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Recruitment drive planned as profits rise at OmniPay
Sunday Business Post Article - 18th January 2009-
by Gavin Daly
OmniPay, a Dublin firm that processes credit card payments for banks around the world, has recorded sharply increased profits and plans to expand.
The firm has deals with 25 banks and handled a record 64 million transactions in December - more than two million transactions a day.
Brian Connolly, chief executive of OmniPay, said that the company's revenues and profits continued to rise last year, and that it would be hiring this year, despite the economic downturn and the global banking crisis.
The company hired about 30 new staff last year, bringing total employment to 170 people. It expects to add at least ten more staff this year. "We are slated to grow this year," said Connolly. "Everything is moving upwards - the market, the transactions, staff numbers."
OmniPay recorded pre-tax profits of €7.5 million in 2007, as revenues rose by 44 per cent to €24.5 million. While the company's accounts for the last year has not been finalised, Connolly said that business was helped by the growth in online shopping, with online transactions accounting for about 70 per cent of OmniPay's business.
"It is not all doom and gloom," said Connolly. "We are operating from the east coast of Australia to the west coast of the US - and everywhere in-between. We run everything off a single platform based in Ireland with 170 staff. From an Ireland Inc point of view, if we win more business - and we expect to - it will mean more employment."
Connolly said that the company had been relatively unaffected by the turmoil in the banking sector, and even saw "some upside" to the uncertainty in the industry.
"Our customers are high street banks, rather than investment banks that have been the worst hit by the turmoil" he said.
"Our core business is in providing services to banks, who provide them on to merchants. With the turmoil in the markets, we anticipate that banks that do their own in-house processing will question if they should be doing that or if they should hand it off to providers like us."
Connolly said there were also opportunities for OmniPay in the new geographic markets. "We have customers in the Far East, Malaysia, Brunei and Singapore," he said. The company has just hired sales staff focused on the Asia-Pacific region and the EU.
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- OmniPay to adopt latest version of IST/Switch open systems payment engine from FIS
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London, UK. – (08 December, 2008) – Fidelity National Information Services, Inc. (NYSE: FIS), a worldwide leader in processing and technology solutions for financial institutions, today announced that OmniPay is upgrading to FIS IST®/Switch 7.6, the latest version of the credit and debit processing solution, in preparation for meeting full compliance with the recently released Payment Application Data Security Standard (PA-DSS).
The goal of PA-DSS is to ensure that payment applications do not store prohibited data (such as full magnetic stripe, CVV2 or PIN data) and meet a number of other security controls in accordance with the PCI Data Security Standard, thereby helping merchants and agents mitigate the possibility of a security compromise.
John Ward, Authorisation System & Relationship Manager at OmniPay, explained: "We process hundreds of millions of transactions annually for some of the world's largest financial institutions – and compliance with PCI Security Standards is critical to our business.
"We have a great working relationship with people in FIS, and we have been closely involved in some very successful enhancement projects with them over recent years. In addition to being slated for PA-DSS compliance ahead of Visa's July 1, 2010 deadline, the latest version of IST/Switch incorporates several of our suggestions. This is a testament to FIS' responsiveness to our needs."
Dublin-based OmniPay is a leading provider of card and electronic payment processing services to acquiring banks worldwide. Currently, the OmniPay platform supports 24 acquiring institutions around the world.
With the ability to handle a vast array of devices, networks and host systems, IST/Switch is flexible enough to accommodate OmniPay’s business in supporting multiple institutions, multiple currencies, and multiple languages, as well as multiple regions and countries. That means that IST/Switch powers authorisation for the only merchant acquiring platform that operates globally.
Mike Haas, General Manager, of FIS' global payment software division commented: "FIS is committed to enabling OmniPay to provide world-class processing services to financial institutions. Keeping their platform current with compliance requirements is another example of that commitment."
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