Magazine article American Banker

Bank of Ireland: Processor Quickly Draws Merchants

Magazine article American Banker

Bank of Ireland: Processor Quickly Draws Merchants

Article excerpt


Bank of Ireland's Internet payment processing system, Clikpay, has elicited inquiries from about 400 merchants since its launch at the beginning of this month.

The bank, Ireland's second-largest, is projecting 500 merchants will sign up within 12 months and that use of the service will "move rapidly to the mass market," said Nick Fahy, program manager of the bank's e-business and payments division.

About 12% of Ireland's population of 3.6 million have Internet access and 22% have mobile phones.

Clikpay lets registered merchants accept secure, real-time credit card payments via Web sites or on-line storefronts. Customers click on the PayNow button to gain authorization. Their credit card details are transmitted only to the bank; merchants never have access to them.

Generally available now at some merchant sites, Clikpay's initial release supports Visa and MasterCard credit cards in three currencies -- Irish pounds, U.S. dollars, and British pounds. Bank of Ireland charges merchants about $800 for a subscription to the clearing service and ongoing security. The software can be housed at the merchant's site or by an Internet service provider.

Four merchants, including, the ISP division of a local telephone company, and the National Concert Hall, were involved in testing the system. From July to October, "hundreds of thousands of transactions were performed," Mr. Fahy said.

The National Concert Hall used the system to let buyers view available theater seats and choose the time, date, and price for various events. …

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