Boloro Global Limited, a New York City-based company with global patents on its handset neutral two-factor authentication technology, has announced that Karl P. Kilb III, former general counsel of Bloomberg LP, is now the CEO of the company.
“We are thrilled to have Karl as our CEO,” said co-founder and chairman Karim Rammal, who is an inventor of Boloro’s technology, in a press release CoinReport received. “Karl’s experience with the development and monetization of data and technology, as well as with immediate, secure transactions, makes him uniquely suited to lead Boloro’s efforts to license its authentication technology worldwide for use with all transactions, including mobile payments.”
Boloro’s proprietary technology, said the news release, is patented in 49 countries, including the United States, Canada and Russia, with patents pending in 38 other countries, including China and countries in the European Union.
“Boloro’s unique two-factor authentication platform is exactly what the world needs to ensure fast, secure, mobile transactions that eliminate fraud and disputes, while also protecting personal information,” Kilb said in the release we received. “Boloro literally puts security in the hands of each user. Only the user has its phone, and only the user knows its PIN. Boloro’s patented technology prevents fraud by allowing users to securely validate each transaction before it is processed by entering their four-digit PIN into their own mobile phone handset and not on a Point of Sale device or website. With Boloro, there is no disclosure of personal information outside of the issuer’s domain.”
Kilb further said, “In addition to being ideal for the prevention of fraud and disputes, Boloro’s payment platform is also able to help provide refugees and other unbanked people with financial access and inclusion, and most importantly with financial dignity, by allowing them to participate in the global economy.”
Boloro very recently earned the top prize at the “MIT Enterprise Forum Pan Arab Innovate For Refugees” competition for its work with BanQU on a solution to provide refugees in the PanArab region with an “economic identity” incorporating Boloro’s payment platform.
Image via press release