Visa EU is to launch a cross-border person-to-person money transfer service using technology from Brussels-based e-payments company Clear2Pay.
The new Visa service will use Clear2Pay’s Core Payments Processing Platform to deliver low value e-mail-based funds transfers between cardholders of Visa’s member banks and is expected to be launched by the end of 2002.
The project also features a state-of-the-art fraud and money laundering prevention platform, Pinpoint, delivered by software vendor Data4s, a two-year old spin-off from the K.U. Leuven University in Belgium. The Pinpoint system offers both batch and real-time account monitoring.
Jon Prideaux, executive vice president of Visa EU, says: "The incorporation of the innovative Pinpoint anti-money laundering and fraud prevention solution by Clear2Pay’s partner, Data4s, ensures that we will meet all necessary regulatory requirements across multiple jurisdictions, while at the same time reducing our exposure to fraudulent activity.”
He says the platform will help banks meet new European Union regulation on cross-border credit transfers, which comes into force on July 1, 2003. The EU directive stipulates that financial institutions must bring charges for low value cross-border funds transfers into line with domestic pricing.
The multi-million euro contract represents a significant win for Clear2Pay, a young company founded by senior e-finance and e-banking professionals that started its operations in July 2001.
Clear2Pay’s CEO and chairman is Michel Akkermans, a former executive chairman of S1 Corporation. Akkermans also holds several directorships in financial technology companies, including chairman of Data4s and e-finance venture partner at Gimv. Clear2Pay’s co-founder is Jurgen Ingels, a former investment manager at one of Europe’s largest banks and the inventor of the Clear2Pay system.