NetBanx, a division of the NETELLER Plc Group, has today been named as the preferred Payment Service Provider (PSP) for Lloyds TSB Cardnet's medium to high net worth corporate clients.
Established in 1996, NetBanx is one of the oldest and respected generally available payment solutions in the UK. NetBanx is often described as the online equivalent of the card swipe machines used by retailers when processing payment by credit or debit cards.
Rather than develop their own online payments technology, many companies prefer to use the specialist services of PSPs - such as NetBanx. With more and more companies looking to transact with their customers online, Lloyds TSB Cardnet decided to review the PSP marketplace and create a selected panel of preferred suppliers, in order to be able to provide a recommended payment partner to its customers.
Kevin Coles, Head of Business Enterprise at Lloyds TSB Cardnet, commented: "We are pleased to announce NetBanx as the preferred PSP supplier to our medium to high net worth clients. NetBanx has demonstrated that it has the ability to provide our mid-market customers with a most secure and cost effective online payment solution which meets their individual requirements."
Ron Martin, President and CEO of NETELLER Plc commented: "We are delighted to have such a strong endorsement for our NetBanx subsidiary from a major UK High Street bank. We understand the needs of organisations wanting to outsource their online payments to a trusted third party expert and look forward to helping Lloyds TSB customers expand their online businesses."
As part of NETELLER's ongoing diversification strategy, Netbanx was acquired by the Company in October 2005. NetBanx has relationships with all of the major UK acquiring banks, to process MasterCard, Visa, American Express, Diners Club and JCB and they have recently signed two major European banks to extend the merchant acquiring offering.
This latest relationship is only one of a number of significant steps NETELLER has taken with the NetBanx division since the acquisition: The core business has been expanded, there has been significant investment into the NetBanx product platform and integration with the NETELLER e-wallet, and a move of the divisional head-office to a new much larger facility in Cambridge, UK.