FonWallet Architecture Offers Immediate Acquirer Access to Merchants
FonWallet’s platform enables users to securely transfer items currently carried in their physical wallet to their mobile device. Our unique integration point at the acquirer enables access to millions of merchants and gets consumers shopping today.
FonWallet is an agnostic platform that works with any payment instrument as well as any entry fob method (nfc, chip and pin, card, sticker, biometric, sound, etc). This flexibility enables FonWallet to interact with multiple currencies, loyalty points, credits, vouchers, credit cards, debit cards, ACH and anything else that might be enabled in the future.
While many mobile wallets are emerging in the market today, all are limited by requiring “one-off” merchant acceptance, require a hardware swap, rely on emerging technology such as NFC or are confined to a single user touch-point (like e-commerce). FonWallet leapfrogs these problems by utilizing our acquiring model to gain immediate access to the entire payment market.
FonWallet drastically eliminates the fraud typically associated with carrying physical payments instruments and is far superior to mobile applications that require your personal financial data be stored on your phone or a chip.
- Any banking instrument can be used (Cards, ACH, Checks etc.)
- Any payment method can be used (Amazon, Checkfree, Paypal etc.)
- Any transaction service can be deployed (ticketing, transit etc.)
- All transactions are out-of-band authorized and dual-authenticated.
- All transactions are in real-time and private branded.
- Highly scalable and reliable platform.
- Quick 2-step checkout provides fast and easy capabilities.
- Built in XMPP, allowing us to hit the 6-second mark on card purchases.
- No Card, Personal, Security or Financial information on mobile device.
- Full Issuer control of information at all times.
- No Merchant, user or bank financial information exposure.
- Virtually eliminates skimming, fraud and ID theft.
- Simple and easy to use, at every level.
- Full user control over wallet, easy and simple to manage.
- Same simple user experience across all user transaction interfaces (m-commerce, e-commerce, h-commerce and pos).
FonWallet has focused its intellectual property strategy at the acquirer and has subsequently developed a robust family of patents.
- Patent #1: Protects FonWallet’s key integration at the acquirer level. Also includes multiple underlying CIP’s covering toggling, online pin debit, VAS, CAV and the rules engine.
- Patent #2: Protects FonWallet’s integration at the issuing level.
- Patent #3: Further covers the rules engine that drives the VAS/CAV services and also protects the “transaction as a service” platform capabilities.