The retail payments (RPS) technology allows consumers to purchase goods and services by transferring money directly from their checking accounts to participating merchants. This simplified process eliminates a large portion of the fees merchants assume with traditional purchases made on credit cards and through other online payment providers.
Under the terms of the acquisition agreement, all customer accounts and CheckFree employees who support the RPS product will transfer to Moneta. CheckFree will continue to partner with Moneta and provide payment processing.
Mark Johnson, vice chairman of CheckFree, said: With a targeted focus on online retail payments, Moneta has an excellent opportunity to increase the number of websites where consumers can pay online using their checking accounts. CheckFree will continue to process payments made using the Moneta retail payment service, and we are looking forward to working with them to provide a convenient and secure online payment option.
Consumers who register with Moneta are provided with a four-digit PIN that is used to complete all purchases, eliminating the security concerns that most consumers have about submitting sensitive personal information over the internet.
