Fintech, Finance, Technology, Banking Highlights – 29 August 2018
Worldnet Launches GoChipNow to Deliver “Plug and Play” EMV Solution
Worldnet, an international provider of omni-channel payment solutions, has introduced GoChipNow, a “plug and play” solution for virtual terminal merchants who want to upgrade to EMV.
The GoChipNow Solution makes it simple for anyone who previously purchased any magnetic stripe reader (MSR) devices to upgrade to chip-enabled EMV. The solution provides a “plug and play” process that is as simple as unplugging the MSR device and plugging in the EMV device. Users can then log into the Worldnet browser-based virtual terminal to start accepting EMV payments without having to install and upgrade software or purchase expensive hardware.
“For many merchants, the biggest obstacle to moving from mag stripe payment terminals to the more secure EMV solutions has been the cost and hassle of buying and installing new hardware,” said John Clarke, Co-founder and Head of Product Innovation. “GoChipNow takes that pain away with a ‘Plug and play’ solution to easily make the shift to EMV compliance.”
The device is also backed by Quickchip technology that creates a super-fast, seamless and secure EMV transaction in just one second. GoChipNow is an inexpensive solution that results in less fraud, lower chargeback liability and acceptance of all major card types without a need for a complex POS (point of sale) terminal solution.
CULedger Raises 85 Percent of Initial Funding for Its Credit Union-Focused Distributed Ledger Platform
CULedger, a credit union-owned CUSO that focuses on delivering innovative applications to credit unions through its cross-border global distributed ledger platform, announced that it has secured $8.5 million in Series A funding.
This round of funding will continue through Nov. 18, 2018.
CULedger was developed out of one of the largest distributed ledger consortiums in the world and began as a research-to-action initiative to develop a working proof-of-concept, involving more than 30 credit unions and other industry organizations. CULedger found success in using distributed ledger technology to build a platform that enables credit unions to detect and prevent call center fraud and enable self-sovereign identity for members through its flagship product, MyCUID. CULedger became its own entity in June 2017 and plans to launch its pilot program later this year.
As a CUSO, the organization placed high importance on seeking credit union investors and to establish itself as a company for credit unions, by credit unions. CULedger set the goal of $10 million in Series A funding in October 2017 and has secured 32 investors, with more pending. The CUSO is well-ahead of schedule to meet its funding goal and has been unusually successful, with many startups struggling to meet Series A funding goals of $3 or $6 million. The majority of investors are credit unions, which attests to the practical industry application of MyCUID.
“Having received such a positive response from the credit union community in our efforts to deliver the first universal digital credential through self-sovereign identification, we realize the need for digital identity is widespread,” said John Ainsworth, president and CEO of CULedger. “With the support from our investors, CULedger is positioned to develop distributed ledger solutions for the digital identity crisis, keeping credit unions the most trusted financial institutions.”
Zwipe and Silone CardTech team up to build biometric cards in China
Biometric technology company Zwipe and Silone CardTech, a VISA, Mastercard, China UnionPay and JCB certified card manufacturer based in Shenzhen, China have announced a partnership to launch battery-less dual-interface biometric payment cards with banks and loyalty programs in China.
Commenting on the partnership, CEO of Silone CardTech, William Ju said “We thoroughly evaluated the various offerings in the market and Zwipe’s technology platform was the only offering genuinely capable of performing battery-less dual-interface biometric authentication within the rigors of the existing payment card ecosystem, enabling us to offer our customers, some of the largest banks and loyalty programs in China, a cutting edge solution that we are confident will be well received in the marketplace.”
Silone CardTech specializes in manufacturing a range of card products, tokens, modules, inlays, key fobs and smart wristbands. They have an established customer base predominantly in China and the Asia Pacific region, offering solutions for access control, government identification, ticketing, retail and banking markets. Silone has already received interest from customers for biometric payment cards with pilots expected to be identified in the coming months.
Speaking on the partnership, André Løvestam, CEO of Zwipe said “We are happy to add Silone as a trusted manufacturer to our growing list of partners as banks in the region and the world are demanding the convenience and security that our unique technology enables.”
Silone CardTech will be presenting their battery-less dual interface biometric payment card at Trustech in Cannes, France this November.
