American Express Co. is working with Transaction Network Services Inc. to provide a payment-gateway service for e-commerce.
The service, announced April 4, allows card-not-present payments for multiple card brands and currencies. It uses TNS's tokenization system, which replaces the card account number with a reference value that fraudsters cannot misuse. It also uses other fraud-management systems from Amex.
"The American Express Payment Gateway will enable businesses to focus their efforts on expanding their market reach, while we manage the processing, security and service behind online card acceptance," Suzan Kereere, Amex's senior vice president and general manager for global network business, said in a press release.
Amex has been adding products to expand its reach beyond the market for its traditional credit and charge cards. For online payments, Amex offers a digital wallet called Serve, that is tied to a prepaid card account. On April 2, Amex hired a former eBay executive, Neal Sample, to be a senior vice president on the Serve technology team (see story).
What do you think about this? Send us your feedback. Click Here.