Card Overlay provides cloud-based m-payment for banks and credit card issuers
Accumulate, provider of mobile payment solutions, has announced it is launching a cloud-based service for banks and credit card providers for a secure fast track to m-payment. Accumulate Card Overlay uses the already existing credit card network system, including the infrastructure for clearing and settlement.
The solution consists of a fully operational m-payment system that can be placed on top of a credit card network system, with a minimum of new integration and implementation changes needed on the existing structure.
“We are already working with card companies and what attracts them is that they now can offer a cost effective, secure and flexible mobile payment service, and as a bonus can leverage on the already done investments in clearing and settlement”, said Stefan Hultberg, CEO at Accumulate.
The solution is very secure, Hultberg claimed, more secure than a POS or online purchase using the card, since the sensitive card information like card number, expire date and the CCV-code are never transmitted doing a transaction or stored on the mobile handset. Using the Accumulate Card Overlay also minimises the risk of fraud attempts like skimming, fishing and man-in-middle attacks, the company said.
Since no sensitive data is transferred when communicating the transaction, the solution is flexible with regard to the technologies that can be used: One Time Ticket (OTT); NFC stickers; or NFC integrated devices for enabled NFC POS terminals; QR codes and barcodes can also be used to transfer OTT for direct cashier integration.
The solution is live and works with existing POS machines and cash register systems, and supports most handsets including Android, Blackberry, iPhone, Java, Windows Mobile and Windows Phone.
