BELMONT, Calif. Hongkong and Shanghai Banking Corp. Ltd. has chosen iPIN to supply technology that will let its Hong Kong customers make secure purchases at merchant Web sites.
The subsidiary of London-based HSBC Holdings PLC said it is using the technology to power iPAY@hsbc, an extension of its online@hsbc banking service that has more than 200,000 registered users.
Online@hsbc users can use the service to shop at participating merchant sites by selecting the iPAY@hsbc icon to activate a banking-related pop-up window. To pay for purchases, customers enter their online@hsbc login name and password and select the bank account from which to debit the funds.
The customers account number is not passed from the bank to the merchant, thereby protecting customers from unauthorized access, iPIN said. Payments are immediately deducted from the accounts to reduce the merchants collection risk.
The service also offers merchants such tools as online exception processing and reporting capabilities for sales and reconciliation tracking.
Richard Kimber, head of personal e-business, Asia-Pacific at HSBC, said the company selected iPIN because of its flexible and innovative technology and its ability to bring a solution to market quickly while meeting HSBCs expected expansion needs.
