Moneta, the new online payment system, announced today that it has acquired the Retail Payments (RPS) product formerly owned by CheckFree, a leading provider of financial electronic commerce services and products.
The RPS technology allows consumers to purchase goods and services by transferring money directly from their checking accounts to participating merchants. This simplified process eliminates a large portion of the fees merchants assume with traditional purchases made on credit cards and through other online payment providers. RPS has been a successful CheckFree service offering for more than two years. Under the terms of the acquisition agreement, all customer accounts and CheckFree employees who support the RPS product will transfer to Moneta. CheckFree will continue to partner with Moneta and provide payment processing.
CheckFree Vice Chairman Mark Johnson sees the sale of RPS as a unique opportunity for both his company and Moneta: "With a targeted focus on online retail payments, Moneta has an excellent opportunity to increase the number of websites where consumers can pay online using their checking accounts. CheckFree will continue to process payments made using the Moneta retail payment service, and we are looking forward to working with them to provide a convenient and secure online payment option."
Consumers who use the Moneta service will benefit from enhanced security and account portability when making online purchases. Consumers who register with Moneta are provided with a four-digit PIN that is used to complete all purchases, eliminating the security concerns most consumers have about submitting sensitive personal information over the Internet. Consumers can also log online to their accounts and quickly change the bank account that funds their Moneta transactions.
"Consumers who want to pay for online purchases using a traditional bank account will enjoy the convenience of this service," said Moneta President Hans Zandhuis. "Having one place to change payment method information overcomes the major hassles consumers experience when their credit card expires or their banking relationship changes and they need to update dozens of merchant sites with new account information," explained Zandhuis. "The consolidated location of financial information also makes managing money much simpler for the average consumer."
Moneta has already established relationships with several major airlines and the RPS technology that it has acquired from CheckFree will allow Moneta to expand its position both within the travel industry and among all online and traditional merchants.