IDBI Bank has selected Venture Infotek, an India-based e-Payments provider, to launch its internet payment gateway services, reported Business Standard.
Reportedly, Venture Infotek had recently acquired payment gateway service provider Technonet Technologies and enhanced payment gateway platform Eazy2Pay to comply with latest Visa, MasterCard and RBI guidelines related to internet commerce.
Venture Infotek’s Eazy2Pay secures all transactions using Triple Data Encryption Standard (3DES) keys to encrypt cardholders’ information and Merchant Plug-In (MPI) to facilitate 3D-secure verifications. Eazy2Pay routes the encrypted transaction data directly for online authorization, authenticates the parties involved in the transaction and ensures integrity and privacy of all data.
Murali Mohan, GM of IDBI Bank, said: “We have over 100 web merchants to whom Venture Infotek is providing end-to-end services on their gateway. Venture Infotek will also help us in signing up many more net merchants.
Piyush Khaitan, MD of Venture Infotek, said: “With the acquisition of Technonet Technologies, we will be able to provide our customers with more choice in payment services and grow our merchant services business even more quickly.
“We are already seeing interesting volumes on our internet payment gateway platform, and these will increase as more and more card-holders register with issuers for the additional security requirement mandated by the RBI,” reported the newspaper.
Venture Infotek plans to expedite its retail services operations by expanding its customer base to new SME merchants online.