Magazine article American Banker

Renamed Moneta to Woo Banks Via Service Providers

Magazine article American Banker

Renamed Moneta to Woo Banks Via Service Providers

Article excerpt

Byline: Kate Fitzgerald

Moneta Corp. is changing its name to Rialto Commerce and refocusing its strategy. Instead of working directly with banks, it plans to work with service providers that can persuade their bank clients to adopt its online-payment service.

Rialto Pay, the new name for the original Moneta service, lets online merchants be paid directly from bank customers' accounts through the automated clearing house system. The Atlanta company plans this week to relaunch its concept, touted as a lower-cost bank alternative to PayPal Inc., and will add instant-credit payments for online purchases through a partnership it formed late last year with the Equifax Inc. credit bureau, a representative said.

The option would be akin to PayPal's BillMeLater service. Bank customers whose credit Equifax approves would be able to make online purchases and pay for them later, bypassing traditional credit card networks and yielding additional transaction revenue for banks.

Rialto Pay is designed to generate "incremental e-commerce revenue" for both banks and merchants by giving merchants lower-than-average transaction fees and sharing transaction-fee revenue with its partner banks, the company said. It also is designed to provide a more-secure channel for bank customers uneasy with or unable to make online purchases using a credit or debit card, the representative said.

Like PayPal, the concept requires merchants to add Rialto Pay as an option on their websites and banks to offer the service to their customers. …

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