QSI Payment

About QSI Payment

QSI Payments, established in 1991 by founder John Richards, operates as an Australian-based merchant acquirer providing internet-based payment solutions. The company directs its services towards financial institutions, enabling them and their customers to conduct secure and authenticated electronic payments. A significant milestone for the firm was the development of the first smartcard debit system in 1996, which was followed by the implementation of its electronic payment solutions in the United States, Asia, Australia, and the United Kingdom.

The core of QSI Payments' offering is its proprietary Universal Payments Architecture (UPA), a 3-domain system designed to enhance security, authentication, and scalability. This architecture ensures that during an online transaction, cardholder details are rerouted directly to the bank's server instead of the merchant's, a key feature that guarantees the identification of both parties and protects sensitive information. The company's product suite includes the necessary encryption and digital signature technology to authenticate communications between merchants and banks. In a move to further bolster its security offerings, QSI Payments entered into an OEM agreement in July 2001 with Arcot Systems to integrate Arcot's TransFort payment authentication solution, aligning with Visa's 3-D Secure standard to reduce online fraud.

Financially, QSI Payments has undergone a single funding round, securing $12 million in a Series A investment from Goldman Sachs in March 2000. The company's business model is centered on providing e-payments infrastructure software and secure payment solutions to its client base of financial institutions and enterprises. Strategic partnerships have been a component of its strategy, with collaborations established with technology firms like Compaq, Sun Microsystems, and SAP.