Payment Partners challenges corporate/correspondent networks
29 May 2002 | 766 views | 0
California-based start-up Payment Partners has launched a Web-based cross-border funds transfer service, En-point Direct, for US businesses accepting payments from international suppliers.
The company relies on Visa for connections to the US ACH network and sources correspondent and FX services from Chase Manhattan Bank. The En-point Direct software allows companies to bypass traditional foreign wire transfers, says the vendor. It uses SOAP standards to interface to customer Web environments, back-end systems, or proprietary clients.
Chuck Russell, board chairman of Payment Partners and former CEO of Visa International, says: "Our company is pioneering ways to replace archaic payment devices."
To ensure the secure transfer of funds across international borders through the Web services product, En-point Direct employs digital certificates, IP address filtering and registration, dual firewall configuration and encryption. The service also incorporates transaction-screening guidelines in the recently passed Patriot Act of 2001.
"Now any business can receive payments from its international customers or distributors directly through their web site or even e-mail," says Gregory Bjorndahl, chief executive of Payment Partners. "Numerous payment service providers have lined up to enhance their international cash management packages with En-point, and we look forward to making those announcements shortly."