EcoPayz

ecoPayz

Type	Private
Industry	Online payments Financial services
Founded	2000
Headquarters	Horsham, England
Number of locations	3
Key people	Phil Davies Tony Davis Craig James
Products	Digital wallet Prepaid card Virtual prepaid card Contactless payment
Services	Payment service provider Payment gateway
Website	www.ecopayz.com

ecoPayz is a payment solutions provider offering payment services to businesses and customers around the world in 159 countries and in 45 currencies. ecoPayz is a brand of PSI-Pay Ltd, an FCA regulated company that provides an instant, secure and private means to send and receive money globally, offering bespoke virtual and physical card programs for companies and individuals worldwide. These include corporate expense management and remote staff payment schemes that utilise PSI-Pay's self-card and account issuing facilities.

History

• The original ecoCard platform was created in the year 2000, making it one of the longest established digital wallets in the world.
• In 2008, PSI-Pay Ltd, the owner of ecoPayz, was regulated by the FCA under the Financial Services and Markets Act 2000 and the EU Directive on electronic money. The company became authorised by the Financial Services Authority to issue electronic money as a specialised electronic money issuer, as subject to regulatory requirements and supervision.
• In 2009, PSI-Pay Ltd, became a principal member of MasterCard for the purposes of card issuing. In the same year, ecoPayz launched their first application for iPhone mobile devices.
• 2010, marked the result of the growth of the ecoPayz brand with the introduction of 24/7 multilingual Customer Support, offering around the clock assistance to private and business customers worldwide. To fill a gap in the market in 2011, the ecoPayz Business Account solution was launched, providing an instant and cost effective^[1] means of paying salaries and expenses to staff, affiliates and individuals worldwide.
• In 2013, ecoCard has rebranded as ecoPayz in order to enable the Group to differentiate its solutions and brands.^[2] In the same year the mobile version of the site was launched, providing customers total control of their account on the move.
• The ecoVirtualcard was re-launched in January, 2014. In May of the same year, the company launched its own highly successful^[3] ecoAccount application for Apple and Android devices.^[4][5]

Regulation and accreditations

PSI-Pay Ltd, the owner of ecoPayz is regulated by the FCA under the Financial Services and Markets Act 2000 as well as the EU Directive on electronic money. The company is authorised by the Financial Conduct Authority to issue electronic money (FCA register number 900011).^[6] ecoPayz is a principal Member of MasterCard, licensed to issue branded and unbranded payment cards, including contactless products. It is fully compliant with Payment Card Industry and Data Security Standards, registered with the Information Commissioners Office (ICO) under the Data Protection Act 1998 and is member of the Electronic Money Association.^[7]

Services

• With an ecoAccount, customers can rapidly send money across the globe in any of 45 currencies with private online account that can be topped up and used to pay directly on sites, without the need of entering personal financial details. Customers are offered with the option of having up to three ecoCards in multiple currencies. It may be used to send or receive funds securely from around the globe, all from one account. There are five different levels of ecoAccount called "Classic", "Silver", "Gold", "Platinum" and "VIP".^[8] The highest level offers higher transfer limits, free ecoCard shipping and lower costs and is comparable to the VIP Programs of competitors like Skrill and NETELLER.^[9][10] EcoPayz also offers virtual one-use cards, which can be instantly acquired, topped up and used to spend online or over the phone, wherever MasterCard is accepted. Once used, it expires, eliminating the risk of being lost or stolen. Customers also have access to their online wallet through mobile application, which is available for no cost to all Apple and Android smartphone users.^[11]
• The ecoPayz Business Account enables businesses to instantly pay salaries, commissions and one-off payments to companies and individuals around the world, as well as allocate online payment accounts and prepaid MasterCard cards to employees for expense purposes.^[12]
• The ecoPayz Merchant Account gives businesses an instant means of accepting payments from customers worldwide, with the added benefit of fraud and chargeback protection.^[13]

Security

PSI-Pay offers Fraud Detection Engine, which is a unique web based tool that has been developed in-house. It features a secure and reliable rules based system that brings maximum protection for online merchants, combining analysis of transactional and behavioural data to combat online fraud. In addition, PSI-Pay uses a host of third party data brokers to verify the identity of its account holders. PSI-Pay also employs an in-house team of risk and data analysts, dedicated to identifying and investigating suspicious behaviour and financial transactions, with the objective of minimising exposure to fraud. PSI-Pay's Fraud Detection Engine was Nominated ‘Anti-Fraud/Security Solution’ of the Year in the Payments Awards 2014 and in the FSTech Awards 2015.^[14][15][16]

See also

• Online banking
• Digital wallet
• Online payment system

References

1. "Fees & Limits – Business Account Fees & Limits – ecoPayz". Ecopayz.com. Retrieved 2015-03-30.
2. "ecoCard rebrands as ecoPayz". Thepaypers.com. 2013-07-01. Retrieved 2015-03-30.
3. "ecoPayz launches ecoAccount app for customers". Sbcnews.co.uk. Retrieved 2015-03-30.
4. "History – ecoPayz History". Ecopayz.com. Retrieved 2015-03-30.
5. "ecoCard renamed as ecoPayz". Sectorpublishingintelligence.co.uk. 2013-07-01. Retrieved 2015-03-30.
6. "Company | PsiPay". Psi-pay.co.uk. Retrieved 2015-03-30.
7. "Accreditations – ecoPayz Accreditations – ecoPayz Memberships". Ecopayz.com. Retrieved 2015-03-30.
8. "FAQ Client Account Levels & Upgrades - ecoAccount FAQ Centre - Account Levels & Upgrades - ecoPayz". www.ecopayz.com. Retrieved 2016-06-30.
9. "Fees & Limits - ecoAccount Fees & Limits - ecoPayz". www.ecopayz.com. Retrieved 2016-06-30.
10. "ecoPayz vs NETELLER Comparison". eWallet-Optimizer. Retrieved 2016-06-30.
11. "Services – Send money – Pay Securely – ecoCard – ecoVirtualcard – Multicurrency Payments – Pay on the Move – ecoPayz". Ecopayz.com. Retrieved 2015-03-30.
12. "ecoPayz Business Account – Make Payments – Manage Expenses". Ecopayz.com. Retrieved 2015-04-29.
13. "ecoPayz Merchant Account – Accept Payments – Merchant Account Fraud & Security Tools". Ecopayz.com. Retrieved 2015-03-30.
14. "Fraud detection engine | PSI-Pay". PSI-Pay.co.uk. Retrieved 2015-03-30.
15. "Payments Awards 2015". Payments-awards.com. Retrieved 2015-03-30.
16. "FStech Awards". Fstech.co.uk. 2013-04-17. Retrieved 2015-03-30.

External links

• Official website