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Incubation project IPAYMO at cesah

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Robert Carter, the 2008 Hessen regional winner, European Satellite Navigation Competition, recently entered into business incubation to prepare the innovative IPAYMO ('I PAY MObile') solution for market launch. IPAYMO makes use of timing and positioning data derived from navigation satellites and offers unique services to operators of electronic, online and mobile payment systems.

IPYAMO makes use of signals transmitted by navigation satellites and offers improved security to support electronic payments. The IPAYMO concept was developed over two years by Robert with the support of a group of former colleagues from the European Organisation for the Exploitation of Meteorological Satellites (EUMETSAT).

IPAYMO is characterised by unique features such as security, mobility and simplicity. It comprises a cellular phone in combination with a robust central server comprising tailor–made hardware and software that use state-of-the-art GNSS technologies to enable, for example, the protection of bank customers against fraud and abuse of their debit and credit cards.

Satellite data is a core component of the overall system and the main input to the IPAYMO 'DNA sequencing' system, a patent-pending methodology to authenticate the cellular phone's secure communication with the central processing facility. Furthermore, IPAYMO uses GNSS timing and positioning data to check compliance with certain pre-determined conditions to ascertain that the cellular phone is in an acceptable location in relation to the place of use of the card.

A strong benefit with IPAYMO - an add-on to existing payment systems - is that only limited investment need be made by the financial services industry.

In fact, IPAYMO can be compared to a firewall and 'guardian' that provide an additional layer of secure multi-factor authentication. IPAYMO is currently the only solution for the financial services industry that uses satellite navigation in this way while still being fully compliant with international and domestic data protection and privacy legislation due to its unique, patented processing methodology.