Credit identity protection technology provider MobiClear Inc. (OTCBB: MBIR, Deutsche Brose: B3CA) rose 21 percent yesterday, closing at $0.064 per share after the company announced it had entered into a partnership agreement with fraud management software manufacturer Bastion Payment Systems Corporation.
According to the statement, Bastion will market and launch MobiClear’s “exciting line” of security solutions to market-lending financial institutions in the Philippines and other Asian countries.
“The banks have expressed great interest in the product’s ease of implementation, cost-effectiveness, and the ability to be brought to market in a timely fashion,” the statement said.
MobiClear reportedly specializes in electronic Personal Identification Verication (PIV) solutions, specifically those involving credit and debit card transactions. MobiClear estimates that credit and debit card fraud both in and out of the Internet is growing to $20 billion annually and is fast becoming the most prolific form of fraud theft in the U.S.
Bastion Payment CEO Wilfred Tan felt that this merger was an excellent move for both parties.
“We are happy to be working with MobiClear in launching an innovative, unique and secure identification system for online banking and e-commerce transactions,” Tan said. “The market is poised for the additional powerful transaction security measure that MobiClear has developed. Further, we feel MobiClear’s product offering will nicely complement Bastion’s existing and future fraud management products and initiatives.”
Anders Ericsson, the CEO of MobiClear, was also excited about the team up.
“It is such a great opportunity to be working with an established and highly reputable company like Bastion,” Ericsson said. “We believe their network of banking relationships in the Philippines and Asia, as well as a successful portfolio of payment systems projects, provides MobiClear with an ideal platform for launching our products in that region.”
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