Whittle Transaction Group Acquired by Planet Payment

Thursday 5 May 2005 17:19 CET | News

Payment Transaction Innovator to Drive Global Distribution of Dynamic Currency Conversion Technologies for POS Terminals

Planet Payment announced that it has acquired the assets of Whittle Transaction Group, an innovative payment technology developer led by Paul Whittle. The acquisition will enable Planet Payment to facilitate the rapid implementation and distribution of dynamic currency conversion processing capabilities in point-of-sale (POS) terminal devices, including the Planet Payment Hypercom® T7Plus DCC Application developed by Whittle Transaction Group. This application was recently Class A certified by Vital Processing. Planet Payments DCC applications for POS terminals give international cardholders the option to complete purchases in their home currency at a merchants point-of-sale. The POS application identifies an international card at the time it is swiped, and the transaction amount is converted into the customers home currency, in real-time. The cardholder elects whether to complete the transaction in the merchants currency or the cardholders home currency. If the home currency is chosen, the POS terminal prints a receipt with transaction details, including the exchange rate applied, the transaction amount in the merchants currency and the cardholders home currency amount - all in full compliance with Visa® and MasterCard® regulations. The cardholders monthly statement will reflect the exact home currency amount that was printed on the receipt, while the merchants financial settlement, accounting and reporting through its acquiring bank remains in the merchants currency. The acquisition has been completed, and substantially all of the assets of Whittle Transaction Group, including the WTG front-end transaction switching technology, have been placed into Planet Technology Services, Inc., a wholly owned subsidiary of Planet Payment focused upon development of point-of-sale terminal applications. Paul Whittle, the founder of Whittle Transaction Group, has joined Planet Payment as Senior Vice President, focusing upon POS applications that enable localized pricing, and will manage Planet Technology Services, Inc. Planet Technology Services will continue to offer POS terminal development services to processors, retailers, and government agencies with specialization in all non-cash payment methods using the most advanced development tools. The team that is now operating as Planet Technology Services consists of seasoned veterans with many years of experience in the payments and telecommunications industries.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce