LONDON and DUBLIN, Ireland, May 9, 2005 (PRIMEZONE) -- Trintech Group Plc (Nasdaq:TTPA) (Prime Standard:TTP), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that Watford Electronics, a company renowned for service excellence and it's IT components and computer peripherals, has selected and implemented Trintech's PayWare Merchant MPI, a powerful 3-D Secure(TM) ecommerce authentication solution for merchants, providing secure Internet card payment transactions between the cardholder and card issuer.
Watford Electronics has deployed Trintech's PayWare Merchant MPI at its head office in Luton, Bedfordshire. Trintech's robust and powerful offering will enable Watford Electronics to migrate to a 3D Secure environment by providing a secure and easy-to-deploy merchant plug-in (MPI) solution on its existing online authorization solution. The authentication solution has been selected to support its current Savastore.com site with plans to roll out PayWare Merchant MPI to further ecommerce divisions within the group. Trintech's secure authentication module MPI works seamlessly with PayWare Merchant, Trintech's online authorization solution, providing a complete and overall card payment processing solution for Internet merchants.
"Watford Electronics prides itself on customer service excellence and satisfaction. It is imperative that we continue to offer our customers a variety of payment methods that are fast and secure," says Shiraz Jessa, Managing Director of Watford Electronics. "We have been using Trintech's payment authorization solutions for a number of years and we are confident that the implementation of PayWare Merchant MPI will continue to provide our customers with a secure and robust online authentication solution for Internet based transactions."
"For over ten years Trintech has enjoyed a very strong relationship with Watford Electronics," says Eamon Keating, General Manager of Trintech's Payments Division. "Watford Electronics implementation of PayWare Merchant MPI will ensure that its overall payment solution can scale to meet its Internet transaction demands today and in the future."
Visa and MasterCard's 3D secure schemes known as Verified by VISA(TM) and MasterCard SecureCode(TM), work seamlessly with PayWare Merchant MPI, a solution that enables the card issuer to authorize the payment directly with the customer prior to completing the transaction. The card schemes offer attractive incentives for merchants opting to accept 3D Secure transactions by offering protection against the liability for fraudulent transactions.
Intended benefits for merchants adopting PayWare Merchant MPI include accepting payments safely and securely, reduced fraud and chargebacks. Implementation of PayWare Merchant MPI is also designed to lead to improved consumer confidence in online transactions and the increase in internet sales by promoting safe online purchasing.
About PayWare Merchant MPI
PayWare Merchant MPI is a standalone Merchant Plug-In that supports 3-D Secure(TM) -- the payer authentication system at the heart of Verified by Visa(TM) and MasterCard SecureCode(TM). Trintech's PayWare Merchant MPI has successfully completed certification and interoperability testing with Visa International. PayWare Merchant MPI authenticates the consumer by the entry and verification of a designated password or PIN prior to the completion of an Internet purchase. PayWare Merchant MPI step slots into the payment process before the normal financial authorization request is sent by the merchant to the acquirer. The 3-D Secure(TM) protocol uses dedicated messages that flow over the Internet between the merchant, card scheme and issuer, outside of the network used for the financial authorization and clearing messages.
About Watford Electronics
Formed in 1972 as a supplier to home hobbyist/designer of electronic components, the then Managing Director and now Chairman, Mr. Nazir Jessa, has created a company that endeavours to supply the latest IT products, through all channels, making IT accessible to everyone, anywhere. With a heritage of foresight and understanding that spans over 30 years, 2005 sees no change and business continues to grow, with Watford and the massive 'savastore.com' website identifying new and exciting areas of opportunity, always staying ahead of the competition.
About Trintech
Trintech is a leading provider of transaction reconciliation and payment infrastructure solutions to retailers, financial institutions, payment processors and network operators globally. Built on 18 years of experience, Trintech's solutions manage each area of the payment transaction cycle from authentication, authorization, settlement, dispute resolution and reconciliation - enabling its customers to reduce transaction costs, eliminate fraud, minimize risk, maximize cashflow and increase profitability. Trintech can be contacted in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: +353 1 2074000), in the US at 15851 Dallas Parkway, Suite 855, Addison, TX 75001 (Tel: +1 972 701 9802), and in the UK at 186-192 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AF (Tel: +44 (0) 1707 827000). www.trintech.com.