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Electronic card payments and role of Rahaxi

FinTUG/VNUG 13 November 2007 @ Silja Serenade Secure real-time multi channel electronic payment service with NonStop By Ari Viitanen. Electronic card payments and role of Rahaxi.

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Electronic card payments and role of Rahaxi

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  1. FinTUG/VNUG 13 November 2007 @ Silja SerenadeSecure real-time multi channel electronic payment service with NonStopBy Ari Viitanen

  2. Electronic card payments and role of Rahaxi • Card owners like banks and credit card companies define their own credit/debit cards that today are smart cards with chip (EMV). • Card payment terminal vendors manufacture EMV payment terminals, which are capable of verifying the card and pin code and create a payment transaction record. Known vendors are for example Hypercom, Thyron, Spectra. In order to be usable the terminal also need an application supporting the merchant sales transaction following local regulations (set by local Banker’s association). • Banks offer verification and acquiring of payment transactions and manage risks. The operation and services are local country by country. In practice banks acquire card payments only with their own cards. • International credit card companies use specialized local companies offering verification, acquiring and forwarding of payment transactions and manage risks, for example CEKAB and Luottokunta. • Card payment processors like Rahaxi provide merchants with payment terminals, applications to the terminals, connection to the processors host that routes the payment transactions to the banks and acquirers who then pays the money to the merchants

  3. Electronic card payment standards and regulations • International credit card companies Visa and Mastercard have defined the EMV standard for smart cards (chip on card). In addition the local Banker’s Association gives additional local requirements. Today every card payment terminal, and payment application has to be certified for each market. • The PCI-standard (Payment Card Industry) and PCI DSS (Data Securtiy Standard) are international payment card standards supported by the international credit card companies, thy direct the handling of payment card handling for parties involved. The certification has to be validated annually. The standard is also evolving, for example this week a new addition PCI PA-DSS has been introduced. • The EU Commission has recently created the SEPA standard (Single European Payment Area) and the European Payments Council (EPC) administers an supervises the standard. All cards will now gradually be made according to the SEPA standard. Existing EMV card payment terminals already manage to read SEPA cards. In the coming years this will change the card payment business.

  4. Rahaxi Processing • Established and owned by FreeStar Technology Corporation (NASDAQ company) from 2002 • The group of companies operates globally with activities in over 20 countries and is strongest in Europe with the Rahaxi brand and offices in Dublin, Helsinki and Stockholm • We offer merchants payment processing who benefits from lower investment and operating costs, higher availability and better payment application maintenance and customer services • European customers are served with a payment platform located in Finland. The platform is HP NonStop mainframe maintained by TietoEnator and runs ACI Base24 payment application • Rahaxi is certified for Payment Card Industry Data Security Standard (PCI DSS) starting from December 2006 • Our partners include VISA, MasterCard, Amex, Diners, JCP, Luottokunta, CEKAB, Euroline and local banks • Rahaxi has over 1000 customers and is growing, last fiscal year revenue was +91% compared to previous year

  5. Rahaxi application EMV kernel Drivers RAHAXI PAYMENT SYSTEM Merchant HP NONSTOP Card owners 1 CEKAB ON - LINE 2 Trasaction data 3 5 Local Banks Transactions + Bank Reference Rahaxi Feedback Report + Bank ref RAHAXI BATCHING 4 Bank Feedback 6 Merchants Bank account Funds Transfer

  6. Rahaxi applications for merchants • Dynamic currency conversion • VAT Refund • Loyalty cards • Gasoline cards supporting extra verification of car data • Taxi, reading data from taxi meter • Public transport payment card and additional services

  7. HP NONSTOP HIGHLIGHTS • Very suitable for transaction processing • Excellent for database intensive applications • Enabling required availability and beyond for payment services • Fault tolerant • HP maintenance with SLA • Enabling superior scalability to support load from increased customer base • Linear performance increase when adding HW • No application changes or clustering required from application • Active HP sales and support for business development activities globally • Excellent User group co-operation & events

  8. Questions & Answers More at: Email address: sales@rahaxi.com Home Pages : www.rahaxi.com

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