Bluechain to Preview Next-gen Domestic Payment Scheme at the Central Bank Payments Conference

Company to preview its new payment platform to banking leaders to showcase how it fosters cash-lite and inclusive economies, provides greater control over data sovereignty, reduces fraud and lowers costs

MELBOURNE, Australia and LONDON, June 22, 2017 /PRNewswire/ -- Bluechain, the next-gen payment platform for domestic payment schemes, announced it will preview its innovative technology during the Central Bank Payments Conference in Amsterdam June 26–28, 2017. Bluechain, a lead corporate sponsor at the inaugural event, offers central payment networks, financial institutions and the broader payment ecosystem a secure, mobile, push-pull payment platform that streamlines all types of payment transactions across any open network.

The Bluechain payment platform enables central banks, in collaboration with their national payment switches and local banks, to create their own domestic payments scheme. Bluechain bypasses international schemes for domestic payments, while delivering major cost savings. Built on a completely new and innovative security paradigm, Bluechain leverages existing mobile technologies and banking infrastructure to create a powerful, low-cost and frictionless mobile payment solution.

"Central banks need solutions that allow them to regain control of domestic payments, tighten security and foster greater financial inclusion. The Bluechain platform shifts control of the domestic payments market away from international card schemes, and back to national regulators and the domestic payments industry," said Michael J. McAuley, CEO of Bluechain. "Freed from the restrictions of an expensive and fraud-prone card-based technology, Bluechain powered domestic payment platforms can deliver significant cost savings in every payment scenario; including merchant POS, mobile payments, unattended sales, in-app, e-commerce, bill payments, P2P and more."

The Bluechain payment platform is especially appealing to central banks because it fosters greater financial inclusion and fee transparency, while decreasing fraud and transaction costs. Unique features of the Bluechain solution include:

• Secure across an open network: Bluechain is built on a new security paradigm that eliminates the need for exposing cardholder data or bank account details during a transaction. The transaction data can be safely transmitted across Bluetooth or any open network to create a more seamless payment experience.
• Consistent user experience: Bluechain uses one app for every type of payment, giving users a consistent experience whether paying bills, shopping in-store, buying online or sending money peer-to-peer. The easy-to-use app develops familiarity and trust, driving user adoption across the platform.
• Low-cost merchant acquisition: Merchants can accept Bluechain transactions on their existing iOS, Android or Windows tablets or smartphones without the need for dedicated and expensive merchant hardware. With the addition of the optional card-reader, Bluechain merchants can also accept non-Bluechain (e.g. Visa/Mastercard) payments on the same device. The Bluechain GlobalCard allows Bluechain customers to purchase from non-Bluechain merchants, in-store, over the phone or on the Internet. Smaller businesses can automate and accept payments without a complicated and costly POS system.

Bluechain is currently available through a private program. Licensing is on a per-transaction basis, which enables member banks to deploy merchant and customer solutions with minimal upfront investment. The platform will be released in late 2017. Contact [e-mail] for more information.