief executive officer of Trintech. "The predictions for holiday purchases on the Internet is very encouraging but there are signs that security fears have not been properly addressed. Trintech's PayWare ePayments initiative is designed to give banks, eTailers and card organizations the solutions required to ensure online shoppers enjoy a secure and simple eCommerce experience."