BA Merchant Services, Inc. Adds Processing Switch.SAN FRANCISCO--(BUSINESS WIRE)--March 17, 1997--BA Merchant Services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or , Inc. today announced the introduction of a new internal software system that will provide more flexibility in responding to merchants' payment processing needs for credit card and ATM card An ATM card (also known as a bank card, client card, or cash card) is an ISO 7810 card issued by a bank, credit union or building society. Its primary uses are: Development of this new transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. switch enables the company to expand the capacity of its processing system and to meet the specialized needs of a greater variety of businesses without relying on outside vendors. Previously, BA Merchant Services BA Merchant Services, LLC is a wholly owned subsidiary of Bank of America specializing in handling credit, debit, stored value, and electronic benefits transfer (EBT) card transactions. , Inc. relied on a combination of vendor systems and internal systems to process merchant transactions. "Moving away from traditional centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. mainframe host processing to a modular and open in-house processing switch will give us the flexibility we need to respond to our merchants' processing needs," said Chief Executive Officer Sharif Bayyari, head of BA Merchant Services, Inc. "Strategically, it positions us to serve emerging markets beyond traditional credit and ATM card processing, such as stored-value cards, government food stamp programs The US Food Stamp Program is a federal assistance program that provides food to low income people living in the United States. Benefits are distributed by the individual states, but the program is administered through the U.S. Department of Agriculture. , and other forms of electronic payment." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Bayyari, the switch operates within a powerful, efficient client-server architecture client-server architecture Architecture of a computer network in which many clients (remote processors) request and receive service from a centralized server (host computer). . Because of the open systems environment, it integrates with other systems and allows migration from one hardware platform to another. Expansion and upgrade of the system can be handled without replacing the entire system or making major investments in new equipment. Account set-up and maintenance for new merchant accounts is streamlined because the process will not have to rely on outside vendors. In addition, new software applications can be developed quickly, allowing the company to introduce enhancements whenever technology changes and to develop products for merchants with specialized needs, such as travel businesses, direct marketers, electronic commerce, and insurance companies. The switch technology was built and installed by VeriFone Inc., using their Omnihost 3.0 and VeriTalk software products. Omnihost 3.0 performs on-line transaction switching and credit/debit authorization and settlement. VeriTalk is a next-generation terminal management product. BA Merchant Services, Inc., a subsidiary of BankAmerica Corp., is the largest processor of debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. transactions and the fourth largest processor of credit card transactions in the U.S. On an annual basis, the company processes more than 80 million debit card transactions and 215 million credit card transactions from more than 137,000 retail locations totalling $24 billion. In addition, BA Merchant Services serves as merchant processor for more than 100 bank customers. -0- Note to Editors: VeriFone is a registered trademark of VeriFone, Inc. Omnihost and VeriTalk are registered trademarks of VeriFone, Inc. CONTACT: BA Merchant Services, Inc. Betty Riess, 415/622-6397 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion