Australia-based ValidSoft has recently tied up with Mumbai's Allied Digital Services to offer verification and authentication solutions in India. Cindy Nicholson is unfazed by the ongoing recession and believes that it is the perfect time for more enterprises, especially in the BFSI space, to opt for ValidSoft's offerings

ValidSoft is a more recognized name in the USA and Australia than India. Is creating awareness for your product a challenge?
In the last two years we have tied-up with several companies in various parts of the globe, especially in Asia-Pacific region. As a result, we have presence in many countries including Singapore, Ireland and the United Kingdom. We are renowned in our domain area. Recently in India, we have tied with Allied Digital Services (ADS) distribution arm, Allied CNT. This is a non-exclusive tie up, and we look forward to a great future in India.

Do you feel that working with just one distributor will get you the desired penetration the market?
It is not the number of partners you have in a region, but the kind of partners you have. Even one partner can manage your business successfully if you choose one which shares your ideologies, drive and business ethics. ADS is providing us all sort of services, unlike most partners in other countries who provide only sales service. I hope that after tying up with ADS we do not need any other partner in the country. Rather, we see ADS as an extension of our own family. Since we do not have plans of opening an office in India soon, we have trained the people of ADS, so that they can transfer the complete information about ValidSoft to customers.

Who are your target clients in India?
We provide authentication, transaction verification, business automation, transaction data signing for Internet banking, telephone banking, mobile banking as well as card transactions. These solutions suit the need of corporates offering financial service anyone looking for security of all kinds of transactions.

But to be specific our key customers are banking, finance, insurance, online traders, e-commerce portals, and especially the government.

With the global financial crisis looming, is this the right time for you to enter the India market?
Frankly speaking I think this is the perfect time to get into the Indian market. To begin with the Reserve Bank of India has issued strict guidelines to companies offering automatic transaction that they should have at least two-factor authentication process in place, so that frauds could be checked. ValidSoft offers three-factor verification of every type of transaction.

Cindy Nicholson MD-Asia Pacific, ValidSoft

Our solutions act at the back-end to verify transactions, so it cuts down the cost of manually verifying customer details. For instance, if a bank is spending $10 on verifying every change of customer address, then with our solution this cost can be brought down significantly. Further, we reduce the risk of losing customer data or divulging it to the wrong person, to a minimum level. Initially, they need to invest on the solution, but as it saves a lot on the operational front, the money is recovered very quickly.

Akhilesh Shukla
akhileshs@cybermedia.co.in

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