NEC Payments Finds a New Path to Payment Security With Netcetera
ZURICH & DUBAI--(BUSINESS WIRE)--Jun 6, 2021--
NEC Payments is a rapidly growing digital banking and payment technology company with big plans. Already offering innovative cloud-native banking-as-a-service to Middle East Fintech and technology distribution partners via its licensed and regulated status and principal membership of the international payment schemes; the company is expanding geographically to offer banks, payment companies, digital platforms and other Fintech businesses across Europe and North America access to their modular and embedded digital financial services solutions. In order to guarantee their customers the highest transaction security possible, they wanted to implement the latest 3D Secure protocol 2.2. Enter Netcetera.
NEC Payments connected with Netcetera via contacts at Mastercard Europe and requested their help in the latest 3DS implementation, as mandated by many schemes. To ensure purchases are both secure and smooth, Netcetera worked with NEC Payments to build a tailored ACS solution which supported 3-D Secure protocol 2.2 in line with SCA. This was a leap forward from the previous version and meant providing even higher purchase security while offering a user-friendly interface.
3-D Secure is widely implemented by many major card issuers as a means to ensure SCA (Strong Customer Authentication). However, the at NEC Payments previously used version of 3DS 1.0 led to cumbersome security procedures for mobile customers and lower conversion rates as a result. With 3DS 2.2, supported by Netcetera’s Access Control Server (ACS), several factors (transaction limits, whitelisting) are used to bypass unnecessary steps and encourage simplified online purchases.
NEC Payments is delighted with the protocol implementation, which opens up many new possibilities for them. Due to their multi-tenant relationships, they are now able to provide personalised experiences to multiple issuers and customers/co-branders in addition to their own business as principal members of the schemes. They also plan to expand their use of silent authentication for virtual cards in the future.
Andrew Sims, CEO at NEC Payments commented “We are delighted that we have found a partner in Netcetera that can support our requirements and deliver the latest security protocols in personalised settings and are looking forward to a long and fruitful collaboration to drive our business forward.” Ramy Fouda, Director of Sales at Netcetera Dubai said “We were pleased to be able to deliver great results with state-of-the-art technology for NEC Payments. We pride ourselves on always offering the latest payment security solutions.”
Netcetera is a global software company with cutting-edge IT products and individual digital solutions in the areas of secure digital payment, financial technologies, media, transport, healthcare and insurance. More than 2,000 banks and issuers, and 150,000 merchants rely on the digital payment solutions and globally certified 3-D Secure products of the market leader for payment security. The owner-managed company covers the entire IT lifecycle, from ideation and strategy to implementation and operation. The balanced combination of the latest technologies and proven standards ensures investment security, from large-scale projects to innovative start-ups. Founded in 1996, Netcetera is a holding company with 700 employees and is headquartered in Zurich, Switzerland, with additional locations across Europe, Asia and the Middle East.
Further information: netcetera.com
About NEC Payments
NEC Payments is a digital banking and payments technology company that provides innovative financial technology solutions to banks, distribution partners, businesses and consumers, and powers high-performance, flexible and secure embedded digital banking, payment processing, compliance, and financial control systems. Licensed and regulated by the Central Bank of Bahrain, NEC Payments cloud-native technology can be securely deployed into pure cloud and hybrid environments to enable flexibility, scalability and availability that drives digital transformation and growth. With MasterCard, Visa, PCI-DSS and ISO9001/27001 certified card, virtual, and mobile payment transaction processing technology, NEC Payments offers a full range of technology and service solutions to banks, fintechs and non-financial institutions across the Middle East and is rapidly expanding into Europe and North America.
Further information: necpayments.com
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KEYWORD: EUROPE SWITZERLAND UNITED ARAB EMIRATES MIDDLE EAST
INDUSTRY KEYWORD: FINANCE BANKING PROFESSIONAL SERVICES TECHNOLOGY SOFTWARE
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PUB: 06/06/2021 01:00 AM/DISC: 06/06/2021 01:01 AM