iVeri Payment Technologies (iVeri), a provider of card acceptance gateways for financial institutions, announced last week the release of the iMPi mobile phone credit card acceptance application. With enhanced encryption and ease of distribution the new addition to the iVeri acceptance suite will allow card acquirers to profitably and securely enter the mobile and low volume card merchant market segments.

With this release, iVeri says it is delivering a robust solution that sets new standards in mobile card acceptance. As with all iVeri merchant products, existing iVeri customers can upgrade their iVeri Gateways and benefit from the additional merchant channel. According to Barry Coetzee, CEO of iVeri, "As GSM mobile phone penetration overtakes other technology platforms this new release enables iVeri to address the growing demand for a robust, cost effective, easy to deploy and ubiquitous card acceptance solution. We are excited to enter this market and provide appropriate technology for the markets and merchants that are the focus of our customers." Banks hoping to tap into the rapidly growing mobile infrastructure are now able to use iVeri iMPi for low volume, private label and credit card acceptance. iVeri iMPi will work on most Java enabled GSM handsets.

Once merchants are captured on iVeri, the system electronically delivers the iMPi Java application to the merchant phone along with instructions. As installation, support and maintenance of the application is done remotely, substantial savings are achieved during deployment. Merchant roll-out over a large geographic area can also be rapidly achieved. Messaging between the handset and the iVeri Gateway is encrypted using industry standard Triple DES. This ensures the integrity of the data regardless of the mobile network relaying the message. The merchant has the choice of using GPRS (low cost) or SMS (universally available) as the communication carrier for each transaction. This unique feature allows iMPi to be used in the most efficient way regardless of the GSM infrastructure available to the merchant. iMPi will not only generate new revenue opportunities for acquiring institutions, it adds value and opportunities for card issuing as an acceptance infrastructure is now cost effective to deploy.