SeerGate Ltd., a developer of secure and convenient systems for real-time online bank payments, has joined AICC in August 2009. SeerGate is the developer of the patent-pending Secured Lock™ System, a payment solution utility enabling financial institutions to offer customers the absolute safety and security of online transactions across current and emerging payments applications. SeerGate recently announced its peer-to-peer (P2P) solution that can be integrated into any existing or emerging social networking environments, such as Facebook. Other applications supported by Secured Lock™ are checks, direct billers, e-commerce, expedited payments and, “with the many conversations we continue to have, we are finding more ways the banks, themselves, have needs that they identify that can be managed by the simple design we offer in addition to being supported by the flexible reporting and analytic tools designed to support the activity” says Eldad Aharoni, CEO and Founder.
SeerGate’s Secured Lock™ System enables buyers and sellers to securely and conveniently complete any payment transaction offered by the bank without the hassle of external pre-registration or the inconvenience of having to remember multiple and often complex sign-on procedures and passwords. The parties to a transaction, buyer and seller or payor and payee are always directly authenticated within his/her banking institution as a condition to completing the entire transaction. Specifically, using a social networks example, a seller generates a pre-formatted payment request, which is immediately verified by the seller’s bank and sent within the social network or e-mail to the buyer. After reviewing and approving the payment request (invoice), the buyer is then authenticated by his/her bank and the payment transaction is completed in real-time directly between the bank accounts of the buyer and seller. The payment transaction is completed in an environment where each party’s personal and financial information is kept directly within the security firewall of the bank and is never held or accessible by SeerGate itself or transmitted over the Internet or directly between parties.
“Banks have been struggling to reclaim customer interaction with new generations of transactors and some that have sat idly by fearing issues they have seen reported by news articles on breaches. Further, banks need to leverage the brand identity with these transaction that each has spent millions of dollars to achieve but continue to watch the visibility of a host of branded 3rd party players and new ones emerging and getting stronger each day. SeerGate is not single-threaded in its deployment and will handle each application placed on top of it thus eliminating the need by the banks to review and engage multiple parties offering only single application solutions,” says Aharoni. The SeerGate theme that is most applicable given the bank-directed solution is “Where are the banks?” To support this, as a direct example, Mary Pilon has previously reported for the Wall St. Journal on PayPal’s new Student Account program – saying it is “stepping further into the world of mainstream banking.”
“In short, we believe the timing is right and that our Secured Lock™ solution will ensure that current and future e-Payment alternatives remain bank products.”
SeerGate’s SeerGate’s Secured Lock™ System operates on a simple, but secure model.