With Direct Debit at its core, Digital Payments will make payments in new media environments safer, more convenient and cost effective
London, 7 June 2005: Retail Decisions (ReD), a world leader in card fraud prevention and payment processing, Voca, a leading secure payments processor (formerly BACS Limited) and Mi-Pay, an m-payments and stored value provider, today announced the formation of a joint venture company, Digital Payments.
The three companies bring together unique capabilities to provide an unrivalled payment solution in terms of expertise and technology. ReD is the recognized leader in fraud prevention and payment processing; Voca’s transaction engine faultlessly drives over 4.5 billion payments including processing all Direct Debits in the UK; Mi-Pay brings extensive industry knowledge of the mobile, e-money and micropayments environments.
Digital Payments will be a first – enabling retailers to manage consumer payments on digital sales channels including digital television, the internet and mobile phones. Consumers will be able to pay by Direct Debit across these channels for the first time in the same way as they use a credit card. By using Direct Debit, consumers can organize direct withdrawals from their bank securely and with ease.
ReD will provide the very best fraud prevention and payment processing, bank account validation and customer behavior profiling. Carl Clump, CEO of Retail Decisions said: ‘In the last five years ReD has delivered compound double-digit growth annually in terms of revenue and operating profit. Working with Digital Payments to offer digital retailers Direct Debit, is one of the steps we are taking to ensure good levels of growth over the next five years as well.’
Voca brings state of the art transaction processing, merchant billing and settlement. Marion King, CEO of Voca said: ‘It`s a great achievement to launch this joint venture with such innovative payments companies as ReD and Mi-Pay. I`m delighted that we can combine our expertise to provide robust payment solutions for consumers that increases availability of direct debit in new media channels. Voca brings over 36 years of payments expertise and leading technical insight to the joint venture alongside its role as a key trusted partner of banks, governments, corporations and consumers.’
Mi-Pay brings the merchant interface, consumer interface, message switching and digital channel applications. Norman Frankel, Managing Director of Mi-Pay said: ‘The business process and technology expertise that Digital Payments offers is an exciting proposition to merchants. This is an ideal solution for interactive television channels, mobile operators, mobile content providers and e-commerce merchants.’
Executive Vice President
Retail Decisions, Inc.