Nemo Personal Finance Limited, the secured loans provider, has implemented technology from Semafone to ensure that customer payments by telephone are compliant with PCI security regulations. Nemo reports that the new technology has already brought about a reduction in the lender’s monthly transaction costs and customer confidence has improved.
Nemo chose Semafone’s patented technology to solve the problem of conflicting requirements from the Financial Services Authority and from PCI Data Security Standards. While the FSA recommends that companies record all customer calls as a best practice approach, compliance with PCI regulations prohibits the recording of sensitive card data. Semafone solves this problem by using the telephone keypad to transmit card data directly from the customer to the acquiring bank. Not only does the card data bypass Nemo’s IT and telephony infrastructure completely, but individual key tones are masked so numbers are not recognisable by their sound and no details are spoken aloud. The agent, who remains in voice contact with the customer throughout the call, is thereby removed from the responsibility of handling card data.
“The response from both customers and staff has been overwhelmingly positive,” said Paul Strinati, Head of Change Management and IT at Nemo. “The integration of Semafone into our IT infrastructure has streamlined our processes. We had originally planned a phased implementation, but after only three days the team trialling the system found it so easy to use that we decided to roll it out to the rest of the department immediately.”
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.