Robert A. Carter

IPAYMO is a solution for electronic mobile (card) payment systems to better combat fraud and minimise abuse using innovative GNSS-derived security.

Today’s financial services industry is increasingly suffering from sophisticated criminal activity. Current card systems are basically still identical to those introduced 40 years ago and have not kept pace with the technology advances made since.

IPAYMO offers an innovative and effective solution using the timing and positioning features of the current GPS system. In the future, the solution could potentially add Galileo integrity and improved indoor coverage enhancements to provide better protection and improved risk management to operators of payments systems and, ultimately, bank customers.

Target market
IPAYMO targets the banking, insurance, card clearing house, card issuer and payment processing, and the payment equipment manufacturing communities in general, particularly the parties directly involved in operating electronic card payment systems.
The level of card fraud in the EU is estimated to be over €6 billion in 2006 alone; these losses are even much higher in the US. IPAYMO will help significantly reduce these levels and stem the flood of criminal activity in this area. In this respect, IPAYMO can be of use for judiciary authorities, financial regulators, and intelligence agencies.

Customer benefit
IPAYMO pro-actively protects payment systems against abuse. By limiting the monetary and reputation damage incurred by card system operators, IPAYMO will help maintain trust and confidence in such systems.
IPAYMO uses existing hard- and software infrastructures, avoiding costly replacement of operational systems and reducing the running cost of IPAYMO-enabled schemes.
Ultimately, customers will pay lower fees and charges, merchants will pay considerably lower transaction fees, and card operators will spend less on combating fraud.

Robert A. Carter
Rue de Beggen
1220 Luxembourg
phone: +35 22 6008082
e-mail: robacarter@aol.com