British based, global online payment processor NETeller Plc announced on Thursday that they are planning a name change for all their brands which include NETELLER, NETBANX and Net+. The new name is set to be NEOVIA Financial Plc and will be effective on 17 November 2008. The word NEOVIA is supposedly derived from the words “New Way”.
The name change is part of a strategically important evolution in re-branding the plan is to differentiate it from their current operating brands with the intent of loosing it's poor reputation with online gaming while expanding beyond their current markets.
Neteller's name change is however subject to the passing of a special resolution at an general meeting of the Company¹s shareholders scheduled to be held on the Isle of Man 11 November 2008.
Neteller has been the age old payment processor for many online poker sites and poker players alike, the company took a big blow when they were the first target of the clampdown in online gaming in the USA when the UIGEA (Unlawful Internet Gambling Enforcement Act) was first introduced which left them needing to pay a massive fine of $136 million to US authorities.
In a message sent to shareholders, "The NETELLER Group has transformed its business over the last 18 months. It has moved from providing a single service offering based around the NETELLER e-wallet to providing a full-suite of payment services to consumers and merchants in a range of geographies and industries.”