IDBI Bank to offer online payment gateway services

IDBI Bank announced that it has tied up with Venture Infotek, a transaction management firm, to unveil its internet payment gateway services. "We have over 100 web merchants to whom Venture Infotek is providing end-to-end services on their gateway. Venture Infotek will also help us in signing up many more net merchants," said IDBI Bank General Manager Murali Mohan.



Venture Infotek recently acquired Technonet Technologies, a payment gateway service provider, and has enhanced the technology platform of 'Eazy2Pay', its payment gateway to comply with all the latest Visa, MasterCard and RBI guidelines related to internet commerce. "With the acquisition of Technonet Technologies, we will be able to provide our customers with more choice in payment services and grow our merchant services business even more quickly," said Venture Infotek's Managing Director Piyush Khaitan.

Venture Infotek's 'Eazy2Pay' secures all transactions using Triple Data Encryption Standard (3DES) keys to encrypt cardholders' information and Merchant Plug-In (MPI) to facilitate 3D-secure verifications. "We are already seeing interesting volumes on our internet payment gateway platform, and these will increase as more and more card-holders register with issuers for the additional security requirement mandated by the RBI," Khaitan added.