On the heels of launching it’s partnership with First Data as the preferred provider of controlled payment number technology to First Data Resources, its card issuing subsidiary, Orbiscom Inc. today announced that Henry Tsuei, Senior Vice President, Ventures and Emerging Technologies for FDR has joined the Orbiscom Advisory Board. With more than 300 million accounts on file, First Data is the leading card payment processor in the world.
“I’m pleased to join the Orbiscom Advisory board and to contribute to their already successful efforts,” said Tsuei. “As the only provider of Controlled Payment Number technology with live issuers in the United States and Europe, Orbiscom’s industry leadership and experience far exceeds its competition. I look forward to bringing the enormous advantage of Orbiscom’s technology to FDR’s clients and helping Orbiscom make secure payments a global standard.”
Tsuei Joins Orbiscom Following Company’s Year of Growth
Following an aggressive year of growth for the company, Tsuei joins the advisory board at Orbiscom. Through its relationships with First Data, MBNA, Discover, Allied Irish Banks, and other top five US and European issuers that Orbiscom has signed, Orbiscom’s technology is available to more than 500 million cardholders worldwide. Also this year, Orbiscom confirmed its own portfolio of more than 50 worldwide patents and patent applications granted in the area of Controlled Payment technology. Following that, Orbiscom signed a 15-year cross-licensing agreement with Microsoft.
Additionally, Orbiscom, was named by Visa, the world’s largest consumer payments system, as a vendor supporting Visa Payer Authentication, an e-commerce program designed to help ensure secure online payment transactions via 3-D Secure. Orbiscom also worked with MasterCard International to help develop the specifications for it’s Secure Payment Application(TM) (SPA) and will be a leading vendor in the roll-out. Last month Orbiscom secured $17.5 million in funding from Hg Capital.
US and European consumers who have used the Orbiscom solution so far this year spend more online, become repeat purchasers and shop at a wider variety of online merchants than those who shop using their regular credit cards. Through its user friendly Controlled Payment Number Technology, Orbiscom has delivered to card issuers an increase of up to 60 percent in the average online transactions of its consumers with more than 62 percent of consumers who use the technology becoming repeat customers. Despite the downturn in the economic climate this year, users of Orbiscom’s safe payments have shown no decrease in their spending habits.
“Henry joins our advisory board in a time when Orbiscom is experiencing tremendous growth and market momentum,” said Pete Hart, former MasterCard CEO and fellow Orbiscom advisory board member. “His expertise in e-commerce and his years of experience in the payments industry will be a strong asset as Orbiscom’s momentum continues.”
Orbiscom is the creator of Controlled Payment Technology for online and real world card payment applications. Orbiscom’s flagship technology O-power(TM) enables card issuers, e-merchants, consumers and businesses to utilize online and wireless devices for controlled and secure debit and credit payments. Founded in early 1998 by professionals from the financial services, software and Internet industries. Orbiscom has operations in New York, Dublin, London, Brussels, Toronto and Sydney. The company has a highly experienced team of experts in software development, Internet banking systems, card processing systems and product marketing. Orbiscom has been granted patents on Controlled Payment Technology in the US, Europe and other countries worldwide. For more information about Orbiscom, go to: [www.orbiscom.com].