™

www.mirrorreview.com
July 2020
Leading
THE PAYMENT
AND CARD
SOLUTION PROVIDERS OF 2020

RELIABLE
PAYMENT
SOLUTIONS
How Host Card
Emulation meets
EMV Goals?

ENHANCING
COMPLIANCE
Payment Card
Industry Compliance:
An Overview

VENTURES, LTD .
The Next-Generation Cloud-Based
Payments Processor
A N D R EW S I D E N | FO U N D E R & C EO
EDITOR’S
LETTER

www.mirrorreview.com
™
Shaping the ecosystem for the
post-COVID-19 era!

G lobally, the adoption of domestic and cross border real-time

payments has rapidly risen. There are 54 real-time payment
schemes that are active globally, with many scheduled to
release shortly. Industry estimates had projected the real-time payment
market to grow at a compound annual rate of 50% and 80% from 2018
to 2023. However, the market was not prepared for the unforeseen
COVID-19 outbreak.

Currently, the spread of COVID-19 has become one of the biggest threats to the global economy
and financial markets. As a measure to contain the spread of coronavirus many countries around
the globe issue a nationwide lockdown. This resulted in shutting down public places and transport,
limiting movement of the population, and encouraging staying indoors, maintaining social
distance, and work from home. The short-term decline in activity for businesses—both large and
small— will indeed result in huge economic disruption.

As the COVID-19 consequences continue to unfold, its impact on the behavior and expectations
of customers, as well as those on businesses, will become clearer. Similarly, the financial outlook
of the digital payments sector will also witness some disruption. But then again the industry's
stability and potential for innovation will play an instrumental role in rebooting the economy in
the new normal.

Nevertheless, it is evident that the world will witness a new normal once the pandemic outbreak
settles down. Hence, in our latest issue of “The 10 Leading Payment and Card Solution
Providers of 2020”, we present you the prominent solution providers which are providing
consumers with an alternative financial sector and making electronic payments universally
accessible. In order to aid the recovery and lead the emergence into this new normal, these leading
solution providers are rapidly evolving the digital payment ecosystem and helping to shape the
post-COVID era.

Furthermore, in the section of 'Reliable Payment Solutions' and 'Enhancing Compliance', our
writers have penned engrossing articles on the reinvention of the payment industry over the years
and the need to incorporate cutting-edge compliance in the payment landscape.

For further more information on the latest trends and COVID-19 business scenario, do visit our
website.

Vidya Joshi
Editorial Coordinator
 PUBLISHER
ARCHANA GHULE FOLLOW US
EDITOR-IN-CHIEF
mirrorreviewofficial
VIKRAM SURYAWANSHI
MirrorReview1
EDITORIAL COORDINATOR
VIDYA JOSHI mirror-review
RAKESH MAHTO
SHUBHAM BIRADAR mirrorreview
UTKARSH DESHPANDE

PROJECT MANAGERS
DANIEL LEWIS Mirror Review Media & Tech
SANTOSH RANDIVE
C-206, Wisteriaa Fortune, Laxmi Chowk Rd, opp. Silver
ART DIRECTOR Spoon Hotel, Bhumkar Nagar, Wakad, Pimpri-Chinchwad,
Maharashtra 411057
VINOD ALHAT

VISUALIZER +1 (850) 564-8517

MARK DAVIS

HEAD OF DISTRIBUTION info@mirrorreview.com

& PRODUCTION
AAKASH MAHAJAN www.mirrorreview.com

HEAD OF OPERATIONS
ROBERT SMITH Mirror Review Magazine is published by Pericles Ventures
Pvt Ltd. No part of Mirror Review magazine may be
reproduced, published or used in any manner without prior
RESEARCH ANALYSTS written consent from the publisher. The team of Mirror
JAMES ADAMS Review Magazine has made every effort to ensure the
accuracy of the content. The publisher assumes no
responsibility of any part of the content of any
ADVERTISING advertisement in this publication, including any errors and
omissions therein.
MARIA SMITH
C O V E R S T O R Y

CONTENTS
Pg. No. 10

VENTURES, LTD .
The Next-Generation Cloud-Based
Payments Processor
 Pg. No. 20
INTUITION SYSTEMS
Catering Powerful and Affordable
All-in-one mPOS System

Pg. No. 22
MEMBER ACCESS
PACIFIC
A Stable and Trusted Card-Processing
Services Partner

Pg. No. 30
NATIONAL PROCESSING
Delivering Trusted and Transparent
Merchant Processing Relationship

Pg. No. 32
SAFEXPAY
Providing World-class White Label
Payment Solutions

A R T I C L E S
Pg. No. 24 Pg. No. 34
RELIABLE PAYMENT SOLUTIONS ENHANCING COMPLIANCE
How Host Card Emulation meets Payment Card Industry Compliance:
EMV Goals? An Overview
COVER
STORY

VENTURES, LTD .
The Next-Generation
Cloud-Based
Payments Processor

10

T he eventual emergence of the e-commerce world
during the late 90s and the early 21st century was a
game-changer for various industries worldwide,
particularly for the banking and finance field. As the
transactional activities began to digitize, the financial sector
changed drastically, including the landscape of alternative
financial products.
The unbanked and underbanked customers from the
alternative financial products industry, also known as the
check-cashing industry, faced obstacles when partaking in
Leading
10 THE PAYMENT
AND CARD
SOLUTION PROVIDERS OF 2020
online shopping because they were still dealing in
cash.
Prepaid Ventures, LTD. (PPV) entered the
financial market in the year 2007 with a key aim of
providing customers of the alternative financial
sector a financially inclusive product, making e-
commerce and other electronic payments
universally accessible. The company now offers a
suite of electronic payment options across multiple
payment products and distribution channels.
11
COVER
STORY

“With a consultative
approach to
understanding client
use cases, Prepaid
Ventures aims to
partner with clients to
Andrew Siden
Founder & CEO
provide a solution
that suits them best.

Andrew’s Entrepreneurial Journey Now, as the Founder and CEO, Andrew has set up new
priorities for PPV, which includes the launch of new products
Andrew Siden (Founder and CEO) has been a major such as a payroll card program, gift card program, and
driving force behind Prepaid Ventures' success. He brings 30 companion card program. Also, Prepaid Ventures will
years of financial services and electronic payment processing continue to build upon existing programs such as Avid
experience to the company. The veteran leader started his Prepaid, NexsCard For Business, and a remote deposit
career at Smith Barney in 1991, where he worked as a Guided capture feature-mobileteller.
Portfolio Manager and ultimately became an Equity Trader
with Knight Capital Group. Then, in 2003, he left Wall St. to The Motivation behind Prepaid Ventures
pursue the rapidly evolving Alternative Financial Services
(AFS) market, where he joined a leading New York-based Andrew shares, “In 2005, I entered the alternative financial
check-cashing business. Once there, Andrew implemented services space, and in 2007, started PPV. I never realized
new corporate strategies, leveraged technology, and improved how many people were unbanked and how the big industry
compliance & operational procedures. All the while gaining a was. At the time, the government estimates were 60 million
broad understanding of the AFS landscape and ultimately un or underbanked. Banks were not available to them, people
launching Prepaid Ventures and developing its initial product, not having financial services that they needed, or even a
the NexsCard Prepaid Visa Card. choice, so people used alternative services and check-

12

cashing.” As Andrew started his journey in
the check-cashing industry, he would work
various shifts. He noticed each week at 11
pm, the nurses from the local hospital
would have a shift change and would come
to cash their paychecks, leaving the store
with cash in a dangerous neighborhood to
go home at night. This situation didn't sit
right with Andrew, and he saw an
opportunity to help check cashers and
customers.
Simultaneously, companies like EBAY were
hitting the mainstream, and people who rely
solely on cash could not participate in the
online economy. Prepaid cards were not
widely available at that time, nor was it
common with check-cashing stores. To
overcome this problem, Andrew figured out
a way to customize a prepaid card for check
cashing stores and their customers. This
motivated him to start Prepaid Ventures. He
raised capital, and NexsCard was formed.
Through tenacious effort, research, and with
a few false starts, Andrew persevered and
designed a product to meet the needs of
customers and bridged a gap in the check-
cashing industry.
Andrew's notion of offering this to a select
group of NY check cashing stores quickly
grew to a national program. It was with this
demand that the seasoned leader started a
core team that really pushed the product to a
large distribution network of retail
locations. Despite such a big achievement,
Andrew still felt that the product needed to
be refined. So, he recruited more technical
staff, and PPV was able to build upon an
already great product known as NexsCard.
Commenting on this, he says, “The most
difficult years were the first two, even
though there was tremendous growth.”
The Continued Evolution of NexsCard
In 2009, after two years of developing and
fine-tuning his model, Andrew launched
NexsCard, a prepaid debit card in the
market. NexsCard allowed check cash
Leading
10
THE PAYMENT
AND CARD
SOLUTION PROVIDERS OF 2020
customers to load cash onto a network-
branded prepaid card at their local check
cashier, or obtain direct deposits, and to use
the card anywhere with Visa brands OUR FOCUS
approved (Prepaid Ventures exclusively
partners with Visa to provide its prepaid card
solutions). In addition to the cardholder
benefits, NexsCard agent check cashers were
able to keep their check cashing revenue,
retain the customers that they would
SECURITY
otherwise have lost to direct deposit and
grow their revenue streams by offering Protect funds with
NexsCard. Throughout the establishment of our advanced
this prepaid debit card, Andrew brought in monitoring system
resources such as Customer Support and and exceptional in-
Technology in-house to empower the house call center.
Prepaid Ventures platform. When NexsCard
achieved critical mass, Andrew started
pursuing other payment space-related
projects; that is where they are today. Over
time, Prepaid Ventures began reinvesting the
profits earned from NexsCard into its own
processing platform, which included mobile TECHNOLOGY
applications, cardholder websites, and more.
Andrew explains, "We really work hard to Our customized
provide our customers with products and consultative client
services that work for them. We even built an approach coupled
in-house call center to provide our with Agile
customers with a more personal experience methodology and
from our own employees who use the card robust technologies
every day.” provide the platform
to develop new
Today, Prepaid Ventures is one of the leading solutions.
providers of payment processing, system
management, and prepaid debit card
solutions, using its in-house technology to
launch other products for itself and third
parties. This includes payroll cards,
corporate prepaid cards, general-purpose
reloadable cards, and remote deposit capture
ADMINISTRATION
of checks. Consumers have become more
digitally oriented and increasingly involved From card
in online check cashing. Mobileteller system fulfillment to user
of Prepaid Ventures has been specifically management and
developed to ensure the smooth virtual compliance, we are
interaction between agents and their here from
customers. The company empowers clients beginning to end.
with its disbursement services and flexible
payment management software with bank-
level security, focused on replacing manual
paper-based processes with electronic
payments and documents.
13
COVER
STORY
“
Payment is an
emerging market;
we are currently
focused on faster
corporate payments
and real-time
payment.
Prepaid Ventures collaborates with several different supply
chain providers, which results in a seamless, vertically
integrated solution in a complex marketplace. It has also
entered the merchant processing space to add to its full suite
of processing, payments, and program management
services.
Because of this, the company uses a customer approach and
customized consultative client, coupled with the agile
methodology to develop new solutions.
Ensuring Unparalleled Security of Customers'
Information
In the card and payment industry, security is a concerning
topic for consumers because they want protection from any
unknown threats. Prepaid Ventures recognizes this demand,
and therefore, it implements any regulatory changes swiftly,
monitors its systems, and relies on stringent risk
management approaches to ensure consumer protection.
The company employs security tools on a product, program,
14
and portfolio level. Moreover, it undergoes an annual PCI
audit and has achieved Level 1 PCI, the industry's highest
standard. Below are some of the ways PPV employs its
solutions:
Ÿ Account Shield: Customers have full control over their
account security by blocking transactions. They can
instantly protect their card by turning on Account
Shield. This option temporarily enables or disables
account transactions. Cardholders can do this by using
the mobile app or cardholder site.
Ÿ Biometrics: The company secures customers' data with
256-bit encryption, a high level of data security. Using
biometrics like Touch ID and Face ID protects the
information with automatic sign-out if a customer leaves
the app open. It also uses two-factor authentication for
an extra layer of protection when a customer creates
their account or performs certain actions.
Ÿ EMV chip technology: This technology is used to
support safe and secure payments. It offers enhanced
fraud protection, smart security, and is the global andard
to safeguard customers' data and transactions.
Ÿ Real-Time Alerts: Any time a customer uses their card,
it sends instant transaction reminders to that customer.
As a result, the customer will know their balance in the
account. Additionally, its card programs support a robust
alert/notification system.
Ÿ Visa's Zero Liability Policy: Visa's Zero Liability Policy
covers card programs to ensure that cardholders are not
liable for unauthorized charges. This is a guarantee from
Visa that customers will not be held responsible for
unauthorized charges resulting from their account or
account details. They are protected even when their Visa
credit or debit card is lost, stolen or fraudulently used,
online or offline.
Ÿ FDIC Insured: PPV's top priority is to protect its
customers — that starts with keeping their information
and money secure and safe. Therefore, card programs
are FDIC insured. Funds are insured up to $250,000
through its issuing bank, Metropolitan Commercial
Bank, Member FDIC.
Ÿ Enhanced Fraud Engine: Using industry best
practices, cardholder experience, past transactional
history and knowledge of the retailer environment, PPV
makes it possible to prevent what may seem like an
assault by fraudsters who also threaten prepaid cards
and prepaid industries
Seeking Best Qualities, Crediting Board Members
The team is one of the core elements which define the
success of any organization. Andrew feels fortunate to have
trusted friends as the board members. The advice and
guidance offered by them help him stay competitive. The
board challenges Andrew and has advised him of the
"entrepreneur's curse" at the start of his endeavors. This has
always motivated Andrew to become a better CEO and has
held this philosophy very closely. Therefore, he credits his
recognition and performance to his board's encouragement
and advice. As for team members, Andrew searches for
certain characteristics inside his team that reflect the same
entrepreneurial spirit that is instilled in him. Drive,
willingness to learn, and intellect are those characteristics
that make a successful member of Prepaid Ventures. These
are the fundamental skills required to succeed at PPV.
15
Company Names Info

Connected Payment Connected.co provides global banking solutions, advanced gateway technology
Services, Inc. and proprietary risk management services to online merchants worldwide.
JW Epply, www.connected.co
CEO

Coriunder is a payment oriented user management system - why build a

Coriunder backend system from scratch when you can have Merchant management,
Eliad Saporta, user management, ecommerce, processing and affiliate management out of
Founder & CEO the box.
www.coriunder.com

Intuition Systems is a cloud based point of sale and ‘ERP lite’ Software
Intuition Systems
Company that has built an all-in-one billing, payment, business management,
Anand Asiathambi,
Co-Founder
and business automation platform for restaurants and retail stores.
www.intuitionsoftwares.com

Member Access Processing (MAP) is offering credit unions industry-leading,

Member Access Pacific state-of-the-art card processing solutions at a price-point unrivaled by its
Cyndie Martini,
President & CEO competitors, resulting in the industry’s highest client retention rate.
www.maprocessing.com

Moven Enterprise Moven Enterprise is the leading innovative mobile-banking technology

Brett King, platform that banks use to reduce attrition rates, drive new revenue streams
Founder & Executive and lower customer acquisition cost.
Chairman www.moven.com

National Processing National Processing offers simple and transparent payment processing
Wayne Hamilton, solutions.
Founder & CEO www.nationalprocessing.com

Ondot Systems Inc Ondot is a financial technology (fintech) company headquartered in Silicon
Bharghavan Vaduvur, Valley, California, with offices in Atlanta, Chennai and Bangalore.
Precident & CEO www.ondotsystems.com

Prepaid Ventures, LTD. (PPV) provides customers of the alternative financial

Prepaid Ventures sector a financially inclusive product, making e-commerce and other
Andrew Siden, electronic payments universally accessible.
Founder & CEO www.ppvglobal.com

Razorpay Razorpay aims to revolutionize money management for online businesses by

Harshil Mathur, providing clean, developer-friendly APIs and hassle-free integration.
Co-Founder & CEO www.razorpay.com

Incepted in 2017, SafexPay is a fintech, which focuses on solving problems

SafexPay for businesses that need to either accept online payments from or make
Ravi Gupta, payouts to various stakeholders.
Founder
www.www.safexpay.com/in
INTUITION SYSTEMS
CATERING POWERFUL AND AFFORDABLE
ALL-IN-ONE MPOS SYSTEM
A s the world moves further and faster into the
technological age, the businesses are also evolving.
Technologies like Point of Sales (POS) have
become a technology of choice. The traditional POS
Industry in India is comprised of legacy systems consisting
of four major modules i.e. the point of sale billing computer,
a payment module to accept cards or cash, printer, and back-
office business management software. However, these
traditional windows based legacy POS systems are now
being replaced by mobile, powerful android based all-in-one
mPOS systems integrating all four major modules including
contactless payments.
The mPOS systems can digitally empower all merchants
including micro-merchants to build and run a successful
business, perform complex ops, boost revenues,
communicate with vendors and customers, avail banking
functionalities anywhere anytime at an affordable cost.
Thus, there is a huge need for robust software that can
power these new android mPOS devices at an affordable
cost. Established in 2013, Intuition Systems has been
complementing this need since its inception. It is a cloud
based point of sale and 'ERP lite' Software Company that
has built an all-in-one billing, payment, business
management, and business automation platform for
restaurants and retail stores.
Powerful Tools and Valued Partnerships
In 2011, Anand Asiathambi co-founded DosaiAsai Foods,
a local restaurant chain in Bangalore with his brother. He
and his brother tried to setup a POS system for their
restaurants, but could only find expensive, outdated, and
difficult to use legacy systems. This prompted them to put
together their own mobile POS system. Thus, after exiting
the restaurant business, he co-founded Intuition Systems.
The company was formed to develop, build, and
commercialize the android-based mPOS billing, payments
and business management systems and is heading towards
achieving the mission.
Intuition Systems strives to empower entrepreneurs with
powerful and easy to use tools that are also affordable. The
company prominently provides Point of Sales Software tools
to the restaurant and retail businesses. These tools are useful
20
for various purposes such as 1-click billing, accepting
payments, inventory management, employee management,
customer management, and vendor management. These
tools are loaded with more than 80 features for POS and
business management and are used by more than 2000
customers across 25+ cities.
Moreover, Intuition Systems also emphasizes on data
security and makes sure its products have 256-bit encryption
in place for data security. The company also makes sure its
payments partners have PCI-DSS compliance. Furthermore,
it believes in a valued point of sales partnerships. The
company has partnered with several world-class POS
companies such as Mswipe, Pine Labs, ICICI Merchant
Services, Fiserv First Data, Watchdata, Posiflex, etc. to serve
the merchants with the best products. Thus, Intuition
Systems continues to provide innovative and unique
solutions.
Intuition Version of Point of Sales (IVEPOS)
The IVEPOS (Intuition Version of Point of Sales) is the
unique android-based, mPOS billing, payments, and
business management system developed by Intuition
Systems. The company provides several software for
restaurant point of sale and retail point of sale such as
IVEPOS Dine POS, IVEPOS Retail POS, IVEPOS QSR
POS, IVEPOS Dashboard, IVEPOS Back Office, and
IVEPOS Waiter. The IVEPOS point of sales software is
precisely designed for several businesses such as café,
bakery, bar, pizzeria, grocery, salon, garments, and
pharmacy as well.
The IVEPOS differentiates Intuition Systems from its
competitors by offering an easy to use POS system that
requires very less training for employees. Moreover, some
of the IVEPOS exclusive features include android based
advanced ingredient management, multi-store, and multi-
device management, Counter wise KOT, merge, split tables,
and many more.
Creative and Perseverant Team
Building a strong team is important for any startup to grow.

The IVEPOS
‘‘
software works
for your businesses
from retail to quick-
serve to restaurants
and bars.
Thus, Intuition Systems also gives emphasis on building a
team of thoroughly dedicated individuals. The company has
a great team of product engineers and sales engineers who
work with a creative approach. Creativity is one of the most
important assets behind the company's solutions, thus it is
always looking for and promotes creativity in the team.
Furthermore, several challenges are confronting the
company on a daily basis. Thus, Intuition System is always
in search of team members who are hands-on in their
approach to solve problems and never give up until the
problem is resolved. This creative and perseverant team is
one of the pillars behind the company's prowess over the
years.
Leading
10THE PAYMENT
AND CARD
SOLUTION PROVIDERS OF 2020
This team is led by Anand Asaithambi, the Co-Founder and
CEO of Intuition Systems. He is a serial entrepreneur and has
contributed immensely towards the company's success over the
years. He is a mechanical engineer from Anna University and
an entrepreneur with specialization in fin-tech, food-tech, and
engineering. He is also highly skilled in software, architecture,
robotics, design, UI/UX, product management, and marketing.
Prior to founding Intuition Systems, he co-founded another
innovative company. He leveraged his entrepreneurial
experience to lead Intuition Systems from a start-up to a
leading POS, billing, and business management platform
company.
Priorities for the Future
The COVID-19 outbreak has severely impacted businesses
globally. However, the companies are slowly getting used to
the new normal and are pivoting their strategies for the future.
Intuition Systems has also decided on three priorities for 2020.
Firstly, to continue building a strong product, R&D, and sales
team. Secondly, to build enterprise partnerships with banks and
payment services. Lastly, Intuition Systems will emphasize on
building new features including e-commerce tools. The
company is growing rapidly and is on the way of completing
these targets sooner than later.
21
MEMBER ACCESS PROCESSING
A STABLE AND TRUSTED CARD-PROCESSING
SERVICES PARTNER
T oday’s customers have high expectations when it
comes to their card payments. They are especially
interested instant access to their credit and debit
card accounts. In this environment, it is incumbent on credit
unions to offer the latest card technology or face losing their
members to more progressive competitors. In support of
credit union across the United States, Member Access
Processing (MAP) is offering credit unions industry-
leading, state-of-the-art card processing solutions at a price-
point unrivaled by its competitors, resulting in the
industry’s highest client retention rate. MAP’s state-of-the-
art payment solutions provides its client credit unions the
exclusive opportunity to leverage the technology, security,
and service of Visa for their members.
Ensuring Unmatched Customer Service

Started 1998 as a subsidiary of the Washington Credit
Union League, MAP began with a single purpose of
providing Debit Card Processing and ATM Driving
Services to the League’s credit union members. Then in
2018, the name Member Access Pacific was changed to
Member Access Processing and today, it is owned by six
west coast credit unions. The company’s primary business
is to provide Visa Credit, Debit, and ATM card processing
services to credit unions. With MAP as their preferred
partner, a credit union can match the card offerings of larger
banks, but far exceed their member service levels. It also
gives each credit union a dedicated account representative
who delivers unmatched customer service.
Furthermore, through its customizable, single-point
technology systems, credit unions can reach the ultimate of
cardholder usage, loyalty and program efficiency within the
first year. MAP also offers unparalleled security and fraud
protection to clients which allow them to outperform their
bank and credit union competitors. MAP's clients have been
first-in-the-nation adopters of EMV, card controls,
transaction alerts, on-demand card manufacturing and they
22
continue to innovate with virtual payments, digital issuance
and contactless payments.
Delivering Comprehensive Card-Processing Services
As the nation's only aggregator of the Visa Debit Processing
Service platform for credit unions, MAP is leveraging its
one-of-a-kind partnership with Visa to provide its clients
the reliability, security, and service that no other provider
can offer. It is offering a complete portfolio of services
expected of vendors in the card processing market. Its
technology partner, Visa DPS, supports debit, credit, and
ATM portfolio processing with a staff of more than 1,000
industry experts from all areas of EFT processing including
debit card and credit card processing, ATM terminal
driving, network gateway processing, web-based
technology, and mobile commerce.
MAP also offers award-winning, comprehensive risk
management services to safeguard clients against payment
fraud. Through regular consultation with clients, MAP
develops a comprehensive understanding of their risk
tolerance and provides the solutions that best fit their needs,
ranging from on-behalf-of services to the management of
fraud rules.
MAP Unique Quality
As a trusted partner and expert, MAP meets quarterly with
every client credit unions to assist them in so management
and growth their payment portfolios. Today, as one of Visa
DPS's largest clients, the company leverages its market
relationships to help clients fulfill their members’ and
institution’s needs in three main ways: Unparalleled
Service, Non-Interest Income Focus, MAP is an Aggregator.
These three keyways ensure that credit union members feel
safe when they use its products while helping client
financial institutions reach their potential no matter their
asset size or goals.
 Leading

10THE PAYMENT
AND CARD
SOLUTION PROVIDERS OF 2020

Building Customer Success Team

Customer satisfaction is one of the factors that contribute to

the success (or failure) of a business. So, having a good
team that is always ready to provide assistance to clients
helps organizations retention their client-base. Likewise,
MAP is steered by a management team focused on
providing superior client service and training that is
responsive, accurate, and consistent. Because of this, the
company is focused on creating the optimum user
experience and service delivery that meets the client's needs
across several dimensions - what they need, when they need
it, where they need it, and how they need it. Now, it
employs 27 full-time employees to fulfill the sales,
implementation, billing, administration, and client service
needs of the credit unions it serves.

A Veteran Leader Behind MAP's Bright Future

Cyndie Martini (President and CEO) has been managing

and leading MAP since its inception. She spearheaded
MAP's entry into the credit union card and ATM processing
arena - the first and only credit union League (Washington
CU League) nationally to resell Visa Debit Processing
Services (DPS) as a “collectively” priced card processing
solution. In addition to her expertise in the area of card and
ATM services and portfolio consulting, Cyndie has over 30
years of marketing, sales, strategic planning, advertising,
and card technology experience and is recognized as an
expert in the field of card and network systems. She has
CYNDIE MARTINI (PRESIDENT & CEO) managed and directed successful credit union card and
ATM portfolios, marketing programs and business
strategies for over 25 years. As a respected professional in
the credit union industry, the veteran leader continues to
develop significant relationships at all levels of the financial
We have created a services community.
one-of-a-kind As the CEO of leading payment processing, Cyndie has set

‘‘
payment processing three key priorities for 2020. This includes: First, MAP will
environment provide a multi-year investment in support of open banking
and other payment solutions. Second, it will continue to
that enriches the make investments in staff training and company culture as a
lives and revenue means to better serve its clients. Third, the company will
continue investments in data analytics capabilities and
streams of our services to clients. By completing the set goals, the MAP
will be providing industry-leading products and services to
client credit unions credit unions.

23
 RELIABLE PAYMENT SOLUTIONS
How Host Card Emulation
MEETS EMV GOALS?
S
ince the introduction of the first android phone with
Near Field Communication (NFC) capabilities in
2011, mobile and contactless payment technology
have shown immense potential for banking and payment
industries. As more mobile payment technologies hit the
market, the payments industry continues to get one step
closer to a new, better world that no longer requires plastic
credit cards. NFC is one of many technologies that offer
card issuers the opportunity to provide customers with a
secure, customizable, and contactless user experience.
However, card issuers and consumers alike have been
hesitant to adopt this technology for a variety of reasons,
ranging from the misconception that it is too complicated to
fear of security risks.
Thus, to make mobile payments easily accessible to card
issuers, Host Card Emulation (HCE) technology was
incepted. It is a software architecture that creates a secure
24
communication channel between an NFC terminal and
remotely-hosted payment credentials. With HCE,
consumers' phones serve as secure proxies for payment
cards, transit cards, room keys, event passes, and more.
Here, we will look upon HCE as a standard technology
stack for an android-based payments app and address how it
meets the main EMV (Europay International, MasterCard,
and VISA) goals to ensure secure payments at Point of Sale
(POS).
Role of Host Card Emulation
HCE is the term used to describe the entire ecosystem of
mobile payment solutions on Android-based devices, which
do not have access to a Secure Elements (SE) or a Trusted
Execution Environment (TEE). SE and TEE generally rely
on proprietary hardware security to store and access
sensitive keys such as the Card Master Key (CMK),
whereas HCE solves this by using mobile device software
in combination with a remote server. Furthermore, there are
various stakeholders in the HCE Ecosystem, which play an
important part in providing a seamless and secure payment
experience to the cardholder. The services range from a
secure payment app that builds the user interface to initiate
the mobile payment, to a trusted Wallet Service Provider
(WSP), and finally, a Tokenization Service Provider (TSP)
that replaces PAN with a payment token.

The secure payment app is the equivalent to the card

program that runs on the plastic card's contact chip. As a
result, the payment app ensures that a valid EMV
transaction is sent to the Near Field Communication reader
at the Point of Sale. All HCE participants such as software
Thus, these steps make it difficult for a fraudster to request
and hardware vendors, card issuers, and card schemes, have
valid SKs from the HCE wallet server for a payment app
aimed for the same security levels and market acceptance,
that resides on a different device.
as EMV transactions have evolved towards being
recognized as the more secure solution compared to
Requesting Cardholder Verification
magnetic strip based payments.
The cardholders should be able to confirm that they are the
Main Goals of EMV
cardholders by a method that is either dependent on the
POS, transaction amount, or other attributes. EMV allows
The main goals of EMV are to reduce frauds by using
several cardholder verification methods—cardholder's
following measures.
signature comparison by the merchant, validation of the
PIN by either the issuer or the POS terminal, or “no CVM
Ÿ Validating authentication of payment card
at all” in case of risk transactions. For HCE, the cardholder
Ÿ Requesting cardholder verification
verification is as follows,
Ÿ Validating transaction integrity
Ÿ Using risk management parameters
1. Card-Like User Experience (CLUE)
This payment app follows the sane user experience as a
Validating Authentication of Payment Card
regular contactless payment, viz tap and play. Depending on
the country, card schemes, and the POS terminals, Low-
According to a source, the number of transactions using
Value Transactions (LVTs) sometimes don't require
credit cards at POS terminals in India grew by 23% year-
cardholder verification. However, a cardholder still has to
on-year, while it increased by 14.6% for debit cards for
enter his PIN at the POS for a High-value Transaction.
the 12 month period ending July 2019. This extensive use
has posed security concerns about the authentication of the
card. t should not be possible to copy a payment card or
compromise the application programs on the chip. HCE
technology solves this issue. With HCE, each payment app
has its unique instance ID after installing it on the mobile
device. Registering the payment app on the device includes
the storage of a device fingerprint at the HCE wallet server.
Furthermore, the provisioning of a payment token to the
software/hardware key store of a mobile device results in a
unique combination of payment app instance ID, device
fingerprint, and DPAN. Moreover, before replenishing the
limited-use session keys, the combination of the
provisioned payment token, payment app instance ID, and
device fingerprint is validated by the HCE wallet server.

25
 RELIABLE PAYMENT SOLUTIONS
2. Consumer Device Cardholder Verification Method
(CD-CVM)
The users can authenticate themselves to the device via a
fingerprint scan, password, or swipe pattern.
3. Flexible User Experience (FLUE)
It is a combination of CLUE and CD-CVM. It is not solely
one or the other.
These categories give the issuers and bank a flexible set to
build a payment experience, which is in alignment with
their standards and risk tolerance.
Validating Transaction Integrity
It is very important to make sure that the transaction is not
altered on the way between POS, card network, and the
card issuer. HCE uses various sets of encryption keys and
transaction identifiers, as well as exchanges a payment
cryptogram based on DPAN-derived SKs to validate
transaction integrity on the issuer side.
26
Using Risk Management Parameters
Within the EMV ecosystem, each stakeholder should be
able to apply risk measures. HCE puts several safeguards in
place. With HCE, the fraud systems are able to inspect the
frequency of SK replenishment. In case of malicious
behavior, the HCE wallet server can suspend the DPAN and
stop the renewing of SKs. Moreover, a payment app can
only hold a small pool of SKs thereby minimizing the
number of offline payments the fraudster could potentially
make. Furthermore, HCE only allows the provisioning of
payment tokens on mobile devices that provide certain
security standards, e.g. version of fingerprint readers,
operating versions, etc. HCE also provides velocity tracking
of LVTs without HVT in between.
To conclude, HCE product companies are continuously
working on security concerns to maintain reliable payment
solutions. The card payment market is growing at a rapid
pace, and the growing competition is good particularly in
terms of security, as it keeps the providers under pressure to
not lose the cardholder's trust.
NATIONAL PROCESSING
DELIVERING TRUSTED AND TRANSPARENT
MERCHANT PROCESSING RELATIONSHIP
I nspired by the successful condiment revolution of
Heinz, a keen entrepreneur Wayne Hamilton
(Founder and CEO of National Processing) saw the
opportunity to introduce an easy way for payment
processing and introduced National Processing. Back then,
Wayne was working for a large bank for selling and
managing merchant services. Whilst working he saw the
chance to establish a platform that would make payment
processing less infuriating than it was. “We really wanted to
bring transparency to the industry, I keep running into
merchants time and time again frustrated with their
providers and the experience they had,” said Wayne. The
business has successfully folded every year for Wayne and
his growing team at National Processing, as well as, has
placed itself amongst the leading payment and card solution
providers.
National Processing was established with an aim to be a
transparent and trustworthy business partner. While
searching for a payment processor one must choose the
right company. National Processing is a reputable company
that assists with all of the client's payment processing
needs. Its clientele base is diverse and includes every
merchant that accepts credit cards and ACH. Wayne said,
“We have powerful online tools that take payments on giant
websites; Gateways that send invoices and take keyed
transactions. We have a solution for every business.”
Price Lock Guarantee and Outstanding Support
Often most of the processors in the market can compete
with the price offered by National Processing and sell
merchants at a loss for the first few months. However,
within a few months, these processors slowly hike the price,
in a way that it is hard to notice. Merchants tend to fall for
this trick and end up paying thrice the price for the same
service. Due to this, National Processing offers a price lock
guarantee. “When merchants board with us, we give them
that price for the lifetime of their account,” states Wayne.
30
The sales rep is very transparent and offers the deals as it is
to the clients, without any hidden fees, surprises, or a man
behind the curtain.
Wayne believes that the distinguishing factor amongst the
other processors and National Processing is his team.
“Transparency, all processors can offer the ability to accept
credit cards but what sets us apart is my employees on the
phone,” says Wayne. The teams are personally connected to
the merchants and know the issues they have encountered,
which makes them fantastic customer service agents. The
support and sales reps are well versed to encounter the
issues and easy to work with. They don't pressure
merchants and patiently explain everything it offers. Apart
from this, the skillful team is quickly adaptive to every
change in the industry, adopts new policies almost
immediately, and swiftly learns the new software and
hardware.
Ensuring Security in Solutions
The biggest concern for the payment solution providers is
security. National Processing ensures the basic security
standard like firewalls, secure passwords—both for the
team and its merchants. These measures have all become
standardized and prevent a lot of issues, but the important
aspect that most of the solution providers lack is the human
element. “Most 'Hacking' these days isn't some person in a
dark room typing away on a computer, it's some person on
the phone trying to trick customer service reps into giving
away more than they realize,” shares Wayne.
The team also tries to assist the people who are not its
clients but are struggling with scams. The underwriting
team of National Processing protects those whose identities
are being stolen and used. Being a fully certified PCI
provider, the team can predict the anticipated target of the
scammer and protects him with the processing account.
 Leading

10THE PAYMENT
AND CARD
SOLUTION PROVIDERS OF 2020

Taking Advantage of the Opportunities

The advent of 2020 presented new challenges in front of

businesses. The COVID crisis has altered the traditional
methodologies of businesses. Thus, Wayne's priority is to
make sure that his existing merchants and the new
merchants can adjust to the new processing climate. The
team of National Processing has many curbside solutions,
and E-commerce solutions to help the small and medium
businesses maintain cash flow during these difficult times. It
has stepped up the production to meet this need.

Apart from this, National Processing aims to push through

the uncertainty and take advantage of the growth
opportunities by introducing new initiatives. In addition to
this, the team targets to save its merchants money and be
transparent about it. For this, Wayne plans to educate the
merchants through the Cash Discount program. “The
merchant gets to save on processing fees, and the customer
has the convenience of paying with their card,” explains
Wayne.

Anticipating the Changes

Wayne said that the most significant change which the

WAYNE HAMILTON (FOUNDER & CEO
industry witnessed was the way merchants view credit card
processing. Earlier, credit card processing was termed as a
huge expense that many merchants and restaurants would
neglect. Presently, due to the Cash Discount program, the
mindset is focused on passing through that cost to
customers.

Wayne anticipates more transparency about the cost of

credit cards from the merchants in the coming years. Today
many companies are coming forward with a discount for
Our user-friendly cash payments and surcharging. Wayne expects this to
become the new norm of payment processing. The big
software and stores have already built the cost of credit for their

‘‘
equipment make products, but smaller businesses have to struggle with these
calculations. The cost of updating signs can hurt small
accepting payments businesses more than savings of the price increase. National
a breeze whether Processing is striving to create an equal platform where the
consumer gets equal rewards for the amount paid. Giving
you are a seasoned discounts for cash, or surcharging is a way for merchants to
merchant or a brand more transparently pass through those costs. Wayne
concludes by saying, “Instead of being afraid of this trend
new business owner. we are embracing it and giving our merchants a way work
with the convenience of cards, and the low cost of cash.”

31
SAFEXPAY
PROVIDING WORLD-CLASS WHITE LABEL
PAYMENT SOLUTIONS
O
ver the past few years, an increasing array of
solutions aimed at different customer segments, and
expanding channels such as online, mobile, and
ATM have demonstrated the evolution in the payment and
transaction space. Moreover, technology advancements, need
for convenience, and security & regulations have also played
a major part in causing a significant shift in the payment
systems. Along with the customers, the evolution in the
payment system is proving beneficial for businesses as well.
The online payments help businesses save time, are faster,
and also help in reducing excessive costs involved in
physical transactions. Thus, businesses around the globe are
currently going online for their financial operations.
Incepted in 2017, SafexPay is a fintech, which focuses on
solving problems for businesses that need to either accept
online payments from or make payouts to various
stakeholders. The Mumbai-based company also specializes
in making its platform available to other merchant acquirers
such as banks, financial institutions, fintech, and international
clients.
Exclusive Payment Solutions and Products
SafexPay is a leader in B2B2B white labeled payments and
has access to over 5000 clients across the world. The
company provides payment solutions such as link Payments,
QR code Solution, Digi-banking Solution, DCC Solution &
Payout Solution. Moreover, it operates in the following
product lines.
Ÿ Payment Gateway (PG): SafexPay acquires merchants
directly and through its reseller partners, and provides
these merchants various integration options to collect
payments from their customers using over 100+ payment
options such as fully customized payment pages, standard
payment pages, etc.
Ÿ White Label PG: SafexPay has the ability to custom
brand end to end experience from merchant onboarding
to dashboards, settlements, integration options, and kits
for any entity aiming to directly acquire merchants. It
supports all the payment modes and can add locally
relevant payment options in international markets on
demand.
Ÿ Payouts and API Banking: The company acquires
merchants who want to send money to various
stakeholders. This product is used for instance by
32
Lenders for loan disbursal and gaming companies for
crediting money earned as winnings in the player's bank
account.
Ÿ White Label Digi-Banking: This is a pure white label
experience for brands wanting to issue cards or create
wallets for their customers. SafexPay supports in creating
both virtual and physical cards. It has APIs for brands to
credit these cards/wallets with money. Additionally, the
company also provides a white-labeled web and mobile
application to manage this card/wallet.
Ÿ Merchant Credit: SafexPay provides same-day
settlement to select merchants, based on stringent checks
on their line of business and transaction history on the
company's platform.
Amongst these product lines, White Label PG is SafexPay's
biggest revenue generator, with PG, Payout, and Merchant
Credit contributing in smaller ratios. The company provides
Smart Payout Capability, Faster Onboarding of Merchants,
and Multi pay mode & Aggregation Capability through its
solutions. Apart from this, SafexPay follows 256-bit
encryption across all API. Moreover, the company is PCI
DSS certified and does application VAPT every quarter to
ensure there are no security issues. These factors have
contributed in making SafexPay one of the leading payment
solution providers. Safexpay is offering these payment
solution to markets like UAE, Saudi Arabia, Africa and
Australia apart from India.
A Self-Motivated and Achievement-Oriented Professional
Ravi Gupta, the Founder of SafexPay has been leading the
company to success over the years. Listed amongst Top 50
Payment Professionals by World Payment Congress, he is a
payment expert with 11+ years of experience in Payment
Gateway, Digital Wallet, and Digibanking across the
acquiring and issuing industry. He specializes in Product
management, Dynamic Currency conversion, Instant
Insurance, Multiple Currency Acceptance, and numerous
other fields. He developed the Payment Gateway/ Payment
Aggregation business under several companies and is
running it successfully offering more than 300 payment
methods across 100+ Banks, all Credit/Debit Cards, IMPS,
UPI, Multiple Currency Gateway, EMI, Prepaid Wallets,
Tokenization, NEFT/RTGS, etc. Furthermore, he has
 Leading

10 THE PAYMENT
AND CARD
SOLUTION PROVIDERS OF 2020
developed mobile money and wallet platform with new
technologies like HCE, NFC, etc.

The growing demand for the payment industry in India was

his motivation behind founding SafexPay and has so far
succeeded in gaining ground in the payment industry in a
very short period of time. For the year 2020, Ravi has
focused his priority on multiplying the business growth and
is aiming to expand the business operations in the
international market. Furthermore, Ravi has a sight for
launching new product related features along with seamless
features capability. The team of SafexPay is growing rapidly
and is determined to achieve these targets.

Dynamic and Experienced Team

SafexPay has a dynamic team of professionals that have

worked on scalable payments platforms across various
payments companies. The technology team is the largest
team followed by sales and product, operations, finance, and
other domain departments. At SafexPay, active listening is
encouraged within the team. The company emphasizes on
effective decision-making by establishing a framework for
decision-making. Furthermore, ownership and teamwork are
the other salient qualities of the team that has helped the
company grow over the years.

Combating the Changes in Future

The ever-changing customer demands and continuous

technological advancements are expected to fuel the changes
in the payment systems in the future. SafexPay is ready to
combat the expected changes in the product lines such as
RAVI GUPTA (THE FOUNDER) Payouts and API banking, White Label Digibanking, and
Merchant Credit. Regarding the payouts and API banking,
SafexPay is partnering with all current account banking
providers to build a toolkit for merchants to easily transfer
money to anyone or in bulk using APIs from their existing
SafexPay is a Payment bank account.
Solution that brings in

‘‘
Furthermore, consumer brands will increasingly continue to
disruptive technologies build fintech features for their own customer base. SafexPay
is combating this by continuing to partner with more issuers
and revolutionary to give brands and enterprises a bigger choice to choose their
solutions for merchants banking partners. Likewise, to cope with the changing
Merchant Credit needs, the company has built overdraft
& enterprises from facilities in partnership with banks building on API banking
models. It also provides loans from lending and NBFC
around the world. partners as per need basis on transaction data underwriting
combining with other financial and risk data as well.

33
 ENHANCING COMPLIANCE

T he payment card industry has seen significant

growth over the past few years. According to a
report, at the end of 2015, there were around 18.08
billion payment cards in circulation worldwide and this
figure is expected to grow to 22.90 billion by the end of
against data breaches. Cardholder or payment data covers
information such as full primary account number (PAN),
the cardholder's name, and credit card service code and
expiry date. Sellers are also responsible for protecting
sensitive authentication data in the magnetic-stripe data.
2020. Thus, this increased number of customers has posed Hence to identify where the business might be vulnerable to
several security concerns in front of the Payment Card an attack, one should be aware of the places where sensitive
Solution Providers. Thus, many companies are prioritizing cardholder data can be stolen from. According to Statista,
the safety and security of their customers' private The United States saw 1244 data breaches in 2018. The
information. In the payment industry, new advances in data can be stolen from compromised card readers,
commerce and payment technology are often accompanied insecure payment system databases, hidden cameras
by new rules and regulations to help ensure that both recording the entry of authentication data, and
customers and businesses are protected. Hence for utmost many other ways. Thus, it is important to secure
security, five largest credit card companies have introduced the entire payment life cycle, from credit
a standard named Payment Card Industry Data Security card acceptance to payment processing.
Standard (PCI DSS) to help reduce consumer and data This can be done by protecting
breaches. cardholder data where it is captured
at the point of sale and as it flows
Understanding the PCI DSS compliance is essential for into the payment system to
business decision makers. This article will provide an merchant account.
overview about the PCI DSS Compliance.
The payment card
What is PCI DSS Compliance? industry standards
apply to card
As the internet era began to reach maturity, companies that readers, point-of-
focused on leveraging the power of internet began bringing sale systems,
their payment processing systems online, connecting them
wirelessly to both their physical and virtual terminals.
However, the cases of data theft also increased during this
period and to cope with the increasing data theft, five
largest credit card brands—Visa, MasterCard, Discover,
American Express, JCB—started implementing the
Payment Card industry Data Security Standard (PCI DSS)
to prevent costly consumer and bank data breaches. PCI
DSS are the payment security standards that ensure all
sellers safely and securely accept, store, process, and
transmit the cardholder data during a credit card
transaction.

Any merchant with a merchant ID that accepts payment

cards must follow the PCI compliance regulations to protect

34
and store networks and wireless access routers. They are
also applicable to payment card data storage and
transmission, payment card data stored in paper-based
records, and online payment applications& shopping carts.
For companies, becoming PCI compliant and maintaining
that compliance can be a complex process. It can involve
implementing security controls, hiring a pricey third-party
consultant to install costly software and hardware, signing
an expensive and binding contract under which the
company agrees with the bank's terms for annual PCI
compliance, completing annual self-assessments, and many
more things.

PCI Compliance levels and Requirements

If a business accepts payment cards with any of the five

members of the PCI SSC credit card brands (American
Express, Discover, JCB, Visa and MasterCard), then it has
to be PCI compliant within various levels. However, all
compliance reporting requirements are not the same. They
differ on the basis of processing volume. For an instance,
sellers with a higher volume of transactions are required to
work with internal security assessors, qualified security
assessors, and PCI-approved scan vendors.
There are four different levels of PCI compliance that
specify the requirements for which sellers are responsible.
The PCI council judges the pass mark is compliance with
100 percent of criteria. Due to this criterion, many
companies work with a PCI-compliance consultant on
standards and how to meet the PCI compliance
requirements. Every seller falls into one of the four levels,
depending on their transaction volume during a 12-month
period.

Difficulties Due To PCI Noncompliance

According to a research, 30% of the small businesses

report that they don't know the penalties for noncompliance
with PCI DSS 3.0 Though PCI compliance is not a law, but
being out of compliance can cause serious security concerns
to a company. According to the 2019 Verizon Data Breach
Report, there were almost 41,686 data security incidents
in 2019. Thus, keeping the payment processing life cycle
secure has become important than ever. If a business does
not comply with PCI standards, it could be at risk for data
breaches, card replacement costs, fines, costly forensic
audits & investigations into business, brand damage, and
many more.

The penalties for noncompliance are not publicized,

however, they can be destructive for businesses. For an

35
 ENHANCING COMPLIANCE

instance, if a company violates PCI-compliance

standards, credit card banks may charge fines from
$5000 to $100,000 per month from the company's
acquiring bank. Along with the financial losses,
there are also potential liabilities that could affect a
business, such as lost confidence, diminished sales,
cost of reissuing new cards, legal costs, fraud losses,
etc.

Cost to become PCI Compliant

According to a recent report, “The PCI process

increase based on the size of company's computer network and
takes up to 55 percent of the total data security
number of IP addresses. It also includes the cost of completing
budget for retailers. Yet, until 75% of a given
annual Self-Assessment Questionnaire and Attestation of
retailer's card transactions are EMV compliant, the
Compliance
EMV costs are additive to what retailers are already
paying for PCI compliance. Retailers have to do
Ÿ Level 2: $10,000 a year, and more
both.” Becoming and maintaining PCI compliant
business depends on the type and size of the
This cost includes the same attributes as in level 3
respective company and the compliance level to
which it is held. By level, the costs range as follows.
Ÿ Level 1: $50,000 a year, and more
Ÿ Level 4: $60 to %75 and more
This cost includes a regular network scan by an Approved Scanning
Vendor, an Annual report on Compliance by a Qualified Security
The cost includes an Approved Scanning Vendor,
Assessor, and an Attestation of Compliance.
who should complete a regular network or website
scan, and completion of a Self-Assessment
To conclude, with increased consumer convenience and benefits due
Questionnaire (SAQ) and Attestation of compliance
to innovations, the card payments industry is reinventing itself.
by the company or its staff.
Having already gone beyond cashless and contactless transactions,
the industry is set to go cardless. This in future may lead to much
Ÿ Level 3: $1200 a year, and more
more data security concerns, hence PCI DSS compliance is expected
to play a huge role in securing data and helping the payment card
This cost includes regular scans by ASVs and
industry achieve higher feats.

36
 Get Inspired, Stay Updated with all
the Business World Buzz with
Mirror Review Magazine

DON’T MISS AN ISSUE, SUBSCRIBE NOW

C O N N E C T I N G G LO B A L P R O F E SS I O N W I T H B U S I N E SS
www.mirrorreview.com