A recent news release from Merchant Customer Exchange (MCX) on Friday (Oct. 16) gave another indication that CurrentC is getting closer to launch.
MCX announced it was adding Buy It Mobility Networks’ (BIM) ACH payments to CurrentC — the mobile payments app being created by the consortium of big retailers. The announcement also noted that CurrentC is still in its first implementation stage and should debut in the U.S. in 2016.
The announcement will enable consumers to connect checking accounts to the CurrentC mobile wallet app, which will then allow them to make mobile payments at the register, at restaurant tables, at certain gas pumps and 70-plus brands nationwide. CurrentC will be available on most iOS or Android devices.
"We are hearing directly from consumers about the importance of having choices when it comes to payment within the app. With BIM’s technology and the ability to pay via a checking account, consumers will soon have several options for paying for goods and services using CurrentC,” said Brian Mooney, CEO of MCX. “While consumers want options, they also want security. We chose BIM’s technology for its seamless integration with CurrentC, security features and fraud prevention capabilities."
The BIM payment solution is also said to create a more streamlined account provisioning process as it encompasses technologies to reduce the traditional one- to three-day enrollment authentication process to around 60 seconds or less (in most cases). According to BIM, there are already 3 million customers on its platform. Through this partnership, CurrentC consumers will also be protected if unauthorized or fraudulent charges are made to their checking accounts for transactions that were unauthorized ACH transactions processed through BIM.
MCX’s release notes that BIM’s solution is technology-agnostic, which is what allows the payments to move faster.
"CurrentC is committed to improving the customer experience through mobile payments,” said Adam Frisch, president and CEO of BIM. “We’re thrilled to support that mission with our technology platform that provides consumers with a safe, convenient and seamless way to pay with their checking accounts at the nation’s leading retailers."