M-Web Business Solutions and Absa Bank announce an acquiring service for a full Internet commerce environment in South Africa.
M-Web Business Solutions, the commercial division of M-Web, has signed an acquiring bank agreement with Absa. The bank handles Secure Socket Layer (SSL) and subsequently Secure Electronic Transactions (SET) credit card transactions which will be hosted on M-Web`s e-Commerce network.
With global e-Commerce set to surge to R87 billion by the year 2002 and local analysts recording local Internet commerce growth at R1 billion for 1998, cyber trade opportunities are booming. "Electronic commerce by way of SSL and SET protocol is at the advent of tremendous growth," says Eddie Grobler, Absa`s general manager for merchant services and self-service channel. "As South Africa is poised to enter a fully fledged e-Commerce environment, Absa wants to ensure that current and potential new credit card merchants can effortlessly conduct their business on the Internet."
Acquiring credit card transactions via the SSL and SET protocols gives the bank an additional revenue stream as it will now acquire credit card transactions either through merchants who view the Internet as a primary marketing vehicle or existing merchants wanting to exploit new delivery opportunities.
"To realise growth in this area, we have to be flexible in our approach to Internet service providers. We must work together with our various ISPs to provide cost effective and efficient solutions to our clients," continues Grobler.
According to Gerrit Bus, e-business manager of M-Web Business Solutions, this is a pioneering initiative, which will widen the division`s scope. "This is a first for us, and enhances the Internet commerce solutions we offer by positioning us as full commerce service providers."
The deal will not affect the infrastructures of Absa or M-Web Business Solutions. "Both M-Web Business Solutions and Absa utilise the Postilion technology platform from Mosaic Software. This synergy made the integration seamless. Postilion facilitates transaction processing from an Internet browser or personal financial package through a generic system," adds Bus.
"The Internet commerce environment will be maintained by M-Web Business Solutions. Merchants have a direct financial benefit in that they do not pay for any infrastructural or access charges and there is no change in merchant transaction fees. Merchants will, however, have to pay a once-off set up fee and monthly subscription fees. Absa continues to provide its leading financial services and M-Web Business Solutions will continue to operate its leading technological backbone," says Bus.
The safe carrying and handling of Absa`s financial transactions and records over M-Web Business Solutions network is of great concern for both organisations. To counter hackers and the infiltration of the network by unauthorised parties, a sophisticated and specialised commercial firewall has been installed. Secure Socket Layer (SSL) encrypts all information from merchants and consumers over the Internet and the internal networks of M-Web Business Solutions and Absa. Consistent monitoring of the network is conducted to identify any breaches.
Editors note
About M-Web
M-Web is the Internet company which was unbundled from the MIH Group last year, thereafter listed in March on the Johannesburg Stock Exchange as a linked unit with MIH. The company focuses on delivering superior, infotainment-based content. It has invested in leading edge network and service infrastructure to ensure it provides subscribers with a fast and reliable service. Headquartered in Cape Town, M-Web owns Computicket, has sister operations in Johannesburg and Durban and a national staff count in excess of 800.
Share
Editorial contacts