David Fernandez
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Mobile Payments

FI's Mobile Payment Strategies: The Next Step for Third Party Mobile Wallets

Only a few years ago financial institutions found themselves shuttling their mobile services, if they had any at all, to third party vendors. Third party payment apps offered what users originally wanted, quick ways to pay both online and in-store. Mobile payments made it possible to access funds with one or two clicks. Linking a bank account or debit card to a third party was easy and instantaneous. But technology and needs mature and what was once a simple solution is now too simple. Users want additional services and have higher expectations, in other words, users are looking to their banks and credit unions.

Increasing Services and Evolving Needs

Users began to see mobile payment options like PayPal or Android Pay as their financial institution and their bank became a distant redistributor of funds. To counter this, financial institutions must develop their own mobile payment systems but many users were already entrenched in third party applications. That trend is reversing.

As mobile users mature in both experience and in age, user needs have extended beyond quick transactions. Users are now looking for micro-credit options, mortgages and services that are best provided by their bank or other financial institution. Instead of relying on third-party payment apps, users are looking for third party solutions that align closely with their banking institution's services. Although third party payment systems are now offering credit and aligning with institutions like Citibank and Chase, users who have no desire to switch banking institutions find themselves drawing closer to their trusted institutions. 

Providing users with secure and extended services via mobile is essential for financial institutions to remain competitive. Choosing a third party provider that works in concert with your institution's services and patrons allows your institution to own the customer experience. Netclearance's mobile payment solutions can integrate seamlessly with your banking infrastructure to offer your own branded mobile payment solution. Contact us to learn more

How Digital Receipts Benefit Mobile Wallet Adoption

For as long as people have commenced and completed financial transactions, buyers and sellers have documented these purchases in written records. Paper receipts are a relic of generations of mercantile custom. While these receipts are useful for personal record keeping or keeping the documentation required for tax purposes, hanging on to a piece of paper is an outdated way of maintaining records. A growing number of companies are offering digital alternatives for financial record keeping. But look a little deeper and you’ll see that the ability to store receipts electronically just scratches the surface of the benefits they bring to mobile wallet technology adoption.

It’s easy to take for granted now, but the smartphone is a relatively young technology. When these devices started to find their way into the pockets of consumers, it was only a matter of time before new mobile financial software would ease wallets out of consumer pockets altogether. One of the hurdles that’s keeping mobile wallets from taking off is the failure to take into account the desire, and to some, the need, to keep a receipt to document a transaction.

Receipts are useful for consumers, helping them track their purchases. But they’re also valuable to retailers. Receipts give merchants another way to communicate promotional information to consumers, David Salisbury explains in MobilePaymentsToday. Conveying that information in a digital receipt just makes it easier for the consumer to absorb.

Providing consumers with a way to keep digital records of their purchases should help speed up their adoption of mobile wallet technology, Salisbury says. The challenge for this technology is partly compatibility. There’s a lot of financial software out there and a growing number of merchant payment hardware that this software must work with. That’s where Netclearance can help. We’ve developed software called mBeaconPay that overcomes compatibility issues by working on all smartphones. The technology also easily integrates with the financial networks of all major payment processors. And for those consumers and retailers who value a way of keeping track of transactions, mBeaconPay also supports digital receipts. Don’t let receipts be a barrier to the adoption of new mobile financial technology. Contact us to learn more about what mBeaconPay can offer you. 

Witness the Oncoming Banking Revolution via Blockchain and Mobile Payments

 Over the past two years, both established companies and new startups have been investing heavily in improving their blockchain and mobile payment infrastructure. A blockchain is defined as a distributed database that maintains a continuously growing list of data records secured from tampering and revision. The benefits of increased security and near-instantaneous availability of funds will radically change how we currently view online mobile payments.

    There are four major reasons why blockchain will revolutionize mobile payments:

  1.  Increased mobile payment security
  2.  Instant access to funds
  3.  Expansion of digital wallets
  4.  Reduction in the cost of remittance fees

    Mobile payments have often been considered vulnerable given the exponential growth of mobile payment fraud especially fraud and duplicate charging. The blockchain has the ability to reduce, if not eliminate, this vulnerability since transactions are logged into a permanent ledger that is impervious to tampering. In addition, the distributed record of financial transfers and extremely secure user accounts will provide a significant barrier to any cybercriminal activity.

    The second benefit of blockchain technology is the near-instantaneous availability of funds following a financial transfer. Currently, Bitcoin transfers often take several minutes to go through while other mobile payments transfers take several hours to finalize. The blockchain will revolutionize this payment transfer through use of significantly faster networks. By the time you finish reading this sentence, the funds transferred from one account to another will be fully available.

    Another benefit of the blockchain is the near-elimination of almost all other methods of payments. Check payments were all-but-eliminated with the invention of the ATM. In the same way, the blockchain will complete the transformation to a nearly cashless society relegating cash and credit cards as obsolete relics. With the ability to use multiple signature methods for verifying purchases and the promise of a reduction of fees on online purchases through enhanced security, the digital wallet will rapidly become the payment method of choice in today's economy.

    The last significant benefit of blockchain is significantly reduced remittance fees. As reported by theWorld Bank, the cost of sending remittances was 7.37% as of December 2015. Blockchain promises to greatly reduce if not eliminated transfer and processing fees providing a significant economic benefit to its users.

    Blockchain and mobile payments promises to change the way we currently think about online payments through enhanced security, instant fund availability and reduced fees. In the years to come, blockchain stands to become the payment method of choice across the globe.

How Banks Can Catch Up With Third-Party Mobile Wallets: It's A Priority

If how banks can catch up with third-party mobile wallets isn't a priority for your institution now, it soon will be.

According to Bloomberg Businessweek, banks have been losing ground to mobile wallets for years. Customers have to deal with their banks less and less, and this puts financial institutions at risk of losing customer loyalty. 

Instead of conceding to the competition, financial institutions can now jump into the game with their own, branded mobile wallet. Netclearance has a turnkey solution called mBeaconPay that will help bring your customers loyalty back. Netclearance's smart payment terminals come various form factors that are tailored to fit your needs exactly. 

Our solution is already surging in popularity. Danske Bank's mobile wallet is one of the top 5 across mobile wallets in Scandinavia and is used on nine out of ten smartphones in Denmark. Our unparalleled mobile customer engagement continues to keep us on top. Banks need to stay relevant in the age of mobile payments, and Netclearance mBeacons are your key to the future. 

The most important feature of mBeaconPay is its ubiquitous platform. This smart payment terminal is compatible with all major mobile operating systems and cash registers. It can work with cash or credit card based transactions. This means that no matter what device they are carrying or payment method, your customers transactions will go through seamlessly. It offers unparalleled mobile customer engagement that is unique in the industry.

Your bank can take the lead in your customers mobile payment experiences. Since the day people leave their houses without their cards is closer than we think, it's time to take action. Contact Netclearance for your turnkey mobile wallet solution, mBeaconPay. 

Boost Brand Loyalty Through Private Mobile Wallets

The goal of organizations today is to make the customer experience simple, seamless, and accurate. When combined with great products, these attributes can help organizations build brands that drive customer loyalty. This loyalty is the treasure that every organization is searching for, and branded mobile wallets help retailers boost customer loyalty. 

It would be difficult not to think of Apple Pay or Android Pay immediately when considering mobile wallets. While these are great mobile services, retailers and banks are starting to see the loyalty advantage of creating their own mobile wallets. These organizations are implementing Mobile Wallets with the understanding that they must reward loyalty to build loyalty. 

Organizations have found two clear ways to reward customer loyalty through delivering their own mobile wallets. First, they reward their customers by saving them time. They do this by allowing them to initiate and complete their business through an easy to use interface. Second, they have integrated their organizations rewards systems to these apps to provide customer with further incentive to utilize their mobile wallet.

By finding ways to save their customers both time and money, retailers are seeing an increase in brand loyalty. This is not surprising, since time and money are two of the most valued resources in this fast-paced society. Fortunately, Netclearance offers simple, seamless, and accurate, turn-key solutions for retailers and banks to implement their own branded wallets. With this technology, any organization can now bolster their brand loyalty by giving customers control of their time and money. 

Effective wallet strategies give financial institutions an edge in a mobile centric world

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Financial Institutions' Mobile Wallet Strategies are becoming a top concern as banking is more frequently completed via mobile wallets. According to an article on PaymentsSource.com, 2.6 billion people in the world now own smartphones, and by 2020 that number is likely to jump to 6.1 billion, or 70 percent of the world's population. Further, it is now estimated that 69 percent of mobile users conduct their banking via their mobile device, or "mobile wallet."

Pymnts.com reports that, according to a study by Javelin, in 2014 most people who conducted banking via their mobile wallets did so using their financial institutions' mobile banking app. However, in 2015, this trend changed, and PayPal and Visa apps surpassed financial institution apps as the preferred mobile wallet providers. This new trend tends to leave financial institutions "out of the loop" when it comes to mobile wallet transactions. Further, rather than developing their own mobile wallet-friendly apps, they are relying on third parties such as Apple Pay and Android Pay.

So how can financial institutions step up their game? First, they will have to modify their perception of customer service to pertain to mobile interaction, placing less emphasis on factors like bank location and face-to-face interaction and more emphasis on factors like app development. Second, according to an article in Mobile Payments Today, financial institutions should develop "stepping-stones" toward the mobile scene, such as cardless ATMs. Finally, according to the same article, financial institutions should implement customer value and loyalty programs for customers who use their apps. 

Netclearance offers products, a plan, and the technology that is synonymous with the mobile wallet. As consumers choose to pay daily using their cell phones at various merchant locations, it is time for financial institutions to extend their arm of influence and corner this market. Facilitated by mBeaconPay technology, Netclearance eliminates the middle man so common in these transactions and offers a streamlined system between only the customer, the merchant, and the bank. 

 

 

IoT Payments Solutions Overcome Traditional Card Terminal Boundaries

IoT payments are the wave of the future when it comes to exchanging currency. According to LetsTalkPayments.com, new apps, operating systems, and hardware are being developed to accommodate this trend: "Internet of Things is attractive for fintech, not only for software and hardware developers, but also for banks and other FinTech companies to enable innovative payment experiences and provide wide range of methods to accept payments using NFC chips, payment apps, sensors, tracking devices, etc."

Indeed, Visa, MasterCard, American Express, and other credit card and banking companies are all jumping on the bandwagon, racing to implement Internet of Things payment services. In particular, they are targeting wearable and carry-able devices, such as watches and key chains, thus appealing to costumers' senses of fashion and sleek design. For example, an October, 2015, article in Mobile Payments Today states that "MasterCard announced at the Money20/20 conference in Las Vegas that its initial partners in this endeavor include fashion designer Adam Selman, automotive giant General Motors, wearable technology company Nymi, smart jewelry company Ringly and Bluetooth locator TrackR."

Beyond fashion, safety and security are key benefits of the new technology. According to an August, 2015, blog on Transfirst.com, "In the payment space, the Internet of Things is evident in digital wallets that securely store a user’s payment information and passwords, enabling consumers to use an electronic device to make transactions." Such devices will keep passwords secure while their owners carry their "digital wallets" on their wrists and in their purses and briefcases.

So get ready to join the wave of the future with IoT payments. You will join a growing number of businesses accepting payments from wearables, garments, motor vehicles, and mobile devices.

Netclearance offers a complete portfolio of IoT gateways and end devices to implement your IoT payment strategy. Contact us to learn more.

Cryptocurrencies Spreading in Canadian Retail

Cryptocurrencies in retail are becoming more practical as a payment form with new businesses accepting and now even selling bitcoin every year. 

Canadian bitcoin users now have an additional 6,000 retail locations to purchase their favorite cryptocurrency, according to CryptoCoinNews.

As bitcoin transactions continue to expand, more and more consumers are looking for easy and practical ways to purchase bitcoins. 

Thanks to bitcoin ATM maker BitAccess, Canadian consumers have access to a new bitcoin purchasing method. 

BitAccess is based in Ottawa, and this week they detailed how customers will be able to purchase bitcoin at 6,000 retail locations. They'll do so with a ‘Flexipin’ voucher. The vouchers can be purchased with cash or a payment card, and they'll work like a gift card. 

BitAccess said Flexipin is a "prepaid voucher that lets you top-up your accounts to make secure, hassle-free online payments. Because Flexepin are prepaid, the risk of having your identity and banking information exposed online is eliminated."

After a customer buys the Flexipin voucher from a cashier, they'll be given a receipt. Sixty seconds later, that receipt can be redeemed for the cash equivalent of the cryptocurrency that was purchased. 

Flexipin vouchers will be sold in denominations of $10, $30, $50, $100 and $250.

BraveNewCoin reported that although purchases can be made anonymously, customers will need to have a BitAccess web account in order to redeem their coins. 

BitAccess has also implemented a purchase cap of $250 worth of the cryptocurrency each day. 

To redeem bitcoins after purchase, customers just need to log into their BitAccess account and type the code printed on their Flexipen voucher they received from their cashier. 

More retailers are beginning to accept bitcoin payments, and if your business is seeking a way to accept bitcoins, look no further than Netclearance's own mBeaconPay technology. The mBeaconPay platform integrates with cash registers, enabling them to process bitcoin transactions.

If you're interested in learning more about our mBeaconPay technology, please contact us.

The API-fication of Payments in Retail Leads to Smart & Frictionless Transactions

Application Programming Interface (API) technology is the wave of the future, changing the way businesses around the world develop software for various applications. There is one area, however, where API is not being widely utilized. At Netclearance, we provide our clients with APIs for retail payments, offering solutions that are revolutionizing mobile payments in the offline world.

What is API technology?

API refers to a series of routines, protocols, and tools that are used for building software applications. These applications are utilized for a variety of different purposes, such as web streaming and networking. However, API for payments is pretty rare in the offline world, indicating an area of untapped potential. With the API-based approach for payments in the brick-and-mortar world developed by Netclearance, we help our clients tap into that potential.

How API for Payments Works

Today's offline multiparty model for payments is extremely involved, incorporating consumers, different categories of banks, merchants, merchant processors, card networks, and much more. This excessive amount of parties makes for a convoluted and fee heavy system. The online multiparty model for payments is slightly better, involving more streamlined communication between the different parties. However, we think a more streamlined method is possible in the offline world.

Here at Netclearance, we promote a more streamlined three-party model without middle-men, involving just the merchant, the consumer, and the bank, facilitated by our mBeaconPay technology. mBeaconPay allows for the use of mobile devices for cashless transactions at the POS. While many other companies offer mobile solutions, they are simply disguised versions of the excessively complicated multiparty and card-centric solution. Only with Netclearance you will find such an innovative API-based approach for payments without the fees and risks associated with credit card based systems.

When you go with Netclearance's smart payment terminals and APIs, you will be able to take your exisitng POS to the next level with API for payments that allows for cashless, fast and secure mobile transactions. Contact us today to find out more about how we can help you implement your own mobile wallet fast and easy without the hassle of PCI, HCE or any other legacy compliance.

Nordic Countries Becoming Cashless Societies?

Denmark and Sweden are on the way to becoming Cashless Societies in coming years. In another post this blog addressed recent news in Denmark, where they are considering legislation that would allow select benefits to refuse cash payments.

Now, Sweden has taken another step to make cash less of a necessity and more of a burden. Their banks are making it harder for Swedes to hold onto cash. 

The Sverige Riksbank, Sweden's central bank, recently decided to keep its benchmark interest rate at -0.35%. The banks they lend to actually lose out by holding onto the money. Retail banks have not yet imposed negative interest rates, but they might. The cost of that negative interest lending has to be soaked up or passed on to businesses and individuals. 

Swedish retail banks are encouraging people to move away from cash in other ways. Swedish banks have also started to remove cash ATMs in rural areas. If people aren't using much cash, they must not need the ATMs. This move roughly corresponds with a drop in the amount of cash in circulation. 

A Business Insider article reports that the value of paper Kronor in circulation has dropped, from about 100 billion in 2009 to around 80 billion in 2014.

In a relatively cash-free Sweden citizens will have to either spend money or let the bank take it, in the form of negative interest. They'll likely spend their money, electronically, spurring economic growth. 

In short, Sweden is using less and less cash in an environment. Negative interest rates are a reality for banks and a real possibility for businesses and individuals.

Netclearance at Retail Business Technology Expo 2016

Netclearance at Retail Business Technology Expo 2016

 

On March 9th, we will be attending the annual Retail Business Technology Expo at the Olympia in London. The event is a great place for retailers from all areas of the industry to come and learn about all the latest tech and services that can help them to increase productivity, reduce costs and improve the customer experience. It is the ideal place to keep up to date with all the latest solutions, tools and tactics.

 

We will be showcasing our mBeaconPay technology and our CEO David Fernandez will also be hosting a speaking session, ‘Creating a cashless society – disruptive technology for the retail payments sector’ at 13:15 on 9th March in the Payments Theatre.

 

During the speaker session, David will share his insights into the roll-out of the mobile payments system that has revolutionised payments in major supermarkets and fast food outlets in Denmark and Norway. He will also discuss how the highly disruptive technology takes transactions direct from bank to retailer, not only changing the value chain by removing merchant fees, acquirers and PSPs from the fee structure, but also enhances security as there is less chance of fraud or error.

 

We will also be exhibiting our complete range of proximity beacon technology, including BLE, WiFi and RFID sensors, for proximity marketing, real-time tracking, customer engagement and Business Intelligence on stand 124. We will demonstrate how beacons for mobile payments and proximity marketing for retailers, banks and merchants can be combined and used for coupons and loyalty schemes.

 For more information or to arrange an interview with David Fernandez, CEO of Netclearance contact Bright Bee PR: Netclearance@brightbee.co.uk or on 020 8819 3170.

Cryptocurrencies Accepted Here

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The topic of economics is on many people's minds, these days. Numerous presidential candidates discuss economic policy on the campaign trail and in debates with other candidates. Few of them mention Bitcoin, an innovative alternative to modern-day fiat currency. As Bitcoin increases in popularity, the candidates harm nobody but themselves when they ignore it.

For those unaware, fiat currency is the currency which is printed and minted by a country's government. This would include the Euro, the US, Canadian, and Australian Dollar, and the British pound. Fiat currencies are simply printed, and cannot be exchanged for their equivalent in precious metals, such as gold, silver, or platinum. Many economists point out that the oversupply of fiat currency leads to inflation, allowing governments to subtly manipulate prices. Bitcoin was created to solve this problem. It's an algorithm that cannot be counterfeited, and no more than 21 million can be created. Launched back in 2009, its popularity has steadily grown. Though primarily used for online transaction, there is a need for cryptocurrency use in retail in order to adjust to the ever-shifting market. 

Since Bitcoin does not exist in physical form, special hardware is needed to make transactions with it. Netclearance provides everything a business needs to expand its accepted forms of payment to fit the modern world of commerce. Our software is usable by iPhones and Android smartphones, and easily interfaces with existing Bitcoin wallets. We also provide hardware for cash registers and unattended vending, ushering your business into the future, whether you own a convenience store, restaurant, or grocery store.  Contact us today to find the solution that works best for you. 

The Future of Cryptocurrencies in Retail is here

In an increasingly digitized society, computers and the internet are changing every aspect of our daily lives, including the way we pay for products and services. Dollars, coins, and checks are slowly being replaced by debit cards and credit cards with magnetic bars and chips. As time goes on, a new competitor emerges, one that's even more sophisticated. Known as cryptocurrencies, digital currencies such as Bitcoin are beginning to replace standard versions of currency. However, many businesses still are not equipped to allow consumers to use cryptocurrencies in retail, meaning that there is a large volume of potential revenue retailers are not taking advantage of.

Why are Bitcoins excluded from retail?

Bitcoin is still a relatively new technology, with a lifespan of only a few short years. It goes without saying that it will take some time for this technology to mature and become more popular, both with consumers and with retailers. Traditional card reader terminals are unable to accept cloud-based bitcoin payments and interact with bitcoin wallets.

At the same time, there are steps we can take to get ahead of the game.

How can Netclearance help with cryptocurrencies in retail?

With the mBeaconPay platform offered here at Netclearance, we can help close the gap between consumer and retailer, allowing both parties to use Bitcoin effortlessly. Our platform integrates seamlessly with retail cash registers, allowing the acceptance of Bitcoin. As more and more companies get started on this new technology, more and more customers will want to use it.

It's never too late to get started with the currency of the future. Netclearance is here to help your business reach more consumers in the digital age.

Banks' Uber Moment Leads Financial Institutions to New Financial Technology

A look back at history reveals numerous instances in which technology disrupts an industry. A century ago, the automobile displaced horses. A more modern example that also involves the automobile is Uber. Compared to traditional taxi cabs, Uber’s ride-hailing app offers consumers a way to get around a city that’s lower cost and more convenient to pay.

Cost and convenience are also driving changes in finance that some technology observers describe as banks' Uber moment. Technology is disrupting how people manage their money. Transactions that once required face to face interaction were replaced by online banking, where people managed their money via their computers. Now online banking is going mobile as smartphones and banking apps allow consumers to bank from wherever they happen to be.

This “Uberization” of finance is turning the banking sector on its head. A Financial Times analysis found that nearly 100,000 banking jobs were cut in 2015, which is roughly equivalent to 10 percent of the combined staff of the top 11 European and U.S. banks. Former Barclays CEO Antony Jenkins last year warned that up to half of banking jobs could be replaced by apps and algorithms over the next decade, according to Business Insider. Financial technology enables consumers to make transactions smarter, cheaper, and often faster, he explained. Just as Uber is squeezing the taxi industry, financial technology will squeeze bank operations, leading to financial industry layoffs.

Banks will need to look ahead if they want to be part of the financial industry change, rather than becoming a victim of it. Financial institutions will need to embrace technology as both a standard way of conducting business and as a way to bring in new sources of revenue. Mobile wallets might be able to offer the solutions that banks need.

Netclearance Systems offers a solution called mBeaconPay, a mobile payment platform that enables banks to acquire new merchants and to offer payment processing services. The technology allows banks to perform these actions without any intervention from the credit card networks and to collect valuable consumer purchase data. Technology is changing the industry – for the better, we believe. Contact us to learn how the latest in financial technology can help you.

Nominated in the Best Cash Innovation category by PYMNTS.COM

Cutting Edge Mobile Technology Drives Move Toward Cashless Societies

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Retailers have long accepted multiple forms of payment as a way of catering to the preferences of their customers. While many consumers prefer credit or debit cards, there are still people who pay cash. But as consumers become more digitally minded, cash payments are going away for some retailers. Some countries, such as Denmark, are becoming cashless societies. The Danish government is considering a proposal to allow some establishments, such as restaurants, clothing stores, and gas stations, to refuse cash payments, according to Pymnts.com.

One motivation for cashless transactions is economic growth. Retailers spend resources on security and surveillance, Quartz explains. Making change for customers takes time. Cashless transactions reduce both transaction costs and crime. Quartz cites a McKinsey study that says electronic systems makes banking systems more productive while also reducing black market activities that skirt taxation.

The trend toward cashless transactions is perhaps furthest along in northern Europe. The United Kingdom first introduced contactless payments, where a consumer pays with card completes a transaction with a card reader through radio frequency identification or near field communication. The next wave of these cashless transactions is the mobile phone. For example, Denmark’s Danske Bank has over 2.5 million users of its mobile payment service, according to Quartz. In Sweden, the move toward cashless transactions is being spurred by banks, which use a mobile app called Swish that allows people to digitally transfer funds across accounts, FastCoExist explains.

Netclearance is helping to pave the way for cashless, mobile payments in Nordic countries. Our mBeaconPay software and hardware enables banks and retailers to process transactions wirelessly with mobile devices as if the payment were cash. Cash-based mobile payments may still be new in some markets but a growing number of retailers are adopting the technology. We can help your transition to cashless transactions. Contact us to learn more.

Disintermediation of Payments Reduces Fraud and Error

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For the longest time, the payment system between you, your credit card, the store or merchant and the banks has been incredibly complex and prone to error or fraud.  Due to this system, companies and consumers across the country have paid more than their fair share for these errors.  The multi-party payment system is just about to change.

Fortunately, there is a new system for Disintermediation of Payments via Netclearance Systems. In this system, payment is direct and only requires three parties, so there is much less chance for fraud or error.  Under the old (current) system, payment flows from the buyer the credit card network (Visa or Mastercard), to their issuing bank , then to the merchant's bank, to the payment processor and finally to the merchant themselves.  This complicated process is fraught with risk and riddle with middle-men fees.  

Under the new Netclearance mBeaconPay solution, the only parties involved are the Consumer, the Merchant and the Bank - a three-party model.  Unlike other credit card based mobile payments systems such as Apple Pay, Android Pay, Samsung Pay or PayPal, Netclearance has created an app-based mobile payment solution that removes the traditional payment processor thru a direct connection between the consumer, the merchant and the bank.  As long as the consumer downloads the free app on to their smart phone, they can simply place it over the merchant's Netclearance payment system and instantly transfer cash from their account to the merchant's account.  No need to wait for credit card confirmation or sign a piece of paper confirming the transaction.  The new system removes several of the fees normally levied in a traditional card payment  model.

In fact, the system has already taken off in the Nordic countries with over 20,000 locations enabled, such as McDonald's, Starbucks, Danish Supermarket and others are getting in on the action.

For more information please contact us.  We will provide a detailed overview of the new payment system and how it can help you reduce fraud and increase profits.

Headless ATMs Employ Proximity Technology to Reduce Fraud and Crime

The ATM card is a convenience that many bank customers take for granted. A swipe of the card at ubiquitous ATM machines offers fast, convenient access to cash. But ATM cards are old technology that bring unnecessary security risks. Skimmers can capture card and PIN numbers. Cards can also be easily misplaced or stolen. Swiping an ATM card is old school but it’s also high risk. New technology is paving the way for so-called headless ATMs whose features can reduce fraud and crime. By not relying on a physical card, new mobile technologies can make ATM transactions safer and more secure.

BMO Harris Ban, a unit of Canada’s Bank of Montreal, introduced a cardless ATM network intended to both reduce fraud and reduce the time needed to complete transactions, according to Pymnts.com. Bank customers prepare their transaction before arriving at an ATM. A banking app allows customers to pre-select how much money they wish to withdraw. Once they reach the machine, they simply hit the mobile cash button. The ATM reads a QR code on the smartphone, allowing the machine to dispense the cash and complete the transaction. The entire process leaves no way for a bank customer’s card to be lost or skimmed, Tom Ormseth, head of digital channels for Wintrust Financial Corp., tells Pymnts.com. However this method is cumbersome and requires additional changes to the ATM for scanning smartphones.

These new ATMs could help banks and their customers stay a step ahead of criminals. In 2014, bank customers lost $1.7 billion to debit, prepaid, and ATM fraud, Pymnt.com says, citing Federal Reserve figures. While new credit card technology employing EMV chips has made counterfeiting cards more difficult, most ATMs still do not use the new technology. “[Criminals] know there is still vulnerability [at the ATM] and they are trying to capitalize on it,” Owen Wild, director of security marketing at ATM maker NCR Corp. told the Wall Street Journal.

New technology offered by Netclearance can help ATM makers and banks make the transition to headless ATMs. The company’s mBeaconPay platform supports proximity applications conducted on smartphones and tablets. The technology handles transactions smoothly and securely plus it integrates seamlessly with the existing ATM controller. To learn more about how mBeaconPay can address your banking transactions needs, contact us.