Visa International EU Region and PaySys International have entered a marketing agreement to promote a next generation commercial credit card transaction processing system to member banks.
The agreement involves PaySys' Commercial Payment System, developed on its new dBB technology platform. Paysys bills the product as the only single payment processing system to combine real-time transaction processing capabilities with unlimited hierarchies and best-of-breed billing, payment and account management technologies.
The product is being developed to meet the specifications of Visa member banks for a card processing system capable of handling international and Internet payment requirements. It will aim to provide real-time, Web-based payment and transaction-level data management in multiple languages and currencies. The finished product will be available to member banks in 2001, says Paysys.
Adrian New, senior vice president of commercial products at Visa International EU Region, says: "PaySys' Commercial Payment System not only meets the current payment demands faced by our members, it is also built with such flexibility that the banks will be able to continue to meet ever-changing demands in the future."
The system is designed to provide the core software infrastructure that enables the automation of payment and data transaction processes, including account set up and management, transaction processing and billing, customer relationship management and payment processing for commercial credit cards and all forms of electronic business-to-business payments.