eWise has launched an online payment initiative in the UK that promises to allow banks to capture a greater part of the consumer payments market while reducing fraud. Leveraging the Faster Payments network, eWise payo promises to “virtually eliminate” the £118.2m lost to card-not-present (CNP) fraud in the UK in 2010, much of which is absorbed by banks.
eWise payo enables the consumer to initiate secure and private payments for goods and services or bills online, without having to provide personal financial information to third parties. Customers are directed straight to their bank’s website to log in using their existing account credentials. Once in their online banking application, consumers select from any account with available funds and confirm the payment. eWise technology uses the UK’s Faster Payments network, thereby generating a near-immediate payment for the merchant.
John France, managing director at eWise, said: “Despite all the good work that the international card schemes have done with respect to PCI [payment card industry], merchant websites are still being hacked and consumer card details are still being compromised. eWise payo is the answer to the industry’s demand for improved security, the bank demand for innovation, the consumer demand for control, and the merchant demand for lower costs.”
eWise brings experience of implementing OBeP networks, through the Secure Vault Payments (SVP) network in the US, and as a founding member of the International Council of Payment Network Operators (ICPNO).
eWise says it is currently in advanced discussions with a number of high street banks, merchant acquirers, payment services provider (PSPs) and merchants. The company has brought forward its initial launch, planned for 2012, and hopes to make an announcement in 2Q/3Q11.
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