Apriva has added data analytics and business management tools to its payments software for bank and merchant services clients, along with a Web portal where merchants can review consumer behavior.
AprivaPay Plus focuses on payment acceptance through mobile card readers on smartphones and tablets, and it will also connect into a digital currency gateway and universal POS application to handle upgrades on EMV-enabled terminals.
The payments software will be compatible with Android devices as well as Apple's iPhone 6 and iOS8, allowing Apriva to route new Apple Pay payments, said Ben Hurley, director of mobile products for Apriva. "If [Apple Pay] is a viable part of the structure that our financial institutions and channels are participating in, our product will support it."
Apple comes into a maturing market, creating opportunities for companies like Apriva, said Angela Angelovska-Wilson, a financial services and banking lawyer at Reed Smith LLP. In turn, "the software and IT developers of mobile payments acceptance will be very busy over the next couple of years."
Apriva is also preparing for the U.S. shift to EMV terminals as well as the growing use of mobile card acceptance devices that plug into smartphones and tablets, Hurley said.
"When you think of the cost of a traditional terminal and payment network, it is expensive," Hurley said. "AprivaPay Plus fits on a bring-your-own-device model and it downloads onto a standard smartphone, so many people have access to it."
Apriva does not provide mobile card readers, preferring to remain a software provider, Hurley said.
"We integrate and certify our encryption keys with third-party companies that provide readers for our large customers [banks and processors]," Hurley added.
Clients using AprivaPay Plus will have access to detailed information on their brand's user base, including demographics, geo-location, user engagement statistics, device information and marketing data.
The software connects to a merchant Web portal with online tools for merchants to manage inventory and analyze sales and generate reports.
"Managers and employees can now use the portal to bring data into their accounting systems and back-office activities to review mobile payment activity and better understand consumer behavior," Hurley said.
AprivaPay Plus provides independent sales organizations and branded partners data on a customer's activation date, location, activity, credit card transactions processed, device types, operating system and other key insights.