Moneta, an online payment alternative to credit cards, has entered into agreement with Equifax, a provider of information solutions, to utilize the Equifax credit decisioning system for a new instant credit feature for Moneta’s online payment wallet.
Moneta’s current online payment method allows customers to fund online purchases directly from a bank account, without disclosing their personal financial information to the merchant. Moneta has claimed that the instant credit feature, scheduled for release in early 2010, will extend the funding options of Moneta payments to include the extension of transactional credit for online purchases, in real-time.
Merchants accepting Moneta payments may now offer a range of bank-sponsored funding options to their customers including checking, savings, money market and now instant transactional credit lines underwritten by the sponsoring bank.
Dann Adams, president of consumer information solutions at Equifax, said: “Merchants are looking for customer-friendly, real-time transactional credit offerings for online purchases and consumers want simple, easy-to-use credit options. We are pleased to team with Moneta to provide innovative solutions for comprehensive risk management and credit decisions in a real-time, online purchase setting.”
Guido Sacchi, CEO of Moneta, said: “Moneta’s merchant and bank partners have a growing demand for transactional, instant credit offerings to drive sales, and the partnership between Moneta and Equifax provides them with an innovative, differentiated solution. Merchants and their customers will greatly benefit from the addition of instant transactional credit to Moneta’s funding options.”
