FNB to license VeriFone and Prism's wireless payment technology
12 July 2006 | 2486 views | 0
Source: VeriFone Holdings
VeriFone Holdings, Inc. (NYSE: PAY) today announced that its Vx 610 wireless payments solutions are being delivered to First National Bank (FNB) merchant customers through a joint alliance with VeriFone's International Partner in South Africa, Prism Holdings.
Under the agreement with FNB – one of South Africa's big four banks – the innovative EMV-enabled systems, based on VeriFone's portable Wi-Fi Vx 610 and Prism's FlexiLANE multi-lane payment aggregation solution, will be available to FNB to license and market to its large retailer customer base – specific emphasis being placed on multi-lane retailers, petroleum retailers, restaurateurs and hotels.
FlexiLANE's generic petroleum retailer forecourt functionality caters to both international and South African forecourt requirements and has been selected by FNB for initial deployment at Shell South Africa as part of a nationwide project to upgrade Shell's forecourt payment infrastructure.
Prism's FlexiLANE solution provides state-of-the-art point of payment aggregation for merchants who require multiple terminals and/or PINpads, bringing together Wi-Fi (802.11b/g) and "always-on" GPRS technology in a rapidly deployable bundle capable of supporting VeriFone’s portable handheld systems.
"This means that the VeriFone solutions can be brought to the customer so that the card can be read and the PIN entered – payment cards no longer have to leave the individual's possession in order for payment to take place," said Prism Executive Director Llewellyn Walters. "This portability equates to improved convenience and security, particularly where debit card payments are concerned, since the consumer no longer needs to leave their seat at a restaurant or get out of their car at a filling station for PIN entry."
A recent pilot project by Prism and FNB demonstrated that a typical installation of several Vx 610 portable Wi-Fi systems with a FlexiLANE hub and connecting to the bank via GPRS can be configured and execute transactions within three hours.
The VeriFone and FlexiLANE solution enables multilane merchants to differentiate their service offering by bringing point-of-payment to the consumer. Within the FMCG environment, it provides proven integration into point-of-sale systems through the use of VeriFone's market-leading SC 5000 PINpad.
According to Brian Small, head of SpeedPoint Merchant Acquiring Business Solutions and New Technology with FNB, "A key differentiator of this innovative solution from VeriFone and Prism, beyond the convenience and quick deployment, is that it allows clients to source configurable and customisable one-stop integrated multi-lane acquiring solutions directly from FNB. In the petroleum industry, for example, FlexiLANE provides support for pump-controller integration and attendant-tracking information in conjunction with the electronic payment being made on the VeriFone Vx 610 system."
Nigel Bidmead, EMEA managing director for VeriFone, said: "By bringing high-speed electronic payments to the point of service, VeriFone's Wi-Fi solutions are delivering control, flexibility and security to retailers worldwide. We have a strong regional partner in Prism and we are delighted to be working together to deliver this innovative solution to merchants in South Africa, through one of the country's leading banks."