Pentagon is a mobile payments platform, which allows merchants to accept mobile PIN- and signature-based transactions using an iPhone. Shazam is set to make the technology available to its nearly 1,500 community financial institutions and its merchant customer base.
The technology that supports the Pentagon mobile payments application uses Adaptive Payments 5DSecure five factor, dual channel authentication technology to authenticate PIN debit transactions. The Pentagon can accept and process signature-based credit and debit transactions in addition to PIN debit while making use of a mobile device capable of processing both types of transactions securely.
Pentagon is designed as an open platform, aiming to be accessible to all merchant acquirer processors, allowing financial institutions to use and customize the product without changing processors.
In September 2010, Shazam and Adaptive Payments partnered to provide Internet PIN debit processing and gateway services for financial institutions across the US. SHAZAM and Adaptive Payments are also working together on a Person-to-Person (P2P) solution, assisting financial institutions customers in transferring funds directly from one person to another.
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