PITTSBURGH--()--Dynamics Inc., an innovator in next-generation payment cards, wins Best of Show at FinovateFall 2012 with its Triple Interface™ next-generation payment device, based upon a vote of more than 1,100 financial executives attending the show. Dynamics’ Triple Interface™ product is the first payment device to centrally tie together all three primary payment technologies on a single piece of plastic and in a re-writeable format.
“A major flaw exists in the contactless credit card scheme. To steal your payment data, a fraudster merely has to walk past you with a wireless contactless card reader. Dynamics’ Triple Interface™ device provides consumers with unprecedented levels of security by fixing this critical flaw.”
For magnetic stripe readers, a card-programmable magnetic stripe – Dynamics’ proprietary Electronic Stripe™ – is included, which can re-write any bit of the magnetic stripe at any time.
For EMV contact readers, a card-programmable chip – Dynamics’ proprietary Chip and Choice™ product – is included, which can re-write a contact chip profile at any time.
For EMV contactless readers, a card-programmable contactless chip – Dynamics’ proprietary Chip and Choice™ contactless product – is included, which can re-write a contactless chip profile at any time.
The three payment technologies are integrated in single, central computer architecture. A user can select different payment options by pressing different buttons on the card. When different payment options are selected, the central computer architecture re-writes the information on the proprietary stripe, contact, and contactless technologies. The desired information is then securely communicated regardless if the card is swiped, inserted, or tapped.
Dynamics Chief Executive Officer Jeff Mullen said, “We now live in a world of payments fragmentation. Competing payments standards continue to frustrate merchants and consumers, while offering little value to the networks and card issuers. Dynamics has achieved its goal of becoming technology agnostic. A Triple Interface™ device can be used in any terminal in any country to make any purchase. A consumer can now enjoy unprecedented payment options – at the push of a button – using any core payments medium.”
Dynamics’ Chip and Choice™ contactless product, introduced for the first time as part of the Triple Interface™ device, changes information on a contactless chip profile at the push of a button. Until the button is pushed, no information is stored in the chip. After a period of time, information stored in the chip profile is erased. As a result, contactless skimming technology cannot be used to steal information off a Triple Interface™ device while it resides in a consumer’s pocket.
Mullen added, “A major flaw exists in the contactless credit card scheme. To steal your payment data, a fraudster merely has to walk past you with a wireless contactless card reader. Dynamics’ Triple Interface™ device provides consumers with unprecedented levels of security by fixing this critical flaw.”
About Dynamics Inc.
Dynamics Inc. was founded in 2007 by Jeff Mullen. Dynamics produces and manufactures intelligent powered payment cards and advanced payment platforms. The company has won many of the world's most prestigious international business plan competitions, including the Rice Business Plan Competition, Carnegie Mellon McGinnis Venture Competition and the University of San Francisco Business Plan Competition. The company won DEMOgod and the $1M People's Choice Award at DEMO Fall 2010, Best of Show at FinovateFall 2010, FinovateFall 2011, and FinovateEurope 2012, Best of Show at Cartes 2011, and Best of Show at BAI Retail Delivery 2011. Dynamics won Best in Show for Personal Electronics and Technology Honors at the 2012 International CES show. Dynamics investors include Adams Capital Management and Bain Capital Ventures. Dynamics is headquartered in Pittsburgh, Pa. For more information, visit: www.dynamicsinc.com.