Companies Will Work to Develop Secure Transaction Services
NEW YORK–(BUSINESS WIRE)–May 22, 2001–Cyota, a leading payment security company, announced today a cross-licensing agreement with Microsoft Corp., giving Cyota a license to Microsoft patents in the area of proxy number technology.
The companies will also be working together to develop secure transaction services, based on Microsoft .NET technologies, designed to help businesses deliver a new, richer customer experience.
“We are delighted to have signed a deal with Cyota,” commented Brian Arbogast, Vice President, Personal Services Group at Microsoft. “Cyota’s products are positioned to help financial institutions deliver secure transactions to their customers shopping online, which is consistent with the Microsoft .NET strategy to enable the richest and most secure online experience possible; any time, anywhere and on any device.”
Cyota’s flagship product, SecureClick(TM), allows consumers to shop online without revealing their real credit card number. This is achieved by replacing a customer’s real credit card number with a one-time transaction number, which expires after each transaction.
“This licensing agreement further advances Cyota’s position as the leader in the secure payments space,” commented Gary Heatherington, Cyota CEO. “We are thrilled to explore additional opportunities to work with Microsoft in the future.”
“Additionally, this agreement provides Cyota with comprehensive Intellectual Property coverage in the online payment space, and will facilitate the use and adoption of Cyota’s surrogate number technology for Internet purchases worldwide,” added Heatherington.
Cyota (www.cyota.com) is an innovative technology company that is dedicated to helping financial institutions strengthen their customer relationships through reliable, flexible, easy to use online security, payment and transaction products. Founded in 1999 by leading card and security industry experts, Cyota is headquartered in New York with offices worldwide. Cyota is led by a respected management team with extensive experience in the security, Internet and banking industry and is supported by an international Advisory Board comprised of world-renowned financial and security experts.