SHAZAM, Adaptive Payments Launch Pentagon to Compete with Square

Aug. 30, 2011

An Iowa EFT network and Florida-based payment authentication company have partnered to launch a new mobile POS application that enables merchants to accept payment card transactions using an iPhone. The SHAZAM Network and Adaptive Payments today announced the launch of Pentagon, which the Des Moines EFT network will make available to its community bank and merchant clients. The companies said the Pentagon mobile app uses Adaptive Payments’ five-factor, dual-channel technology to authenticate PIN debit transactions and also enables acceptance of secure signature-based credit and debit transactions via a mobile device, which it claims is an industry first. “Adaptive Payments’ Pentagon technology is taking mobile payments to a new level of convenience and security,” said Mike Hollinger, SHAZAM president and CEO. “Merchants of all types and sizes will be able to quickly, cost-effectively and securely accept electronic payments anytime, anywhere using their mobile phone.” The companies note that Pentagon is an open platform specifically designed to be accessible to all merchant acquirer processors, allowing financial institutions to use the product without changing processors and to customize it. “Adding PIN debit acceptance and PAN encryption to our mobile payment platform combined with our open platform approach is something that sets us apart from the rest,” said Shashi Kapur, Adaptive Payments CEO. “As payments continue to evolve from traditional card-present and card-not-present environments to increasingly more mobile and online environments and new channels and devices that are sure to come, payment security and peace of mind for all stakeholders will be a key factor in separating those companies and applications that are successful from those that are not.”