All articles by EPI editorial
EPI editorial
SecureTrading set for online gambling bonanza
Three years of patience and strong lobbying in the corridors of US political decision making appear to be paying off for UK-based online payments processor SecureTrading, as Congress prepares to pass federal legislation to regulate online gambling. It is anticipated the legislation will greatly moderate the draconian approach of the Unlawful Internet Gambling Enforcement Act (UIGEA) which outlaws all online gambling with the exception of horse racing and lotteries.
Online bankers show scant concern for security
One word aptly describes the attitude of a large proportion of online banking users: careless This conclusion appears inescapable following release by US online security specialist Trusteer of the results of its study into the use of online banking passwords. The study spanned a 12-month period and covered 4 million users of Trusteers Rapport browser security service, many of whom are customers of leading North American and European banks
Gemalto positions itself firmly in mobile authentication
Ensuring itself a leading position in mobile authentication, Dutch digital security specialist Gemalto has acquired Valimo Wireless, a Finnish company that has to its credit the worlds largest deployment in this emerging field of payments security. Valimo offers a two-channel, two-factor authentication solution based on Public Key Infrastructure (PKI) combining an over-the-air platform with its software client (VMAC) in a mobile phones SIM to generate a legally binding electronic signature.
Payment processor TSYS on European growth track
Marking its entry into the Italian market, US payments processor TSYS International has been selected by Italian financial services outsourcing specialist Cedacri to provide card and payments services to its clients. Cedacri will utilise TSYS TS Prime, a fully outsourced processing solution which includes complete, end-to-end card processing for consumer, commercial and prepaid cards, as well as 3D secure (Visa and MasterCard) services and TSYS fraud solutions.
Powerful solutions built on simplicity
The ubiquitous SMS is proving to be a powerful base for solutions in the payments market, with uses ranging from ticketing to two-factor security Andrew Bud, CEO executive chairman of SMS payments market leader mBlox, provides EPI with insight into the current state of play and the growth he believes lies ahead.
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Rapid rise of the mobile POS
HomeATM ePayment Solutions, a Chicago-based payments technology company is betting that the time has come for peripheral readers for mobile payments. As it awaits certification by the leading US electronic funds transfer networks, HomeATM is focusing on the low-hanging fruit presented by eyeball-to-eyeball transactions, Mitchell Cobrin HomeATMs COO told EPI. Those customer-facing payments, often taking place at small shops, flea markets, taxicabs and other niche businesses that currently take cash or cheques, are ideal for HomeATMs portable card readers that can be used with mobile phones, Cobrin said.
Change remains the only certainty
Of late the UKs payments system has experienced change unequalled in most countries, the most significant being the advent of the Faster Payments Service which has yet to deliver on its full potential Sweeping change has become a feature of the UKs payments market, the most notable of these the launch of the Faster Payments Service in May 2008
Moneybookers powers ahead
Seven years on since becoming Europes first regulated electronic money (e-money) issuer, UK-based online payments service provider Moneybookers can look back on another year of outstanding achievement. Among many milestones reached in 2009 was the signing up of the 10 millionth customer to its Moneybookers eWallet service, an achievement that represented a 64 percent year-on-year increase in user numbers Along with this growth, deposits in customer accounts doubled in 2009, while online transaction volumes surged by 120 percent compared to a global trend in overall online transaction volume of only 15 percent growth.
Fraud eases but threat remains high
This warning is backed up by the findings of security firm 7Safe, which show levels of compliance with the Payment Card Industry Data Security Standard are exceptionally low. British payments industry body the Payments Administration (PA) had good news recently when it announced that payments fraud losses had recorded their biggest decline in many years, falling by 23.5 percent to £232.8 million ($370 million) compared with the same period in 2008.
Signs of progress in moribund SEPA
The Single Euro Payment Area (SEPA), hailed by its promoters as holding the potential to provide the eurozones GDP with a boost of up to 3 percent, crossed the two-year mark on 28 January 2010 since the introduction of SEPA credit transfers (SCT) in 2008