Johannesburg, South Africa - November 6, 2001. Trintech Group Plc (NASDAQ: TTPA: Neuer Markt: TTP), a global provider of secure payment infrastructure solutions, announced today that Absa Group Limited, a leading South African financial services group, is deploying a complete range of Trintech's technology platforms to offer the country's first secure, open B2B and B2C online payment service.
As part of the agreement, Absa is utilizing a range of Trintech payment solutions, including PayWare eAcquirer, PayWare Guardian and PayWare eIssuer, as the infrastructure backbone for its Online Payment service. This service will be deployed nationally to Absa's 860,000 credit cardholders, 7.3 million debit cardholders and 250,000 merchants. The implementation of PayWare eIssuer and PayWare Guardian has enabled Absa to be the first bank in the world to offer a secure, online consumer payment application that supports Visa, MasterCard, Visa Electron and MasterCard Maestro card payments.Meanwhile, PayWare eAcquirer has enabled Absa to be the first South African bank to acquire Visa Purchase Card transactions from the Internet.
"We believe that the Internet stills holds enormous potential to increase efficiencies and improve the customer experience. Earlier this year we launched our e-business strategy, providing B2B payment processing capabilities using Trintech's technology that has significantly improved the operating efficiencies of our corporate customers," said Pieter van Wyk, deputy operating executive at Absa. "We have solidified our relationship with Trintech with the launch of our B2C service that allows us to build on our current e-business strategy. Going forward, we are looking to expand our e-business strategy into new channels, devices and services and Trintech is the ideal partner to help us realize this vision."
"Absa's Online Payment initiative demonstrates the financial institution's continued commitment to forging a new path for other South African banks to follow," said John McGuire, CEO at Trintech. "Absa is utilizing a complete suite of Trintech's PayWare solutions to form the basis of its eBusiness strategy, which offers customers a secure and scalable payment infrastructure, as well as streamlining processes and reducing costs for Absa. The PayWare ePayment suite also provides Absa with a migration path to emerging revenue channels, such as mCommerce and tCommerce."
For the Online Payments service, PayWare eIssuer enables Absa to issue online payment cards to their individual and corporate customers allowing them to execute secure payment online using their credit and debit cards. With a simple click on the online wallet, online payment forms are instantly filled and payment details are transferred securely to the merchant. PayWare Guardian works in parallel with eIssuer by generating a pseudo card number in place of the actual card number that is presented to the merchant for payment. Finally, PayWare eAcquirer enables Absa to capture physical and Internet-based merchant transactions.
About PayWare - Trintech's Secure Payment Solutions
… PayWare eAcquirer is one of the industry's most advanced online merchant acquiring and hosting solutions. It has been configured to handle Internet-based B2B and B2C transactions securely through any channel - PC, PDA, smartphone, portable PC, mobile phone. PayWare eAcquirer can also handle multi-currency transactions and multiple card types - credit, debit, ATM, private label, etc.
… PayWare Guardian is a complete fraud solution that provides increased security to online purchasing by utilizing fraud detection, transaction and user authentication technologies.
… PayWare eIssuer provides Absa with a total Internet payment solution for consumers. This convenient and secure payment tool can reside on a desktop PC, PDA or any other mobile device and can support any payment card type.