CIBC and Nobil IT Corp. announced they have entered the Internet shopping market with the introduction of Payway, a secure, hosted Internet payment system.
The system uses Secure Socket Layer (SSL) encryption, the same security
system used for PC banking. This allows consumers to conduct credit card
transactions directly with CIBC/Nobil IT, bypassing a merchant’s Web site.
When an online shopper pays by credit card the authorization process is handled directly by CIBC. This step is aimed at minimizing disclosure of the customer’s credit card number and adding a layer of confidentiality to the transaction. For merchants, the system is designed to offer a reassuring layer of card authorization via CIBC.
“The system is secure and user-friendly for the consumer and the merchant,”
said Angela Brown, Vice-president Merchant Card Services, CIBC. “We want
consumers to feel confident that their credit card information remains
private. And, we want our merchant partners to know that we are providing
them with the same level of security to ensure the card is legitimate. It’s
like a safety net for both.”
The service is free to consumers and merchants pay a minimal monthly fee.
CIBC/Nobil IT sites are identified by the CIBC Internet secure payment logo.
CIBC is one of North America’s largest financial institutions with more than $283 billion in assets. Nobil Information Technology is an electronic payment solution provider.