Peregrine Systems Ltd, the world’s leading supplier of chargeback processing software, today announced that it has been awarded its second major contract with Visa International in the last 12 months. Under the terms of the agreement, Peregrine Systems will provide Visa member banks in the EU and CEMEA regions with development, implementation and support services for Visa’s PASS and NEMESIS systems.
‘Peregrine systems’ detailed knowledge of the card payments industry combined with its impressive track-record of working with Visa International, were key factors in the awarding of this contract. We expect the agreement to greatly enhance our existing fraud prevention offering to our member banks,’ said Manuel Da Silva Fraud Management Dept. – Visa International
PASS and NEMESIS are two screening systems, designed to reduce fraud losses by issuers and acquirers providing an automated checking facility across Visa card Issuers and Acquirers. PASS is used by card Issuers to screen new card applications for possible fraud and multiple applications. NEMESIS is designed to assist credit card acquirers in identifying merchants previously terminated by another Acquirer in the market.
‘Application fraud is a significant and growing problem for Visa member banks throughout Europe. We are therefore delighted to be involved with Visa International in tackling this problem pro-actively. This agreement represents a further endorsement of the strength of our offering in the card payment sector’said Brian Caulfield, Managing Director, Peregrine Systems Ltd.
About Visa International
As the world’s best way to pay, Visa is the preferred payment brand and the largest payment system worldwide with more volume than all other major payment systems combined. Visa plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions, their cardholders and the global economy. Visa’s 600 million cards, generating US$1 trillion in annual volume, are accepted at more than 14 million worldwide locations, including 380,000 ATM’s in the Visa Global ATM Network.
Established in 1992, Peregrine Systems is now the leading provider of solutions for chargeback processing to the card payments industry. The company focuses on ‘Making Payment Systems Pay’ – enhancing the profitability of card programmes with innovative software solutions. In 1997 Visa International signed a sales and marketing agreement with Peregrine for its ICS and MERCS chargeback products. Peregrine is also a Europay registered vendor. Over the past two years, Peregrine has achieved compound annual growth rates of 75% per annum. Peregrine serves its client base from its headquarters in Dublin and through a global network of strategic alliances. Clients include over 30 major financial institutions throughout Europe and the US. ENDS.Details