Feeds

Behind-the-scenes payment operation gets e-money capability

Competition for WorldPay muscling up?

High performance access to file storage

Payment processor Ogone has bought up e-money operation Tunz, allowing it to expand into virtual currencies and make the world marketplace a little more real.

Ogone is a competitor to WorldPay, so merchants sign up with Ogone to accept payments using credit cards as well as alternatives such as PayPal or iDEAL depending on the country. Ogone already offers currency conversions which push it towards becoming a bank, so by acquiring Tunz is makes that jump without exposing itself to the full rigour of banking regulations.

Tunz isn't a proper bank, it operates under a "Bank-Lite", e-money, licence. That licence will keep it a separate legal entity even after the acquisition, so Ogone can continue to provide payment services using Tunz whenever those services get a little too close to banking.

Ogone won't say how much it's spending on Tunz, which currently belongs to the two founders with the exception of Belgacom's 40 per cent stake, but once the transaction is completed the whole company and its ten existing employees will belong to Ogone. Ogone then plans to triple the size, pushing into new markets, while increasing its own operation from the current 250 people to 350.

Those 250 people are already providing payment service to 35,000 merchants, mostly around Europe but also in India and elsewhere. Ogone isn't a public-facing brand, unlike WorldPay, but it provides white-label services to customers such as Barclays in the UK, who resells the service as part of its ePDQ brand.

One area Ogone is particularly interested in is virtual currencies, which are offered for in-game transactions or intra-platform offerings (such as Facebook credits). Many companies offering such virtual money aren't properly registered right now, and Ogone reckons there's an opportunity to offer white-label banking before the regulators get too annoyed.

With new currencies popping up all the time, and the 250 payment mechanisms listed by WorldPay making international transactions increasing complicated, there's certainly a need to make lives easier for merchants. Ogone reckons with Tunz on board it can enable a merchant, such as a UK shop, to accept payments from a locally-unknown operation such as Axis iConnect (used by 13 per cent of Indians), just as it can enable an Indian store to take Sterling transferred from PayPal.

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Nokia offers 'voluntary retirement' to 6,000+ Indian employees
India's 'predictability and stability' cited as mobe-maker's tax payment deadline nears
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
Adrian Mole author Sue Townsend dies at 68
RIP Blighty's best-selling author of the 1980s
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Analysts: Bright future for smartphones, tablets, wearables
There's plenty of good money to be made if you stay out of the PC market
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.