This new payment gateway offers a flexible, new API platform. With over 70 APIs, the Next Gen Payment Gateway allows for simpler integrations for merchants and payment processors. Additionally, any internet-connected applications and devices can access the functionalities of Next Gen Payment Gateway. Merchants can now use Allied Wallet’s Tokenization API to build their own self-hosted payment pages without worrying about the scope of PCI. They will be protected by Allied Wallet’s PCI Level 1 security. In an interview with the firm’s Andy Khawaja, he lifts the lid on the wonder of the Next Gen Payment Gateway and how he is changing the way the world transacts.
Can you tell us about the background and the lead up to the announcement of the new payment gateway called Next Gen Payment Gateway?
The new payment gateway Next Gen Payment Gateway is state-of-theart 4.5 dot.net code and is a platform of API’s, and it is the simplest and unique way to connect hardware, software, a third party gateway, bank and merchant, a shopping card and it is therefore very easy to connect to. Other gateways however can take up to two months to integrate, but with the Next Gen Payment Gateway it the API can integrate and download within five or six minutes.
Imagine you are running a business, and you need to integrate into a platform to process credit cards where you can do foreign exchange or use a shopping card and so on. If you have Next Gen Payment Gateway as your primary gateway service provider, any platform you want to add to it will take minutes instead of 1 or 2 months.
Giving an example, if you have a conference running and you have 6 or 7 developers that cost between £6-7million per year in salaries, as dot. net developers today are in very high demand and are also expensive. The reason you need them is maintain your system and to integrate it, because when you integrate into a different platform in this business, integration is very much part of our life and it happens 2-3 times per month.
If you a platform that doesn’t have the functionality of the Next Gen Payment Gateway which took me years to build, then it doesn’t have a unique API which is extendable to other API’s. We spent about £1million per year on the developers, and you have to maintain the product and you need a coder to ensure the code is correct and no issues occur. You need a data warehouse also, to make sure the data is correct and not interrupted.
However, if you have all of that electronically done in the Next Gen Payment Gateway you don’t need any of these staff. That’s why we call it the Next Gen Payment Gateway because it is replacing everything that we have paid over the last 20 years. The STRIPE 4 years ago was every web developer’s dream to have, but not with the Next Gen Payment Gateway it makes STRIPE look like it is from the 1970’s!
What implications do you feel this has on online payment processing?
Everything related to online payment processing, the back-end of it of credit card processing is the gateway. The base is the core and the core is the gateway. If you have a state-of-the-art gateway that functions in a way that can eliminate a lot of the down-time and hiccups, and by way of example in Germany their gateway was once down for 16 hours. Imagine a bank being down for that period of time. They can’t even process credit cards. Imagine the restaurant in Knightsbridge that is linked to the bank, and customers are lined up with their credit cards but credit cards cannot be accepted because the gateway of that bank is down. This happens because the gateway system here is weak, so that is why Allied Wallet have created a Next Gen Payment Gateway which has zero downtime, and it can run a million transactions per second with no hiccups.
We are also concerned with multi-currency and identification of IP address here and the system locates the bank issuer in terms of which region, bank, country and currency and it is diverted back to the exact same jurisdiction bank in that country so you can get the lowest fees on it, the highest approval on it. For example, if you are outside the UK it is likely your card will be blocked after the second transaction and you would have to call the bank and identify. The Next Gen Payment Gateway identifies where the card has been issued by the first six numbers on the card and identifies from which region it is from. Even if you are in the US using a UK, German or Japanese credit card for example it identifies the issuer and immediately it diverts and settles it into the bank where it has been issues from in that juristriction, regardless of the merchant and gets the higher approval required.
It gives you the higher approval, and the issuing bank doesn’t think twice about suspicious transactions because the consumer may be travelling in the USA for example, and perhaps the wallet is snatched. For many customers, it is a nightmare when you go to a shop and your card is swiped and you try to call the bank but they are closed the next day because you can’t use your card anymore because it is blocked.
How does this fit in with Allied Wallet’s proud status as a “one-stop shop” payment solution?
This is going to improve the business of Allied Wallet because it will add more shopping cards as we have already integrated around 37 of them into the back end of the Next Gen Payment Gateway. By themselves, they have at least six or seven million merchants and more than 300 million customers use those shopping cards. All of this will be the Next Gen Payment Gateway platform, which is automatically going to generate traffic for Allied Wallet. Can you outline how the Next Gen Payment Gateway allows for simpler integrations for merchants and payment processors? It has the most sophisticated mobile payment system, so you have the parent ship and swiper all in one, some cards don’t have the chip (such as the US, Australia and Canada) but some do (in Europe) and both can be used in one device. Drop down currency processing is when the customer is for example from London where you have a lot of Saudi shoppers and they can choose which currency they would like to be billed in, so all the features Allied Wallet have are for the future.
How does The Next Gen Payment Gateway allow for universal integrations with any shopping cart solutions, analytics, booking, fundraising, and mobile payment platforms?
We have a simple dedicated API that can be downloaded into the system being used, and you can click on it and it analyses the system being and syncs itself in a way that will ensure primary use. Anything can then be added to the Next Gen Payment Gateway, which makes it much easier than what your current system can live up to. Basically, you have a cloning a server with much more advanced technology and with just a few minutes of download time.
How is this exciting initiative leading the payment services industry in a direction of inter-connected services and a simpler set up?
It is improving it, making it more advanced and think better with the new technology and it promotes the consumer to spend more money online, and it will make it more secure as well as eliminate fraud. It will be a safe haven for credit card users online, including mobile phone payments, and any device you use will make the experience more secure. This is what everybody is looking for, security.
The security is very important because the encryption that links to the bank the Next Gen Payment Gateway is mass of tokenisation which memorises 20 different cards by the last four digits of each one. You can also register with the virtual card execution which means that any time you go on a website and execute a transaction, it will ask you to identify yourself by your finger print and it gives you the option of which card you want to use. Then you don’t have to take your wallet out and everything is encrypted, so it is literally impossible for anybody to steal the card from you or rip you off. Even if a hacker accesses the server, there is nothing related to cards there because everything there is related to digits and alphabets, so that is what the Next Gen Payment Gateway is all about.
We have the largest negative database in the world which has more than 10 million websites registered, so we give you the heads-up once you execute a transaction based on the reporting we get from consumers all around the world. Before you make the transaction a pop up will come up giving you advice from consumers about merchants and it will ask you do you want to proceed, a feature that nobody else has today except Allied Wallet.
Is there anything else about the Gateway you would like to mention in closing?
I am changing the way the world transacts, so I am literally making a way for entrepreneurs to build businesses, become somebody and build wealth for themselves, because the platform Allied Wallet are building is not only just for businesses that exist but the purpose is to get start-ups going. This motivates me as I will get the system and product for them. I know the cost is heavy and the banks will not believe in you, so I believe the problem with the world’s economy is that nobody is giving start-ups a chance but I am doing it on a platform in a unique way. It’s like I am giving out free land and giving people the opportunity to build on it, so I am doing my part in this world. Company: Allied Wallet, Ltd. Web Address: www.alliedwallet.com