Modupe Gbadeyanka
By Modupe Gbadeyanka
To reduce fraud risk and provide cardholders with an added security layer for online payments, one of the leading banks in the Philippines, Equicom Savings Bank (EqB), has adopted the FSS Secure 3D of Financial Software and Systems (FSS).
FSS is a leading global provider of integrated payment products and a payments processor. Its FSS Secure 3D is an intelligent payment authentication solution which can identify higher-risk transactions.
Modelled on EMVCo 3DS2.2 guidelines, FSS Secure 3D identifies higher-risk transactions before the transaction is authorised and monies leave the cardholder account.
The solution will be hosted on FSSNeT, FSS secure private cloud, with FSS assuming a single mantle of responsibility for certification, compliance, evolving interchange mandates and regulation and functional enhancements. An As-a-Service model allows Equicom to minimise fraud risk, alleviate compliance costs and improve efficiencies.
“The e-commerce environment is rapidly growing and is a growing concern. Given its deep payments expertise and growing deployment base, FSS Secure 3D is a proven solution for our needs.
“We were able to go live within a short timeframe and are confident that the solution will help us mitigate fraud risk while lowering false positives and provide a seamless payments experience for customers,” the vice president and Head of the Consumer and Small Business Lending Division at EqB, Roussel Larger, stated.
On his part, the CEO of FSS, Mr Jaishankar A L, stated; “We are delighted that EqB has selected FSS as its partner. Our Authentication-As-a-Service model allows EqB Bank to achieve the necessary agility as well as enhanced functionality and security for its customers. By leaving fraud prevention and regulation compliance up to the experts, Equicom can focus on what it does best.”
FSS secures 120 million transactions for 20+ customers globally and protects $3 billion in value annually. Benchmarked to process 8,000 transactions per second, FSS Secure 3D assures faster processing time and higher sales conversion.
The platform exploits rich data streams exchanged between merchants and issuers to learn customers’ transactional DNA and risk score transactions based on a combination of location, merchant, transaction, and device-related attributes.
This results in a more frictionless payment journey and a faster checkout experience for customers, ultimately resulting in low levels of basket abandonment and increased sales.
Higher-risk transactions requiring further inspection will still go through two-factor authentication or are immediately declined, in accordance with regulation and customer risk appetite.
