Planet Payment [LSE:AIM:PPT and PPTR; OTCQX:PLPM] is a leading international payment and data processor, providing banks and their merchants with innovative solutions to accept, process and reconcile payments, anytime, anywhere and in any currency.
Its customer base of more than 40 acquiring banks and processors stretches from North America, to the Middle East, to Asia Pacific, including China, Hong Kong, Macau, Taiwan, Malaysia and India. Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, London, Hong Kong, Shanghai and Singapore. Visit www.planetpayment.com for more information on the Company and its services.
Planet Payment says TSYS adds iPAY Gateway to TSYS acquirer processing platform
Planet Payment (LSE: PPT and PPTR; OTC: PLPM) has completed and received certification from TSYS Acquiring Solutions (TSYS), a wholly-owned subsidiary of TSYS (NYSE: TSS), for the company’s iPAY payment gateway on the TSYS processing platform. TSYS currently offers a Planet Payment powered Multi-Currency Pricing service which allows merchants to reach international markets through price localization. Multi-Currency Pricing allows international customers to view prices, and pay for goods/services in their domestic currencies.
TSYS is a support service provider specialising in secure payment and money transfer for the acquirer and card services industry. "The certification of the iPAY gateway by TSYS will provide their customers with a powerful e-commerce and card-not-present product suite including a robust Multi-Currency Pricing service, which can deliver significant new revenues and provide a powerful competitive differentiator and merchant retention tool to the merchant acquiring industry." Planted Payment Product Management SVP Joel Mayer said.
The company said that the new certification allows TSYS customers to enjoy the robust iPAY payment gateway features, including flexible recurring billing engines and iPAY Tokens to help protect customer information. According to Planet Payment these tools allow merchants to grow their business by more effectively tapping into foreign markets.
Through this certification, TSYS acquirer and ISO customers can offer merchants a complete global e-commerce service through the ease of a US based merchant account settling in US dollars. The TSYS platform includes full domestic credit, debit and ACH processing and seamless support of the Multi-Currency Pricing services.
The iPAY gateway’s flexible recurring billing engine manages subscription billing and customer notices in real time.
IPAY Tokens help protect sensitive customer payment account data by encrypting and assigning a unique electronic token that is stored securely in Planet Payment's PCI DSS (Payment Card Industry Data Security Standard) compliant data vault. Through the iPAY Token system merchants can process payments from a ‘token’, rather than handling and storing sensitive customer data itself, facilitating the merchant's PCI compliance and reduces risk-exposures relating to the storage of customer account data.
The company’s multi-currency services have been progressing well over recent months with the TSYS certification marking the latest of number of key developments. In February, it was awarded a US patent for its ’Time-of-Transaction Foreign Currency Conversion’ process. The patent describes Planet Payment's unique exchange rate calculation methodology across its Dynamic Currency Conversion product suite.
In January, Planet Payment reached an agreement with Middle-Eastern card services group, Network International’s (NI), to provide its ‘Pay in Your Currency’ products to NI’s merchant clients in the United Arab Emirates. Subsequently, Daniel Stewart said the agreement represented a standout deal, supporting the broker’s revenue forecasts for 2010.
