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Mastercard Taps Syniverse For Location-Based Card Authentication

|Includes: Pareteum Corporation (TEUM)

MasterCard announces agreement to work with Syniverse on " opt-in service that will enable card transactions for users only when they have their mobile device switched on in a specific geolocation abroad."

On one hand, this story may validate Elephant Talk's subsidiary's business for location based security for transactions. MasterCard is certainly interested. Furthermore, "Syniverse believes that the global market for retail-boosting services based on mobile contextual location data could be worth as much as $44 billion annually."

On the other hand, ValidSoft has had this technology for at least 6 years. So why did MasterCard choose Syniverse and not ValidSoft?

In 2010, VisaEurope agreed to work with ValidSoft to implement location based services. However, with no further news on the development, the relationship appears to have fizzled. I believe that agreement also prohited ValidSoft from working with VisaEurope's competitors (MasterCard?).

The company has now integrated ValidSoft technology into FICO's Fraud Resolution Manager. "The new FICO service which several UK banks are planning to deploy has been developed in partnership with ValidSoft..."