Giropay Launches In Germany
Cornelia Wels-Maug of Ovum (UK) reports on the launch of Giropay, a new online ecommerce payment service created by the German savings banks, credit unions and Postbank that will be used initially by PayPal. The service will be supported by the three IT services providers behind Giropay - Starfinanz Software, Fiducia AG and GAD.
Customers are directed from a retailer's website to their own bank's Internet banking domain, where, after keying in their account number and a personal identification number (PIN) number, a remittance slip is completed automatically with all relevant transaction information, so that the customer only needs to confirm the deal with a valid transaction number (TAN).Here in the U.S., NACHA has twice explored a similar service offering where online banking customers would use their online banking accounts to "push" payments to retailers - but neither effort was successfully developed into an actual service offering.The retailer, who bears the costs for this service, immediately receives a guarantee of payment and can ship the goods instantly. The customer, on the other hand, doesn't need to register nor install any software or buy additional hardware in order to participate, they only need an online account.
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