Welcome to The Axis, your late look at payments news from around the world. Coverage includes Anderson Zaks’ new encryption feature for its RedCard payment processing system. In addition, State Bank of India has rolled out a multi-option payment acceptance device, and Investly is opening up its platform to banks, eInvoicing platforms, and others.
Bluefin and U.K.-based Anderson Zaks have teamed up to provide PCI-validated point-to-point encryption (P2PE) for merchants using Anderson Zaks’ RedCard payment processing system, the companies said in an announcement. The technology immediately encrypts credit and debit card data upon a swipe or dip in a PCI-approved point of entry device.
“There have been many high-profile data security breaches that have resulted in damage to customer reputation, fines and large financial losses,” Anderson Zaks CTO Adina Ahmed said in the announcement. “We believe that PCI-validated P2PE provides our merchants with significant security benefits, and are thrilled to partner with Bluefin to deliver this solution to our customers.”
In other news, U.K.-based invoice finance provider Investly is opening its platform to working capital providers, banks, eInvoicing platforms, and marketplaces, the company said in an announcement. Partners using the platform will be able to use Investly’s existing marketplace of funding. The company said that multiple funding sources can help partners fund unserved clients and provide more competitive pricing to their business customers.
“Partnering with FinTechs has become increasingly attractive to traditional lenders such as banks,” Investly Founder Siim Maivel said in an announcement. “FinTechs are delivering automated and easy to use solutions for particular services that were previously offered by the banks, which are now becoming more focused on maximizing their core strengths, such as quality customer relationships and full-service portfolios.”
And the State Bank of India (SBI) has rolled out a multi-option payment acceptance device (MOPAD) to help encourage cashless transactions, according to reports. The device accepts several payment options, such as SBI Buddy (eWallet), Bharat QR and card payments. SBI Chairman Rajnish Kumar said the device “will help merchants integrate different kinds of transactions through one PoS machine, which will help in eliminating their operational inconvenience and streamline cash flow.”