The Green Sheet Online Edition
July 13, 2015 • Issue 15:07:01
Simplified, processor neutral digital money
Payment startup Quisk Inc., established in 2011 and headquartered in Sunnyvale, Calif., created a cloud-based mobile payment platform that blends traditional retail and credit card processing with advanced digital technologies. According to the company, the platform is designed to work with financial institutions worldwide and facilitates mobile payments, marketing and loyalty programs while eliminating the need for cash, credit cards, or a physical wallet. Consumers do not need a smartphone to transact in real time; they can simply enter their mobile phone number and PIN at participating bank and retail locations, Quisk added.
Quisk was a finalist and fourth place winner of WhoDat 2015, a tech startup competition hosted by the Southeast Acquirers Association. According to the company, it is sanctioned by a central banking authority and partners with financial institutions and organizations to digitize fiat currencies and improve access to financial services for underbanked populations. These strategic partnerships have led to innovations in an array of products and services that have lowered costs, improved efficiencies and created new sources of revenue, Quisk noted.
"We partnered with Quisk due to their unique mobile money/digital payments platform and the caliber of their leadership team," said Doug Halsall, Chief Executive Officer of Jamaica-based Advanced Integrated Solutions. "Their conformity to banking standards (ISO8583) leverages existing POS systems [and merchant networks]."
Quisk pointed out its patent-pending platform's five key attributes, as follows:
- Mobile network neutral: The same platform supports both mobile commerce and digital marketing and loyalty programs in all currencies, countries, and for all phones and all wireless networks.
- Technology agnostic: The Quisk platform is technology agnostic. Its adaptable design will support emerging APIs and user interfaces such as near field communication and biometrics.
- Scalable: The cloud-based platform is architected to handle vast increases in transaction volumes while supporting an array of emerging financial institutions, wireless operators, merchants and developing countries.
- Broadly compatible: Quisk platform and payments schemes are designed to be broadly compatible with existing core systems and payment infrastructure to minimize POS retrofits or other technology investments.
- Secure: Protecting account data is a critical priority at Quisk. The platform uses state-of-the-art service oriented architecture methodology and secure data centers with built-in redundancy.
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