Safer Kiwi Online Transaction System Launched

Media Release
20 February 2007

For immediate release

Moneypay: Safer Kiwi Online Transaction System Launched

With Internet trading at an all-time high, Kiwis can now look forward to a homegrown answer to online transaction security, and one that will have flow-on benefits for worthy community causes.

Moneypay, the brainchild of Wellington entrepreneur Dennis Ryan, goes live online today, giving New Zealanders and those overseas who wish to trade online, a real e-commerce solution using an alternative third-party transaction service.

"What we're providing is protection for those involved in online transactions where money changes hands between strangers, between people who are essentially 'invisible' to each other," says Moneypay CEO Dennis Ryan.

"Moneypay gives absolute protection to card-holders, buyers, traders… anyone engaging in online transactions."

The automated system works on the basis of a holding account at the National Bank of New Zealand. Once an online transaction is negotiated – whether an auction, a direct purchase or any other exchange requiring payment – the purchaser deposits money into the National Bank via the Moneypay escrow account. When the vendor sees this they dispatch the goods. When the purchaser is satisfied with receipt of the goods, they authorise Moneypay to release the payment to the vendor.

"It takes the risk out of online trading, where chances are you don't know the vendor and they don't know you. With Moneypay you have an extra degree of security," says Mr. Ryan. You don't have to give credit card numbers to anybody, or leave your signature on file anywhere."

Founder and CEO of Moneypay Dennis Ryan, of Wellington building firm Dennis Ryan Limited, has extensive commercial experience that puts him in good stead for the Moneypay venture.

Mr. Ryan says he has been in business long enough to know that what customers want is a good degree of security when buying on the Internet. "That's what we're giving them. But more than that, while Moneypay charges a small percentage on each transaction, we will also be returning some of the profits back to the community."

Mr. Ryan says, "It adds a level of comfort, and we hope that allocation of a portion of the earnings to community causes will also add a degree of comfort to those who are in need."

While no specific community groups or causes have been chosen yet, Mr. Ryan says he is investigating how funds could be allocated.

Meanwhile, Moneypay is just the tip of the iceberg in its present form; soon Moneypay will have its own debit cards that will be welcome in ATM Machines world wide, in the currency of the country of your choice, and wherever Visa is accepted.

"For transferring money to friends and relatives overseas we will have the safest, fastest and cheapest money transfer system on the planet, and this will be online in the coming months." Mr. Ryan says other online ventures are planned which will feature Moneypay as an optional transaction medium.

"With today's launch of Moneypay we'll be offering free registration for a limited time. We believe Kiwis will welcome an online payment and transaction site that's been developed here, largely for New Zealanders, and by people who really know what good business is all about."

Ends.

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