NACHA yesterday approved an amendment to the ‘NACHA Operating Rules’ to allow consumers to pay for goods or services over the Internet by authorizing ACH debits to their checking accounts. The amendment creates a new SEC Code, ‘WEB’ (Internet-Initiated Entry), that will specifically identify consumer ACH debit transactions initiated over the Internet. The amendment becomes effective on March 16, 2001. Under the new rules, a company offering an ACH debit as a payment method will be required to implement commercially reasonable fraudulent transaction detection systems; verify the accuracy of routing numbers provided by consumers; establish a secure Internet session for the transaction; and conduct an annual audit to ensure that financial information obtained from consumers is protected against unauthorized access.Details
The next-generation model of Tidel Technologies’ ‘Ignition’ series ATMs have arrived. Designed to be the company’s lowest-priced ATM product to date, the ‘is2000’ combines the best features of Tidel’s two predecessor ‘Ignition’ models. Tidel says there is a substantial market for a reduced price ATM product to satisfy the needs of retailers with low traffic counts. Based on Tidel’s ‘Ignition’ series platform, the new ‘is2000’ offers an enhanced cover design and a wide array of options not typically found in retail-based ATMs including a high-capacity (2000 note) single cassette dispenser upgradeable to 4 cassettes, 4 different cabinet and vault configurations, 3 choices of vault locks, and upgrade kits for color monitors, video memory expansion and modems. The new ATM is also fully compatible with Tidel’s ‘ATM Information Management Software’ which enables an ATM owner with a personal computer and modem to monitor the status of a single ATM or hundreds of ATMs, conduct downloads of advertising or graphics, and upgrade terminal software.Details
Oasis Technology, a leading provider of mobile commerce, Internet and real-world ePayment software, and Bankalararasi Kart Merkezi A.S., the Turkish inter-bank credit and debit processing network, announced a series of innovative enhancements designed to further increase the performance of BKM’s Oasis ePayment processing system. To meet the processing demands of more than 45 member banks throughout Turkey, BKM and Oasis worked closely to provide a scalable infrastructure optimized for projected future increases in transaction volumes from real-world, Internet channels and mobile channels.
With a population of 65 million concentrated in urban areas, and the third youngest population in the European region, Turkey is experiencing a boom in the use of online payment instruments and credit and debit traffic. The number of credit and debit cards is currently growing at a rate between 30 and 40%, accounting for 70% growth in transaction volumes and 60% growth in transaction dollar values.
Banks in the region are also continuing to implement lower-cost delivery channels, and preparing to embrace the increasing popularity of Internet and mobile banking. In Europe alone, mobile handset penetration is greater than 50 per cent. IDC also estimates that there will be more than 1 billion WAP-enabled handsets by 2002, presenting an enormous opportunity for banks, both in Turkey and throughout Europe, to prepare their processing infrastructures to support an exponential growth in transaction volumes from Internet and mobile customers.
“BKM’s Oasis installation was already processing more than one million transactions per day, but this number was on the rise,” said Ertugrul Bayraktar, head of applications development at BKM. “To sustain the high rate of growth in the region, we looked to Oasis to further optimize the processing flexibility, speed and volume of our solution. We found that they already had an extensive research and development initiative underway that would allow customers like us to seamlessly scale their systems and boost their performance when necessary. That’s essential in today’s banking world, where customers are performing more transactions than ever.”
To prepare BKM for the continuing demands on their system, the two companies collaborated on a series of benchmarks and system modifications that required only minimal configuration to the existing solution and no additional programming. Today, the BKM system processes more than 160 transactions per second (TPS), which is a six-fold increase over the processing speed in May 1999, the date of original live production. Oasis’ IST/Switch installation currently processes more than 37 million monthly transactions or 1.6 million daily transactions, a level achieved in January 2000 and which continues to increase. This represents a volume increase in excess of 60%.
“It’s essential that when our customers buy an Oasis solution, they have the flexibility and scalability to meet the huge demand in customer-driven transaction volumes,” said Ashraf Dimitri, president and CEO of Oasis. “Bringing a national switch like BKM into live production is a vast undertaking from both sides, but that’s really only the beginning of the relationship. Infrastructures, banking trends and strategies are unique in many regions, and when you have customers in more than 70 countries, your solution has to be ready to meet specialized requirements. We’ve built that ability into the heart of our ePayment technology and that enables us to prepare our customers for the future.”
In the near future, Oasis and BKM will work together to enable the national switch to process high volumes of eCommerce and chip card transactions, and to implement a SET(TM) Secure Electronic Transaction Gateway to process secure SET transactions between customers, merchants and financial institutions in the region.
About Oasis Technology Ltd.
Oasis Technology Ltd. delivers leading mCommerce, Internet and real-world ePayment software products to Internet and traditional banks, e-tailers, retailers, and processors in more than 70 countries worldwide. Today, payment systems powered by Oasis software process more than four billion transactions annually. Oasis ePayment software products are designed for end-to-end payment processing throughout the entire payment lifecycle, bridging the virtual and real worlds of electronic payments. The company’s international client base includes ABN Amro, American Express, The Bank of Montreal, Citibank, Credicard/Redecard Brazil, Diners, Europay, Golden Card (China), MasterCard and Visa International. With corporate headquarters located in Toronto, Canada, the company also operates offices in Kuala Lumpur, Malaysia, Miami, Florida, San Jose, California, and Watford, England, and supports an extensive network of international partners and sales representatives. Oasis is ISO 9001 registered. Visit Oasis online at [http://www.oasis-technology.com].
BKM A.S. is a service organization that provides domestic clearing and settlement, authorization, switching and card recovery services to all Turkish banks issuing or acquiring debit and credit cards. BKM processes more than 400 million transactions per year using Oasis’ IST/Switch product. Visit BKM online at [http://www.bkm.com.tr].
Mobile Information Solution Technologies, a leader in wireless technology, applications and other information management technologies, announced today its Freedom Wireless point-of-sale terminal is now Class B Certified with Vital Processing Services, a leader in technology-based commerce enabling services.
“This certification with Vital, on the extensive CDPD digital data network, enables us to provide Vital’s client base with an excellent platform to conduct mobile transactions through the use of our Freedom Wireless Terminals,” said Charles E. Lee, President and CEO of MIST Inc. “The Freedom terminals have a winning combination of features: an ergonomic design, intuitive software, the facility to accept most credit cards and now the ability to operate using extensive CDPD coverage.”
Barb Gregg, senior vice president of product marketing for Vital Processing Services, said, ” This certification is compliant with Vital’s second generation requirements for authorization and data capture protocols. MIST’s Freedom Wireless Terminal has been Class B Certified for Retail, Restaurant and Debit transaction processing using Vital’s CDPD service.”.
About Vital Processing Services ([www.vitalps.com])
Arizona-based Vital Processing Services(R) (Vital(R)) is a leader in technology-based commerce enabling services. Vital’s clients include acquirers and merchant service providers that offer electronic payment processing services to merchants, such as POS products, electronic authorization and data capture; VirtualNet(tm) Internet-commerce services; clearing, settlement and exception processing; accounting, billing and reporting; operational fulfillment services; risk management; and customer service. Vital is a merchant processing joint venture of Visa(R) USA and Total System Services, Inc.(R) (TSYS) (NYSE: TSS).
About MIST Inc.
MIST Inc. designs, manufactures and markets wireless, wired and other card solutions. MIST Inc. can be found on the Internet at MIST Inc. designs, manufactures and markets wireless, wired and other card solutions. MIST Inc. serves the needs of a wide range of international customers, including financial institutions, retailers, telcoms and other organizations. MIST Inc. is a Toronto-based public company that sells its products and services throughout North America, South America and in Europe. MIST Inc. can be found on the Internet at [www.mistwireless.com].
MasterCard launched the ‘MasterCard Merchant & Acquirer Referral Program’ this week to provide merchants, acquirers and MSPs with one central point to network. The ‘MasterCard Merchant & Acquirer Referral Program’ is an online directory to assist merchants, in the U.S. and Canada, interested in accepting the MasterCard card as a payment option, in finding acquirers and MSPs interested in working with them. By submitting an account profile, merchants can view a listing of MasterCard acquirers and MSPs that provide the bankcard acceptance services best aligned to their profile. Similarly, acquirers and MSPs can view a list of merchants that have received their profile and have visited their company website by also submitting a profile.Details
Cash Technologies, Inc.announced that it has agreed to acquire up to 100% of privately-held RBSA, Inc., an ATM transaction processor headquartered in Carrolton, Texas, for $6,000,000 in cash and stock. RBSA is a leading “off-premise” ATM processor, driving nearly two million transactions per month from approximately 5,000 ATMs located across the United States.
“This acquisition will advance Cash Tech’s business strategy in several important ways,” said Bruce Korman, CEO of Cash Technologies. “The installation of our sophisticated EMMA technology at RBSA’s data processing center will mark the first major deployment of advanced-function electronic commerce technology into the ATM and Point-of-Sale industry in the United States. This will bring a new wave of e-commerce products and services, such as check cashing, bill payment and Internet products into the mainstream of automated financial transactions. In addition, RBSA’s support for virtually every type of ATM used in the U.S. will allow ATM sales organizations and retailers to move their entire network of existing machines over to Cash Tech’s platform today with the ability to upgrade to new e-commerce functions tomorrow.”
RBSA provides an array of advanced customer service tools to its clients, including real-time Internet-accessible transaction reports and the ability to perform rapid new-ATM setups automatically though the company’s website, rather than the laborious call center operation used by other processors. RBSA’s approach fits Cash Tech’s philosophy to utilize state-of-the-art technologies to enhance traditional institutional transaction processing methods.
The Robinson-Humphrey Company, LLC is acting as financial advisor to Cash Tech in this transaction. Closing of the transaction is subject to execution of a final agreement, approval of the Board of Directors of Cash Technologies, normal closing conditions and pending financing. Terms of the transaction provide for the acquisition of at least 51% of RBSA. The final purchase price will be dependent upon the percentage of ownership to be acquired and satisfaction of RBSA’s post-closing revenue and income targets.
Cash Technologies, Inc. ([http://www.cashtechnologies.com]) develops and markets innovative e-commerce systems, including the EMMA(TM) transaction processing software and the multifunction ATM-X(TM) and POS-X(TM) client software. Through EMMA, consumers and businesses may access a wide variety of financial services via ATMs, POS terminals and the Internet. Check cashing, electronic bill payment, event ticketing, interactive advertising, traditional ATM cash dispensing Internet-based products and other functions will be offered at retail locations and on ATMs using a variety of payment methods, including ATM cards, credit cards, checks and cash. Businesses-To-Business Internet applications will enable the real time exchange of financial information and payments between companies, their partners and suppliers.
Atomic Software, Inc, announces its new, ecomPort Wireless Payment Gateway, providing merchants and resellers a simple way to enter the wireless payment age. The gateway service offers a choice of either the Cellular Digital Packet Data or Ardis wireless networks. And ecomPort provides certified connectivity to over 15 transaction processors and thousands of banks. The ecomPort Gateway solution provides everything merchants need for high-speed wireless transactions. Leading handheld terminal manufacturers such as Checkmate-IVI, Dassault-AT, Mist, Tillsmith, and Willtech have certified their terminals with ecomPort. Designed on a thin client model, the ecomPort service also includes a secure, web-based Merchant Console to provide real-time transaction reporting, settlement reporting, historical reporting, transaction data downloading and an integrated web terminal for processing additional transactions.
EcomPort serves the e-payment needs of all mobile merchants such as route sales, special event marketers, in-home sales people, repair service technicians, taxis and limousines, food delivery, and virtually any environment where secured electronic payments are required. Standalone kiosks for unattended, customer-activated transactions to purchase goods and services may also utilize the ecomPort Payment Gateway. Moreover, fixed merchants can benefit from faster transaction times for peak period processing using the gateway.
“With two wireless data networks to choose from, and a gateway service certified with over 15 transaction processors, Atomic’s ecomPort Payment Gateway offers the most m-commerce options available to merchants today,” states Robert Brooks, Director of Wireless products. “Adding to the broad merchant service features, ecomPort offers an easy-to-use Internet Merchant Console to consolidate multi-terminal reporting and simplify end-of-day settlement.”
The ecomPort Merchant Console, a secure web service, allows transaction data to be reviewed from anywhere the merchant has web access. The Merchant Console uses a simple pull down menu to provide real-time reporting for current transactions as well as a full year of transaction history. Transaction information may also be downloaded in a comma-delimited file for integration into a merchant’s business management accounting/spreadsheet application. It also features a web terminal feature allows the merchant to enter credit card transactions in a secure manner through any web browser. These features add up to provide the merchant with exceptional control of his transaction processing in a simple, easy to use package.
Robert Brooks, Director of Wireless Products with Atomic Software, said, “Wireless usage of all types is expanding rapidly. Cell phones, PDA’s and interactive pagers allow people to communicate and have web access wherever they go. This trend towards increased use and acceptance of wireless technologies will speed its acceptance and use for transaction processing also. Atomic’s ecomPort Wireless Payment Gateway will be on the forefront of this trend, making wireless transactions simple for both resellers and merchants.”
Atomic is introducing the ecomPort Payment Gateway service at the Hyatt Regency Hotel in Chicago during the Electronic Transaction Association Exposition at booth #135. Additional information on the ecomPort Wireless Payment Gateway can be found on the Internet at [www.ecomportwireless.com].
About Atomic Software
Atomic Software is a privately held, venture-funded corporation that specializes in electronic commerce and payment solutions for retailers, mail/phone order companies, Internet merchants, and restaurants. For more information, contact Robert Brooks at (813) 995-0268, or visit the Web-site at [www.atomic-software.com].
Planet Payment, a leading provider of multi-currency Internet payment solutions, and Boomerang Software, Inc., the developer of WebShop Designer 2000 E-commerce Web site Creation Software, announced an alliance agreement to offer a complete backend payment and storefront solution to e-merchants anywhere in the world.
! Philip Beck, CEO of Planet Payment, said, “This partnership with Boomerang continues our stated strategy to become the global leader in providing multi- currency Internet payment solutions to merchants, technology companies and financial institutions worldwide. In order to effectively transact business over the web, an e-merchant needs reliable storefront technology and the ability to accept credit cards over the web in multi-currency and language. Planet Payment provides one essential piece of the puzzle by offering secure multi-currency credit card payment solutions to merchants. Our alliance with Boomerang Software will allow us to complete our offering by providing merchants with superior storefront and order fulfillment capability.”
“We are very excited about our partnership with Planet Payment. Planet Payment’s worldwide merchant account and payment gateway services will allow merchants who build their E-commerce web sites with WebShop Designer 2000 Global Version to conduct smooth, real time transactions across borders and around the world. They will now be able to accept payment in up to 140 currencies and funds can be settled into the merchant’s account in any one of 22 major currencies. This means that these merchants can now sell products on the Internet from almost anywhere in the world to customers who may be almost anywhere in the world. This is truly E-commerce on an international scale and demonstrates our position as a world wide leader in the E-commerce field,” said Richard Bezjian, President of Boomerang Software.
About Planet Payment
Planet Payment ([http://www.planetpayment.com]) is a global leader in providing multi-currency Internet payment solutions to merchants, technology companies and financial institutions worldwide. Planet Payment’s affordable solution enables Internet merchants to securely accept Visa(R), MasterCard(R), American Express(R) and other major debit and credit cards in a secure, real time environment, 24 hours a day and in over 140 currencies — whether the buyer is using a personal computer, mobile telephone, or other wireless device. The Planet Payment Gateway, powered by Authorize.Net, ([http://www.authorize.net]) is compatible with over 100 of the leading shopping cart technologies. With the simple instructions for integration found at , merchants can have full multi-currency capability for their Internet customers within minutes. Planet Payment can be contacted in the U.S. at 950 Third Avenue, New York, NY 10022 (Tel: 212-980-5100). Planet Payment can be reached on the Web at [http://www.planetpayment.com].
About Boomerang Software
Founded in 1989 and headquartered in Belmont, Massachusetts, Boomerang Software, Inc. develops and markets computer software programs worldwide, including the award-winning Internet/Intranet Design Shop family of applications for Web site creation, publishing, and management and the WebShop Designer series of E-commerce site creation software. Boomerang is committed to developing the industry’s most comprehensive, affordable, and accessible personal software for creating a powerful, professional presence on the World Wide Web. For more information, contact Boomerang Software by telephone at 617-489-3000, via fax at 617-488-1486, by email at email@example.com, or visit the company Web site at [http://www.boomerangsoftware.com].
Dovetail Systems Inc., the provider of advanced payments processing applications and intelligent messaging and e-Payment solutions to the global financial services community, has entered into an agreement with Thomson Financial Publishing , the leading provider of payment routing and financial institution information, to integrate TFP’s Qualitran application into its state-of-the-art, next generation payment system.
The Dovetail Payments SystemTM has been designed for Tier 1 and Tier 2 financial institutions to handle all inter-bank payments and funds transfer types, including new standards such as CLS, S.W.I.F.T. MT103, and those emerging from global e-commerce. Dovetail brings its industry-recognized experience in providing mission-critical payments and messaging systems in developing this solution for the marketplace.
TFP’s Qualitran(tm) increases straight-through payment processing rates and reduces administrative costs associated with errors in payment routing instructions. It accomplishes this by managing sophisticated searches and retrieval of information from the clients’ own CIF data records, the S.W.I.F.T. BIC PLUS database, the Thomson Global Payment File, the Federal Reserve’s Fedwire Database, the CHIPS UID Database (for CHIPS members), and other data sources.
Kevin Scully, CEO Dovetail Systems, says:
“By integrating Qualitran(tm) into the Dovetail Payments System(tm), we are confident that we are offering the most advanced payment routing and payments processing technology in the market to meet the increasing demands from our client base. Removing the barriers to improved STP rates gives both companies a real competitive edge in the industry and also opens doors to new customers and new market segments.”
Glenn Gottfried, TFP managing director, adds:
“Our relationship with Dovetail means that more financial institutions are able to benefit from a reduced number of rejected payment items and associated administrative errors. Improving STP rates is one of the leading issues facing the industry today. We are extremely pleased that Dovetail selected Qualitran(tm) to be a core component of their new payment systems application.” A joint marketing campaign from TFP and Dovetail will be underway in the near future and the combined product offering of the Dovetail Payments System(tm) and Qualitran(tm) will be on display at Sibos in San Francisco September 11-15 and at the IFSA conference in Orlando September 25-27.
About Dovetail Systems Inc.
Dovetail provides advanced payments processing applications and intelligent messaging solutions to the global financial services community. Through the use of the latest Application Server techniques, Dovetail’s unique technology dramatically improves the speed, reliability and security of the electronic transfer of funds between banks and other institutions. Dovetail continues a proud, three-decade history of delivering mission-critical payments and messaging solutions based upon the Intelligent Transaction Processing(tm) technology developed by the founding partners. These solutions include large-scale message switches and gateways, as well as funds transfer, cash management, and foreign exchange trading and netting systems. For more information, please visit: .
About Thomson Financial Publishing
Thomson Financial Publishing, a division of Thomson Financial Media, is a leading provider of financial institution information to the world. TFP maintains the most authoritative and comprehensive databases of financial institutions. These databases are leveraged to produce products that are used for accurately originating fund transfers to realize higher straight-through processing rates and to facilitate the repair of rejected transactions. Other TFP products ensure compliance with U.S. regulatory agencies, including the Treasury’s Office of Foreign Assets Control (OFAC), and aid in the detection of money laundering and check fraud. Additionally, TFP facilitates global inter-bank communication and marketing, providing the widest array of print publication and marketing services. As official routing number registrar for the American Bankers Association, TFP issues, retires and maintains a record of all U.S. routing numbers. For more information, visit Thomson Financial Publishing on the Internet at [www.tfp.com].
PNC Bank has introduced the first cobranded ‘VISA Check Card’ connected with a college or university. PNC Financial Services rolled out Thursday the ‘PNC Bank Duquesne University Check Card’. The new card is currently available to any Pittsburgh market PNC Bank customer with a checking account, and will be available to customers on a national basis in the near future. Approximately 3,900 cards have been issued thus far. Duquesne University is a member school of PNC Bank’s University Banking Program. PNC Bank recently introduced the ‘DU Student Plan’ that includes the ‘PNC Bank Duquesne University Check Card’, a checking account, savings account, unlimited use of more than 2,800 PNC Bank ATMs, Web banking and other banking services. Students also have the option of linking their Duquesne University identification cards to their ‘DU Student Plan’ accounts. The combination student identification/ATM card can be used at ATMs and for MAC point-of-sale purchases, as well as to gain access to residence halls, check out library books or for lunch at the university cafeteria.Details
First of Omaha Merchant Processing has signed an agreement with ePicNetz, Inc., to provide a suite of Internet-based, value-added services to First of Omaha Merchant Processing’s existing merchant portfolio and new merchants. ‘ePicNetz’ delivers Internet advertising and promotional content to the point-of-sale. Under the terms of the agreement, ePicNetz will act as an application service provider for the Hypercom ‘ePic’ suite of Internet-based applications. These browser-based applications will be deployed to First of Omaha Merchant Processing merchants and will be accessible at the point-of-sale via Hypercom’s ‘ePic ICE’ family of card payment terminals and Web appliances.Details
Amex Bank of Canada announced Wednesday that Canada 3000 Airlines will join the ‘Membership Rewards’ program as its newest airline partner. In April Canadian Airlines abruptly announced it was no longer participating in the AmEx ‘Membership Rewards’ program. Effective Oct. 2nd, cardholders can choose to book travel to 12 countries and over 40 destinations with point redemption levels starting at 20,000 points. Canada 3000 commenced operations in 1988 and offers a global route structure extending from Sydney, Australia to Vienna, Austria. It is Canada’s second largest scheduled air carrier. Canadian Airlines had been a ‘Membership Rewards’ partner for the past eight years with its current contract set to expire in 2002. (See CF Library 4/27/00).Details