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Venture Infotek to launch IDBI Bank's internet payment gateway services news
05 April 2010

Indian transaction management company Venture Infotek, today announced that IDBI Bank has selected it as the technology partners to launch its internet payment gateway services.

Murali Mohan, general manager, IDBI Bank while speaking about the development said, ''We are delighted to be associated with Venture Infotek in the online venture. We have over 100 web merchants to whom Venture Infotek is providing end-to-end services on their gateway. Venture Infotek will also help us in signing up many more net merchants.''

Venture Infotek recently acquired Technonet Technologies, a payment gateway service provider and enhanced the technology platform of 'Eazy2Pay', its payment gateway to comply with the latest Visa, MasterCard and RBI guidelines related to internet commerce. Venture Infotek intends to accelerate its retail services business by expanding its customer base to new small and medium-sized business merchants online.

Piyush Khaitan, managing director, Venture Infotek said, ''We are already seeing interesting volumes on our internet payment gateway platform, and these will increase as more and more cardholders register with issuers for the additional security requirement mandated by the RBI. There are several emerging segments over the internet where Venture Infotek plans to focus. With the acquisition of Technonet Technologies, we will be able to provide our customers with more choice in payment services and grow our merchant services business even more quickly''.

Venture Infotek's 'Eazy2Pay' secures all transactions using Triple Data Encryption Standard (3DES) keys to encrypt cardholders' information and Merchant Plug-In (MPI) to facilitate 3D-Secure verifications. 'Eazy2Pay' routes the encrypted transaction data directly for online authorisation, authenticates the parties involved in the transaction and ensures integrity and privacy of all data. By addressing the critical aspect of security in on-line transactions, Venture Infotek believes that many more merchants, consumers and businesses will be encouraged to transact freely and securely on the internet.

The payment gateway servers are hosted at Venture Infotek's state-of-the-art data center in Mumbai with a disaster recovery site in Bangalore, secured by sophisticated firewalls and other network security infrastructure. The gateway would employ both software and hardware encryption to ensure the highest level of security.

Venture Infotek Global Pvt Ltd is India's first and leading ISO 9001:2008 transaction processing and knowledge management company.

Incorporated in 1997, Venture Infotek pioneered the introduction of e-payments in India, and since then has continued to be instrumental in shaping this industry. The company has in place a superior infrastructure, providing integrated end-to-end card payment solutions to organisations across industry verticals like banking, financial services, petroleum, retail, manufacturing, government and travel and hospitality.

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Venture Infotek to launch IDBI Bank's internet payment gateway services