11th Mar 2008 07:02
NETeller PLC11 March 2008 NETELLER Group and Centricom Establish Joint Venture to Distribute POLi Online Bank Payment Platform in Europe POLi launched in the UK to increase access to online payment choice and reduce card-not-present fraud Tuesday, 11 March 2008 - The NETELLER Group (LSE: NLR), the independent globalonline payments business, has established a joint venture, Centricom EuropeLimited, with Centricom Pty Ltd, to distribute the POLi service in Europe. Underthe joint venture, the Group also announces the launch of the POLi paymentservice for the UK market, distributed through NETELLER's payment processingarm, NETBANX. In August 2007, the NETELLER Group announced it had taken a 25% strategic stakein Australian POLi operator, Centricom Pty Ltd. The European joint venture is a50/50 joint venture between both parties. The POLi service is a safe and convenient method to make online payments.Through the POLi service, consumers can make payments to merchants anywhere inthe world directly from their existing Internet banking service withoutdisclosing their bank or credit card details. According to reporting merchantsin Australia who have implemented POLi, the service now accounts for an averageof 23% of their total online payment transactions. The new UK service supportstransfers from all major UK high street banks. According to UK payment industry trade body APACS, in 2006, the most recent yearsurveyed, the average card transaction cost to merchants was GBP1.69, 15% ofadults in the UK did not have access to cards for payment, and card-not-present(online) fraud increased by 16% to GBP212 million. The POLi service helps solve these key problems: it allows people without cardsto pay online and pay from their trusted internet banking service, and itsignificantly reduces fraud and repudiation risk for merchants, compared withother on-line payment types such as credit and debit cards. And it enjoys highconsumer confidence as no user information is captured or stored by the service. Ron Martin, President & Chief Executive Officer of NETELLER, said "We continueto be very pleased with our ongoing relationship with Centricom. We believe thePOLi service offers significant benefits to merchants who sell products andservices online. This increased investment is part of our commitment todelivering the best total online payments solution suite for merchants." Simon Warner, Chief Executive Officer & Executive Director of Centricom andCentricom Europe, said "The NETELLER Group relationship gives POLi a strongfoothold in the European market. Whilst online purchases are becoming moreconvenient, many consumers are still wary about using their cards over theInternet because of fraud and identity theft. The POLi service overcomes thesebarriers." POLi in UK is operated by Centricom Europe Limited, and is distributed tomerchants through the NETELLER Group's payment arm, NETBANX. More informationcan be found at www.netbanx.com. Contacts: Andrew GilchristVP - Communications, NETELLER PlcTel: +44 (0) 1624 698713Email: [email protected] Media RelationsNick Daines / Sheelagh Connelly, McEntegart MarketingTel: +44 (0) 20 7617 7019Email: [email protected] About Centricom Since its launch in October 2004, Centricom has been steadily building andrefining its online payments business. Under the guidance of Managing DirectorSimon Warner, the Centricom team brings together industry experts in banking,on-line transactional processing and Web based services. The POLi service nowoperates in four countries: Australia, New Zealand, South Africa and the UK. Formore information on Centricom and the POLi service, visit www.centricom.com. About the NETELLER Group Trusted by consumers and merchants in over 160 countries to move and managebillions of dollars each year, the NETELLER Group operates the world's leadingindependent online payments business. Through its NETBANX, NETELLER and 1-Paybrands, the Group specialises in providing innovative and instant paymentservices where money transfer is difficult or risky due to identity, trust,currency exchange, or distance. Being independent has allowed the Group tosupport thousands of retailers and merchants in many geographies and acrossmultiple industries. NETELLER Plc is quoted on the London Stock Exchange's AIM market, with a tickersymbol of NLR. NETELLER (UK) Limited is authorised by the Financial ServicesAuthority (FSA) to operate as a regulated e-money issuer. For more informationabout the Group visit www.netellergroup.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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