Electronic funds transfer ( EFT ) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer -based systems, without the direct intervention of bank staff. Funds transfers are the primary mechanism used by the business community for fast and reliable transfer of funds between two parties. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit and credit accounting entries necessary to complete the transaction. A funds transfer can generally be described as a series of payment instruction messages, beginning with the originator's (sending customer's) instructions, and including a series of further instructions between the participating institutions, with the purpose of making payment to the beneficiary (receiving customer).
18-525: Ingenico is a French merchant services technology company, that facilitates secure electronic transactions . The company expanded as a manufacturer of point of sale (POS) payment terminals to also include complete merchant payment SaaS and related services. Ingenico was founded in France by Jean-Jacques Poutrel and Michel Malhouitre in 1980. It is headquartered in Suresnes , France . In 2008, after
36-551: A payment gateway or payment processor for e-commerce and brick and mortar businesses. They may also offer risk management services for card and bank based payments, transaction payment matching, digital wallets , reporting, fund remittance , currency exchange and fraud protection. The PSP will typically provide software to integrate with e-commerce websites or point of sale systems. PSPs establish technical connections with acquiring banks and card networks, enabling merchants to accept different payment methods without
54-697: A percentage of each transaction, or as a fixed cost per transaction. US-based online payment service providers are supervised by the Financial Crimes Enforcement Network (or FinCEN ), a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat money laundering , terrorist financiers, and other financial crimes . European payment service providers are supervised based on
72-525: Is a stub . You can help Misplaced Pages by expanding it . This technology-related article is a stub . You can help Misplaced Pages by expanding it . Payment service provider A payment service provider ( PSP ) is a third-party company that allows businesses to accept electronic payments, such as credit card and debit card payments. PSPs act as intermediaries between those who make payments, i.e. consumers , and those who accept them, i.e. retailers . They will often provide merchant services and act as
90-570: Is to increase awareness of and improve payment industry security. Ingenico acquired German payment processor Easycash in 2009 for €290 million. In 2011, Ingenico integrated Pennies, the electronic charity box , into one of their mobile Chip and PIN payment terminals, allowing retailers to use the Pennies technology so that customers can add a micro-donation (1p-99p) to their bill when paying electronically. In July 2017, Ingenico bought Swedish payments group Bambora for €1.5bn in order to facilitate
108-633: The United States , they may be referred to as "electronic checks " or "e-checks". In the United Kingdom , the term " BACS Payment", "bank transfer" and "bank payment" are used, in Canada , " e-transfer " is used, while in several other European countries " giro transfer " is the common term. Electronic Funds Transfer ( EFT ) is an umbrella term that refers to a number of different transfer methods: This economics -related article
126-557: The European Payment Services Directive . Each merchant remains responsible for his own actions and must accordingly ensure that the selected provider observes the guidelines, e.g. with regard to data protection . Compliance with PCI DSS guidelines is important. There are four levels of PCI compliance, that must be respected by the PSP. Depending on the volume of transactions as well as other details about
144-624: The US. Ogone was founded as Abssys Consulting in 1996 by Harold Mechelynck and Thierry Pierson. In 2003 Ogone was Europe's first payment service provider to develop, integrate and certify a " 3-D secure MPI module" (Merchant Plugin Interface), enabling remote payment. In May 2010 the company received an undisclosed majority investment from US-based growth equity firm Summit Partners . The purchase of EBS ( E-Billing Solutions ) in September 2011, at
162-530: The United States Electronic Fund Transfer Act of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account". EFT transactions are known by a number of names across countries and different payment systems. For example, in
180-530: The development of its retail division through a direct-to-SMB channel in Nordic countries and to expand into other new markets. In October 2017, Ingenico expanded its direct-to-retail channel in Spain with the acquisition of IECISA Electronic Payment System. In December 2017, Ingenico acquired Airlink to expand its Asian reach. In August 2019, Ingenico Group partnered with IKEA to facilitate digital payments on
198-399: The level of risk assessed by payment brands, the payment service provider has to follow higher standards. The levels are as follows: As of 2022 , there were more than 900 payment providers in the world. More than 300 offer services just for Europe and North America. The global payment service provider market is expected to reach $ US88 billion by 2027 from $ US40 billion in 2019. In 2010,
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#1732772149733216-639: The merger resulting in The Ingenium Group, Ingenico closed its R&D centre in Barcelona . This centre developed Ingenico's suite of EFTPOS (Electronic funds transfer at point of sale). In 2008, Ingenico acquired 55% of Fujian Landi, a Chinese EFTPOS vendor. In 2009, Ingenico partnered with its two largest competitors, Hypercom and VeriFone , to found the Secure POS Vendor Alliance , a non-profit organization whose goal
234-594: The need to partner with a particular bank. They fully manage payment processing and external network relationships, making the merchant less dependent on banking institutions . PSP can also offer risk management services for card and bank based payments, transaction payment matching, reporting, fund remittance and fraud protection. Some PSPs provide services to process other next generation methods ( payment systems ) including cash payments, wallets, prepaid cards or vouchers , and even paper or e-check processing. PSP fees are typically charged in one of two ways: as
252-457: The retailer's ecommerce platform in India. In February 2020, financial services company Worldline announced it was acquiring Ingenico for €7.8 billion. On 21 February 2022, it was announced that Worldline had entered exclusive talks with Apollo Global Management for the sale of its Terminals, Solutions & Services business line (including Ingenico) for a consideration of € 2.3 billion, with
270-639: The time the second largest payment provider in India after CC-Avenues, was Ogone's first acquisition and its first move outside the European market. With the addition of the EBS customer-base, Ogone became one of the world's "largest" payment services. On 29 January 2013, Ingenico announced an agreement for the acquisition of Ogone. A share purchase agreement for the acquisition was executed two months later for 360 million euro. On 4 June 2014 Ogone announced that Ogone
288-578: The transaction closing on 3 October 2022. In March 2023, Ingenico announced its acquisition of Phos, a provider of software-only Point of Sales solutions Ogone was a Belgium-based online payment service provider and payment risk management company that has been part of Ingenico since 2013. After the acquisition, Ingenico renamed the business Ingenico Payment Services . Ogone managed and secured online payments for card-not-present transactions ( e-commerce , m-commerce , mail/telephone order , batch payments) and provided fraud prevention services. Ogone,
306-586: Was becoming Ingenico Payment Services, the Ingenico Group's flagship brand for digital payment services . All activities were to be structured around three major brands: Ingenico Smart Terminals, Ingenico Mobile Solutions and Ingenico Payment Services. Ingenico Payment Services groups the activities of acquisitions made by Ingenico over the past years, including Ogone, TUNZ, easycash, easycash Loyalty Solutions and AXIS (not to be confused with India's AxisBank ). Electronic Funds Transfer According to
324-718: Was connected through certified links with more than 200 banks and acquirers and provided international, alternative and local payment methods in over 80 countries in Europe, Asia, Latin America and the Middle East and in 2014 had 77,000 clients. The company was headquartered in Belgium and had operations in India and regional offices in Belgium, the Netherlands, France, Germany, Austria, Switzerland, UK, United Arab Emirates and
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