UATP Partners with Burbank for Next-Gen Payment Solutions
In a groundbreaking move, UATP has partnered with Burbank to provide airline merchants with cutting-edge online payment processing options. This collaboration introduces Burbank's innovative Card-Present over Internet (CPoI) technology, which enhances transaction security and efficiency.
The Need for Enhanced Payment Solutions
Airline merchants face mounting challenges in the payment processing landscape, with annual losses due to fraud and chargebacks exceeding a staggering $40 billion. Alarmingly, payment fraud is increasing at a rate of 69% per year while chargebacks rise by 52%. These factors have created a need for advanced solutions that tackle these issues head-on.
How CPoI Technology Works
The CPoI platform fundamentally transforms mobile devices into point-of-sale terminals. Shoppers can touch their payment cards against their smartphones and securely input their PINs, mimicking an in-store experience. This method significantly reduces fraud risk by verifying the identity of the cardholder, and ultimately processes the transaction as a standard card-present process.
Benefits for Merchants
This partnership stands to deliver immense advantages for merchants in various sectors by:
- Shifting Liability: Transactions qualifying as card present keep liability with issuers, sparing merchants from potential losses.
- Lowering Processing Costs: The collaboration aims to cut down scheme fees, chargeback costs, and simplifies orchestration for card-not-present transactions.
- Minimizing Fraud Expenses: This solution lessens the reliance on expensive anti-fraud systems traditionally needed for online payments.
- Reducing Total Costs and Reputational Risk: With fewer chargebacks, merchants can enjoy lower costs and enhanced brand trust, establishing a standard of reliability in transactions.
Voices from the Leadership
UATP President and CEO, Ralph Kaiser, emphasized that the partnership showcases UATP's commitment to integrating with innovative payment technology. He stated, "By combining our expertise with Burbank's CPoI technology, we address the current market needs, with significant savings and revenue opportunities for our merchants."
About the Partnership's Initial Focus
Initially, UATP and Burbank's collaboration will be tailored toward the airline industry, where the benefits of this technology are most pronounced. However, the aim is to explore its applicability across various verticals, driving improvements in transaction security and convenience.
A Commitment to Innovation
Burbank's CEO, Justin Pike, added, "Through CPoI, we synchronize in-store security capabilities with digital payments to redefine online commerce by tackling fraud and false positives. We aim to broaden shopping accessibility while upholding high fraud prevention standards."
About UATP
UATP is recognized globally as a premier closed-loop payment network, simplifying payments in complex sectors. This network aims to facilitate seamless transactions for users worldwide. By continually innovating and offering platforms like DataStream and DataMine, UATP provides detailed insights to its customers, enhancing their payment experiences.
About Burbank
Burbank is a pioneering fintech company specializing in secure payments. Its flagship solution, CPoI, leverages EMV cryptography to deliver the safety and economic benefits of card-present transactions to e-commerce, promoting better authorization rates and blue-chip performance for high-volume merchants.
Frequently Asked Questions
What is the main goal of the UATP and Burbank partnership?
The partnership aims to enhance online payment processing for airline merchants using innovative CPoI technology.
How does CPoI technology work?
CPoI enables customers to complete transactions securely on their mobile devices by mimicking card-present interactions seen in stores, thus minimizing fraud risks.
What challenges does the partnership solve for online merchants?
The collaboration addresses significant issues such as fraud and chargeback losses while creating opportunities for cost savings and heightened security.
Who will benefit from this partnership initially?
The initial focus will be on airlines, but the technology is designed to be applicable to various other sectors.
How can merchants contact UATP for more information?
Merchants can reach out to UATP through their official website or directly contact their media relations team.
