As individuals and organizations continue to move from paper payments to electronic for personal and business efficiencies, they also increase the likelihood of a security breach. If credit card numbers or other regulated payment information is stolen, it can lead to fraudulent transactions and the subsequent need for time consuming steps to monitor, detect, reverse, and resolve unauthorized charges.
Highly publicized privacy breaches continue to occur, prompting calls for increased privacy controls from consumer-protection organizations, business associations, and even the White House. Clearly, individuals and organizations require a new layer of security to protect their monetary and informational assets.
PPI’s Greenlist and other patented privacy management methods provides a pathway to enhanced privacy protection. As a standard that is neutrally positioned among all traditional and emerging payment systems, Greenlist solves the identity problem.
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Banks: Positive Pay for eCommerceTM
Banks face two problems in payments today: the loss of noninterest income and the need to maintain their relevance in the alternative payments market.
Recent federal legislation, such as the Durbin Amendment, have spurred banks to prioritize maintaining fee income. Yet the breach between banks and their merchant and consumer customers is widening as bank fees become regular media fare.
At the same time, the market for emerging mobile payments is massively fragmented, from technology, methodological, and marketing points of view. Clearly, consumers are confused. And the banking industry will remain increasing pressure.
Greenlist provides a pathway for banks to provide privacy protection to consumers while providing instant payment services without revenue sharing. Greenlist allows both parties in a financial transaction to identify each other while keeping secure private data related to the transaction stored with their banks, which can charge for the service.
That’s Positive Pay for eCommerce. Read how it works.
Consumers: Know Who You Pay
For consumers, Greenlist is an electronic way to hand a waiter or a florist or a baby sitter a $20 bill. It’s just as fast, just as efficient, and just as secure.
It’s also a way to remove concerns over making payments online or over the phone. Those methods generally require that you hand over credit card or bank account numbers, causing you to lose control over your private payment information.
When you enroll in the Greenlist, you can make and receive payments without having to reveal confidential information. Your true account information remains with your bank. What you give out is a Greenlist ID that masks your true account with a functional, routable payment addresses – one for instant and one for next day payments. This allows you to make or receive payments but does not allow anyone to debit your bank account or debit card unless you have given your approval.
When your account information addresses are Greenlisted, your identity information is locked and loaded for mobile activation. You are informed whenever an individual or a company seeks to find or authenticate your payment addresses.
Greenlist banks can offer you a service that is
- Less expensive for consumers than Western Union or Moneygram.
- More secure than PayPal.
- More convenient than checks.
Merchants: Reduce Fraudulent Payments
Every merchant that does business online faces the problem of fraudulent payments. When cards are not present, anyone can be on the other end. If it isn’t the right person, merchants are often left paying for the reversed payment transaction.
The answer is NOT to refuse online payments. The answer is NOT to refuse growing mobile payments.
The answer is to work with a Greenlist banks and offer the service to your customers. Greenlisted transactions are as secure for merchants as they are for consumers. Through the Greenlist you KNOW that the person making the payment is the person they say they are, regardless of whether the payment comes in over the internet, the phone, or a mobile device.
Payments protected by the Greenlist are also fast. Because they work over your usual debit-card processing network, they are instant payments. You no longer need to wait days for an ACH transfer from an alternative payments processor to receive good funds.
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