BoE Bank yesterday launched its i-PayOnline solution, widely held to be the first of its kind of local origination. The system is described as a Web-based card payment system for business-to-business (B2B) online trade. It provides real-time authorisation for all credit card types, and provides full support for purchasing cards.
Developed by BoE Bank`s e-business division, i-PayOnline is expected to be taken up by service providers, procurement portals and merchants. In addition to the online authorisation, the product provides full level three line item detail (LID) support for purchasing cards.
A trace number generated for each transaction is available to the buyer, supplier and the bank, acting as a common reference for handling transaction queries. A Web-based transaction administration interface enables merchants to request payments, initiate refunds and generate reports directly from BoE Bank.
[VIDEO]BoE Bank`s e-commerce business manager Johan Rothmann comments that the solution was devised primarily to support BoE`s own purchasing card, rolled out to industry late last year.
It`s also expected to be more affordable. Services are rendered on an application service provider model, and if the service provider or merchant has a Microsoft Web server, requires no additional hardware or software.
In addition to the industry standard security measures included, i-PayOnline also incorporates fraud warning and enhanced cardholder protection features. A foreign card indicator notifies merchants if a card issued outside of SA is used.
The system also allows for purchaser anonymity; should buyers be loathe to provide their credit card details online, they can register their card details at BoE Bank and receive an alias that can be used at i-PayOnline suppliers. Access authentication is controlled by Verisign digital certificates, provided by BoE Bank.
Related stories:
BoE Bank showcases payment product at E-commerce World 2000
External links:
www.i-payonline.co.za
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