22nd Aug 2006 16:07
NETeller PLC22 August 2006 Press Release Latest NETELLER(R) upgrades to increase sign-up rates and fund transfers NETELLER Plc (LSE: NLR), the leading independent online money transfer business,today announced two new service upgrades that will enable it to increase bothits customer sign-up rates and the volume and velocity of funds transferred toits e-wallet. Two-step sign upIn the past, new NETELLER customers had to complete a seven-step authorisationprocess before being able to open an online money transfer account. Researchconducted by the company showed that the length of this process contributed to anumber of potential customers abandoning their application before completion. Recently NETELLER made a significant investment in its real-time identityverification technology - a major benefit of which is that it enabled thecompany to streamline its sign-up process. Now NETELLER can securely verify acustomer's identity and create a new account within two simple steps, whilststill adhering to the Financial Service Authorities (FSA) "Know Your Customer"(KYC) regulations and the best practice guidance provided by the Joint MoneyLaundering Steering Group. The two-step process significantly reduces the timeit takes for a customer to create a NETELLER account from over nine minutes toan average of just three minutes and nine seconds. NETELLER is confident thatthis will reduce current sign-up drop off rates. Funds availabilityDue to watertight customer privacy controls, NETELLER customers currently haveno method of viewing the funds available in their NETELLER account directly froma merchant's website when they initiate a transaction. Often they will requestto transfer more funds than they actually have by mistake, resulting in adeclined transaction. Research has shown that after a few attempts, customersare liable to abandon their purchase. With several additional new service enhancements, now when customers haveinsufficient funds, a pop-up message immediately appears on screen that enablesthem to securely view how much money is left in their NETELLER account. At thesame time they are given the option to transfer extra funds into their accountfrom their bank, as well as to increase their fund transfer limits. This newprocess makes larger funds transfers quicker to merchants, at the same time assimplifying the customer experience, while maintaining their privacy. This newfeature is part of NETELLER's NetDirect 4.1 merchant toolkit release and iscurrently being piloted by a number of NETELLER's merchants. Ron Martin, President & CEO of NETELLER, commented: "These latest upgrades toour service are incredibly important to both customers and merchants alike. Theywill increase new customer sign ups as well as make it far more convenient forcustomers to make money transfers to and from their NETELLER accounts tomerchants. The result is happier customers and more business for merchants." Enquiries:Citigate Dewe Rogerson +44 (0) 207 638 9571James Read/Ewan Robertson/Susie Lambert Notes to Editors The NETELLER Group With over 2.9 million customers in 160 countries, 3,500 merchants, and over $7billion in annual transactions, the NETELLER Group operates the largestindependent online money transfer business in the world. The Group specializesin providing innovative and instant payment services where money transfer isdifficult or risky due to identity, trust, currency exchange, or distance. Beingindependent has allowed the Group to support over three-thousand retailers andmerchants across multiple industries and geographies. The Group is one of the largest companies quoted on the London Stock Exchange'sAIM market, with a ticker symbol of NLR. NETELLER UK Limited is authorised bythe Financial Services Authority (FSA) to operate as a regulated e-money issuer(register number: 229737). For more information about the Group visitwww.netellerplc.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Paysafe Group