Ogone

History

The company was founded as Abssys Consulting in 1996 by Mr. Harold Mechelynck and Mr. Thierry Pierson.

In 2003 Ogone was Europe's first payment service provider to develop, integrate and certify a "3-D secure MPI module" (Merchant Plugin Interface), enabling remote payment.

In May 2010 the company received an undisclosed majority investment from US-based growth equity firm Summit Partners. The purchase of EBS (E-Billing Solutions) in September 2011, at the time the second largest payment provider in India after CC-Avenues, was Ogone's first acquisition and its first move outside the European market. With the addition of the EBS customer-base, Ogone became one of the world`s "largest" payment services.

On January 29, 2013; Ingenico announced an agreement for the acquisition of Ogone. A share purchase agreement for the acquisition was executed two months later.

On June 4, 2014 Ogone announced that Ogone is becoming Ingenico Payment Services, the Ingenico Group's flagship brand for digital payment services.

Allegation of a vunerability to cybercrime

Ingenico payment gateways are straightforward and user-friendly for their customers, or, merchants. A range of functions are available, where the responsibility for proper use falls on the merchant. A "Capture" of funds only happens when the merchant finalizes the successful transaction, as the funds which have been paid out could need some adjustments, considering differences in tax rates, currency exchange rates, etc. If there are faulty billing figures, the merchant may cancel the payment without "capturing" the payment. The EBS-Ingenico system in use in India in 2013 had an automatic cancellation function if the funds were not captured by the merchant, a sort of "timing out" would cancel the approved transaction. Another feature of Ingenico is to perform a "Partial Capture", where the merchant can see the approved figure from the authorizing bank, but enters a smaller amount to capture. The reported vunerability was a technical vunerability where the capture of the payment had taken place, and a separate transaction was performed from the merchant to the client, with fees, taxes, and currency exchange rate changes between the two individual transactions. According to Ingenico, this should not be possible, as it could constitute a "wrongful loss" or a "wrongful gain" by either party, and if it was intentionally performed, it is cybercrime.