Othentik provides a software- and host-based processing system that enables online shoppers to request a designated payment at the sellers or billers website, have that request authenticated in real time by the financial institution holding the payment account, then have the bank pay the seller or biller privately and securely after the transaction has been authorized. This unique sequence of operations puts authentication back in the hands of the trusted financial institution, and vastly reduces fraud, chargebacks and abandoned transactions-a definite plus for the seller or biller. The Othentik solution more fully satisfies the growing needs of all parties in an online transaction. Consumers do not want to be deterred by third parties who clumsily attempt to avoid fraud because they dont administer the payment account relationship. The merchant doesnt want to experience problems associated with the consumer not being at the checkout counter. Financial institutions dont want to third parties to gain control over authentication, payment terms and pricing, or the relationship with the consumer. As for third parties, they cannot provide non-repudiated transactions or full authorization. With the Othentik system, consumers are verified by their financial institutions; merchants receive reliable, guaranteed payment offline; and financial institutions regain control of online transactions, while securing a key role in a booming new market.
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