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Accumulate launch Card Overlay – a fast track to mobile payment
 
 
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Accumulates “card in the cloud” solution gives issuers like banks and credit card companies a secure and fast track to mobile payment, this by using the already existing credit card network system including the infrastructure for clearing and settlement.

Stockholm, Sweden – April 9, 2012. Accumulate Card Overlay is a secure, easy to use and cost effective “card in the cloud” solution aimed at issuers like banks and credit card companies that want to add mobile payment as an option to their existing card payments. The card overlay solution consists of a fully operational mobile 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”, says Stefan Hultberg, CEO at Accumulate.

The solution is very secure, 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 nor stored on the mobile handset. Using the Accumulate Card Overlay also minimizes the risk of fraud attempts like skimming, fishing and man-in-middle attacks.

Since no sensitive data is transferred when communicating the transaction the solution is flexible in technologies that can be used; One Time Ticket (OTT), NFC stickers or NFC integrated devices for enabled NFC POS terminals. QR and bar codes can also be used to transfer the OTT for direct cashier integration.

The solution is live and works in existing infrastructure with for example existing POS machines and cash register systems. It supports most handsets including Android, Blackberry, iPhone, Java, Windows Mobile and Windows Phone.

Use case example - POS;
* The user starts the mobile application.
* Transfer via appropriate pairing method (NFC, QR code, bar code, etc) from the application to the payment terminal.
* The details of the purchase are presented to the user in the application and confirmed with OK (or PIN + OK if higher values).

Other use cases where Accumulate Card Overlay can be used are; online, vending, mPOS, mCommerce (in-app/m-browser), etc.

More information

Stefan Hultberg, +46 70 350 5704, stefan.hultberg@accumulate.se.

Lars Aase, +46 70 144 1822, lars.aase@accumulate.se.

Posted on: Apr 9 2012


Topics: Online Payment


CategoryDescription
Software Industry
 
http://www.accumulate.se
Country: Sweden

Accumulate was founded in 2004, and is headquartered in Stockholm, Sweden along with own sales offices in London, UK and Beijing, China.

Since start Accumulate has been focused on delivering the most comprehensive mobile financial service platform and has trough the years expanded its service offering. Additional security features are continuously being introduced in order to meet the present demands and to be at the forefront of what is required in the future.

Today, Accumulate has with its patented and award-winning technology acquired international clients from different segments and is continuously expanding whilst its vision: Always connected everywhere is being realized.

Accumulate AB
Lästmakargatan 20
111 44 Stockholm
SWEDEN

info@accumulate.se
sales@accumulate.se
partner@accumulate.se
support@accumulate.se





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