Ixaris, an innovator in global electronic payments, today announced the launch of Ixaris Opn (pronounced "open"), an application development and operating platform that enables financial institutions to tap into the growing market for open payments online and empowers developers and entrepreneurs to create payment applications for specialized market segments.
With a long history of partnering with global payment networks such as Visa, MasterCard and Swift, Ixaris will offer financial institutions the means to offer payment services through a publicly-accessible application development and operating platform. Ixaris Opn avoids cumbersome integration with banks' own IT systems, thereby freeing them to bring new payment services to market. The development community can use the platform to create customized payment apps that can incorporate mainstream payment networks such as Visa or MasterCard prepaid cards, and bank transfers via SWIFT.
Ixaris Opn manages all facets of the payments lifecycle, including fraud and compliance oversight. Developers simply need to customize, combine and link to re-usable payment components called Paylets in order to create fully branded payment applications. Innovative online businesses and ultimately banks will be able to develop and launch applications to serve a long tail of payment niches that they cannot do economically today.
Alex Mifsud, CEO of Ixaris, said, "With the rise of alternative payment solutions, mainstream financial services providers are facing increased pressure to bring new products to market but they are hampered by legacy systems as well as operational and regulatory risks. The development community on the other hand is demanding an open loop payment solution that will allow application providers to charge for use of the application and benefit from a share of revenue.
"Built on a proven platform that combines our technology, operating expertise and integrated banking relationships, Ixaris Opn provides all the necessary services to enable financial institutions to reach out to businesses, developers and entrepreneurs who have transformed their respective sectors and innovate in the same way the iPhone AppStore opened up 3G networks to developers."