Ised Corp. is currently testing a security encryption device that allows consumers to perform credit, debit, and other transactions from existing home telephones.
The compact unit is designed with a key pad and card swipe. By attaching it to a telephone, consumers can transact business from their homes by swiping the credit, debit, or speciality card through the device and entering a personal indentification number. It can also be used from personal computers.
Initial applications include home banking services such as bill payment, funds transfer, balance inquiry, and credit payments. Eventually, the company expects to incorporate the device into screen-phones and interactive television equipment.
The product is scheduled to be released by the third quarter and will be priced less than $50. Design and engineering are being done for Ised by Niobrara Research and Development Corp., a Joplin, Mo.-based company that specializes in encryption systems.
Electronic Financial and Information Services, a Clifton, N.J.-based division of Electronic Data Systems Corp., is currently establishing processing standards and procedures. The company will be the initial processor, using open industry architecture.
Based in Howell, N.J., Ised Corp. is active in on-line banking, audiotex, videotex, and telecommunications.