Canadian Patent granted to SQID Technologies Limited
SQID Technologies Limited provides intelligent backend solutions in transaction processing through a host of partners. SQID is an aggregator for card payment terminals, ecommerce, direct debits and custom payment solutions for front end payment solution partners. The Canadian patent relates to SQID’s out of band two factor authentication solution.
Two factor authentication provides a much higher level of security than “chip and PIN” and is easily used in a remote context in both online and offline capacities. The technology translates well to all security and authentication tasks where the individual must be identified and easily replaces remote tokens.
SQID’s telephony based IVR authentication has patents granted in the USA, Canada, Australia, Singapore, South Africa, Ukraine, Colombia and the Philippines and Europe. Further patents are pending in other jurisdictions worldwide.
SQID Technologies Ltd Chairman, Peter Hall announced the granting of the Canadian Patent stating,
“This patent is ongoing validation of the capability of SQID as a preferred vendor to provide smart, secure and scalable backend solutions for the up and coming developer that need intelligent connectivity to the banking system. SQID Technologies Ltd, through its wholly owned subsidiary, SQID Payments Pty Ltd, has been growing its base of partners who are looking for a payment delivery process that needs customized backend solutions that allow them to gain control of the merchant engagement process. This now includes terminals, ecommerce, direct debits, intelligent settlements, master merchant and sub merchant structures. In cases that require a higher level of security, the patented SQID technology creates an extra layer of secure authentication, that enables SQID Payments to deliver secure custom solutions to individual merchant needs and requirements.”
SQID Technologies Limited is the parent company of SQID Payments Pty Ltd. As an accredited merchant aggregator for Westpac Bank, SQID Payments provides merchant services direct to Australian businesses without the need for a separate merchant account or banks account. The SQID intelligent settlements platform allow customisation of funds settlement solutions that provides daily settlement of partner commissions.
SQID Technologies Limited is an unlisted public company planning to list on a recognised stock exchange during 2016.