MENTOR, OH – CardinalCommerce, the pioneer and global leader enabling remote commerce, announced today it has received additional intellectual property protection for its product platforms in the form of patent US 8,676,694 B2 titled Secure and Efficient Payment Processing System. This new patent, which was awarded to the Company by the United States Patent and Trademark Office on March 18, 2014, is, a Continuation of its patented technology which dates back to 1999.
This patent serves to further protect Cardinal technology surrounding the processing of authenticated financial transactions over the Internet and mobile networks, including using one-time use numbers to protect credit and debit card holders from fraud when shopping online.
“Patent awards such as this are evidence Cardinal has been thinking about and planning for the various changes that may come as the marketplace recognizes the need for authentication to protect cardholders, merchants and credit/debit card issuing financial institutions,” said Mike Keresman, Cardinal’s Chief Executive Officer. “From Cardinal’s inception in 1999, we understood that this industry is not static, and will continue to grow and evolve. Cardinal’s technology has been designed to FutureProofTM our Customers’ businesses. Our forward-thinking allows our Customers to focus on their business, knowing that Cardinal will take care of the payments side of things.”
“Cardinal anticipated challenges in the card-not-present industry, and has built our technology with this flexibility in mind. The products and services we offer our Customers evolve with the payment industry. With EMV (Europay, MasterCard and Visa) mandates coming to the US, the rise of tokenization, and multi-factor authentication methods, our platforms are positioned to deliver the benefits of these advancements to our Customers,” stated Chandra Balasubramanian, Cardinal’s Chief Technology Officer.
Cardinal’s patent portfolio includes 40 issued patents and approximately 100 patent applications pending.
CardinalCommerce has been a pioneer and global leader in enabling authenticated payment transactions in the card-not-present payments industry since 1999. Through one connection to our proprietary SafeCloud™ payment platform, CardinalCommerce enables friction free, technology-neutral authentication and alternative payment services, including digital wallets and mobile commerce services. Cardinal services, partners with and complements most providers in the marketplace to deliver their one-connection solution to secure transactions. In accommodating the growing number of payment brands and methods, Cardinal’s platforms serve as universal switches, supporting virtually all merchant platforms, wallets, legacy processing systems and authentication methodologies.
CardinalCommerce is headquartered in Cleveland, Ohio and services a worldwide Customer base from facilities in the United States, Europe and Africa. For more information, visit www.cardinalcommerce.com.
About Primus Capital
Primus Capital is a private equity firm that invests in high-growth companies within the healthcare, software, technology-enabled services, and education industries. Founded in 1983 and currently investing Primus Capital Fund VII, Primus has invested in over 100 growth companies. Transaction types include buyouts, recapitalizations and growth equity investments. For more information, visit www.primuscapital.com.