Tuesday, 13 February 2018
Visa Enhances B2B Offering with Acquisition of Fraedom
Visa announces an agreement to acquire Fraedom, a Software-as-a-Service technology company providing payments and transaction management solutions for financial institutions and their corporate customers.
Fraedom has been a Visa partner for nearly ten years, and its technology underlies Visa IntelliLink Spend Management, a core platform for Visa's commercial and small-business clients. The acquisition will strengthen and expand Visa's business suite of solutions to meet the rapidly evolving needs of the B2B payments industry.
"Increasingly, businesses are replacing inefficient paper-based payment systems with digital tools," said Vicky Bindra, global head of products and solutions, Visa. "This strategic acquisition allows Visa to offer a more comprehensive business solution to our corporate clients that is innovative, global, highly configurable and intuitive for their employees."
"We couldn't be more excited to join the Visa family," said Kyle Ferguson, CEO, Fraedom. "The combination of Visa's leadership, reach and deep knowledge of digital payments, coupled with our expertise in the B2B market for our growing customer base, will allow us to better service businesses around the world with fast, secure and robust commercial payments solutions."
The transaction, which is subject to the customary closing conditions, is expected to close in Q1, 2018.
JETCO Pay Adds New Merchant Payment Service Supported by Eight Banks
Joint Electronic Teller Services Limited (JETCO) announces the launch of JETCO Pay Merchant Payment service jointly with eight banks. The service allows consumers to make in-store QR code payment easily, while in-app or online payments can be completed quickly and securely by inputting only their mobile phone number. The fact that the service is linked to the bank account also means that consumers do not have to worry about topping up.
JETCO Chief Executive Officer Angus Choi said: "There is a large cash and cheque market in Hong Kong that is untapped. JETCO Pay Merchant Payment service aims to serve this market segment by providing a mobile payment solution that is low-cost and easy to set up. We are grateful for the support of the eight banks who will be gradually rolling out this service. We share with them the common goal of enlarging the mobile payment ecosystem and accelerating the pace of Hong Kong to become a cashless society, bringing benefits to everyone."
The banks include: Bank of Communications (Hong Kong), Bank of East Asia, Chong Hing Bank, Dah Sing Bank, ICBC (Asia), OCBC Wing Hang Bank, Shanghai Commercial Bank and Wing Lung Bank.
"Our objective is to establish JETCO Pay as a major payment brand in Hong Kong offering consumers easy access to the service not only locally, but also when they travel overseas. We are working in collaboration with financial institutions in China and Taiwan and expect to roll out cross-border payment service in the Greater China region later this year," said Mr. Choi.
West Yorkshire Police Demonstrates UK-First Biometrics Technology
Northern England's West Yorkshire Police has gone live with real-time, automated, mobile biometrics technology from Motorola Solutions. Following a recent demonstration, it will now roll out to 250 frontline police officers.
The application runs with Pronto, which delivers comprehensive and flexible mobile information solutions to police forces across the UK. West Yorkshire Police is the first to implement the biometrics solution, which will allow officers to check fingerprints against national fingerprint database records in less than a minute. It does this via handheld scanners that attach to an officer's phone, which then accesses a new Biometric Services Gateway system.
West Yorkshire Police is the fourth largest police service in the country, serving approximately 2.2 million people in rural areas and large metropolitan districts such as Bradford, Leeds and Wakefield.
Until recently, identifying or collecting data from individuals involved costly outdated devices and paper-based processes. This new system, developed in partnership between West Yorkshire Police and the Home Office, is available via the force's existing mobile devices and allows access to the live database from the field to get results in real time.
This creates a seamless workflow by removing the need to travel between the field and office or station to process information. As officers are able to obtain the right information about suspects quickly, accuracy is also greatly improved.
"Almost instantly after deployment we found how valuable rapid biometric identification can be," said Ian Williams, Chief Inspector, Digital Policing lead for West Yorkshire Police. "We have already been able to identify a seriously injured individual, enabling medical staff to quickly offer accurate treatment and contact the family. In another case, we've identified a disqualified driver, summonsed him to court and seized his vehicle on the scene - all without the need to travel to the station and practically disable an Armed Response Vehicle for hours."
Vipsnet Chooses Entrust Datacard IntelliTrust Authentication Service for Frictionless Secure Access
Entrust Datacard has been selected by Vipsnet to develop frictionless and highly secure user access to their cloud offering in the education vertical.
Vipsnet, a software solution provider for the education market, helps their clients secure access to a range of third party applications that contain sensitive and confidential information. They have chosen IntelliTrust authentication service as their authentication platform based on its capabilities and robust support for managed service providers (MSPs). Vipsnet will introduce a new service called VIPTrust for use by teachers, parents and students.
"Mobile and cloud adoption are transforming the world," says Ryan Zlockie, global vice president of authentication for Entrust Datacard. "MSPs like Vipsnet see significant market opportunities to help organisations adopt new technology by ensuring the necessary security is in place." Zlockie continues, "Using modern approaches for authentication and access management helps remove friction and frustration, and in this case, improve the learning experience. It's no longer about counting factors as far as the end user is concerned, it's about providing quick and easy access to information while ensuring criminals are kept out."
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