User:Ewise/sandbox2
From Wikipedia, the free encyclopedia
| eWise Systems | |
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| Type | Financial Services |
|---|---|
| Founded | 2000 |
| Founder | Alex Grinberg |
| Headquarters | Sydney, Australia |
| Subsidiaries | London, UK |
| Website | www.ewisesystems.com |
The eWise network is a method of online payment similar to Paypal, Nochex and many other online payment companies. The eWise network was created in 2005 and is derived from previous account aggregation software. The eWise network has been implemented in many countries across the world including Australia, New Zealand, USA, and South Africa. The eWise network differs from most online payment methods in that it uses bank's existing infrastructure to authenticate users and facilitate payments.
The eWise network was designed to address consumer privacy and security concerns, prevalent with online payments. Consumer transactions are authenticated and initiated directly through the consumers’ own online banking service.
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[edit] How it Works
1. The Consumer selects the eWise Network payment option at Merchant’s checkout and selects their bank from a list of supported banks.
2. The Consumer logs into their online bank to authorise an automatically populated transaction payment details page.
3. The Payment authorisation is received by the merchant and an online receipt is presented to the consumer.
[edit] Why eWise network was developed
By using the eWise network payment method the consumer attains a higher degree of privacy and security because no financial information is shared with the payee. There is no requirement to create an account with eWise as all authentication is performed by the consumer's internet bank account. The system allows consumers to use their own bank. Which they typically consider to be a reliable provider of private financial information and therefore can be trusted to handle new payment instructions. Use of the online banking service also provides the consumer with a familiar payment interface.
[edit] Implementations
In February 2006 eWise was selected as the network provider for the NACHA Online Payments Pilot in the USA.
The eWise network also includes implementations in Australia, New Zealand and South Africa.
[edit] Origin
The eWise network is based on eWise Account Aggregation, currently in use by over 1 million end-users. eWise account aggregation is used by Egg (Uk), First Direct (UK), and Westpac (Aus)
[edit] References
- eWise was selected as the processor for the NACHA Online Payments Pilot.
- Features and Benefits of the eWise payment system.
