BPC’s SmartVista allows for funds transfer between payment cards and e-money systems

1 September 2008

BPC Banking Technologies, a leading provider of e-payment solutions for the global financial industry, announced addition of a new functional capability of SmartVista Suite. The new feature, based on the SmartVista-eMoney Gateway, allows financial institutions and processors using SmartVista for their cards and payment transactions processing to link the card accounts of their customers to electronic money systems. Thanks to the availability of this functionality, the card holders can top-up their card accounts by funds transfer from their e-purses and vice versa. As the process of the service registration assumes the creation of a virtual card number linked to both the card account and the e-purse and is used for the further identification of the customer, the bank card data is not available to the online fraudsters.

With the development of Internet and the growth of online purchase volumes, such e-money systems as WebMoney, PayPal, e-port, Moneybookers, e-Bullion, Pecunix and many others are getting extremely popular with Internet users. They allow for easy and safe purchase of services and goods from various online supermarkets, cheap P2P money transfers and wedge payments to tele-workers. These systems also provide a convenient tool for micro-payments which are usually not profitable for banks.

The new SmartVista-eMoney Gateway will enable card holders to top-up their electronic purses and transfer their funds from the e-purses to the cards at any time of the day. Usually these operations are processed immediately providing more convenience for banks’ customers. This convenience also enables banks to attract new clients from amongst the current e-money users. The service can be registered in the bank or through an ATM.

One of the module’s advantages is a special approach to the security of electronic money transactions and cardholder’s data. When the service is registered by the customer, the system creates a virtual card which corresponds to the e-purse and the card number and serves as a link between the electronic money and the card account. While performing money transactions the customer is identified by the virtual card number. The bank card number is not available to any third parties.

Thanks to the SmartVista-eMoney banks can offer to their customers a new convenient service for quick and safe payments which allows for attracting new clients who currently pay for services with prepaid cards. By providing remote access to the customers’ funds, the feature will also contribute to expansion of the banks’ geographical coverage and reduction of its expenses for customer servicing through branches.

“Today the development of remote delivery channels becomes an important competitive advantage in the retail finance market and an additional marketing tool for promoting financial organisations”, comments Vasily Grigoriev, CEO, BPC Banking Technologies. “I am confident that e-banking is becoming foremost amongst available financial offerings, reducing the bank’s expense and improving the convenience of the servicing customers’ requirements”.

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