TORONTO--(BUSINESS WIRE)--On September 14th, 2019, new rules on SCA (strong customer authentication) PSD2 applied to electronic payments within the European Union. Those rules have been postponed since several parties were not ready.
When it comes, the last part of the EU directive PSD2 comes into force.
Two factor authentication means that card issuers can authenticate the cardholder based on two independent validation categories of three possible. The three categories are:
- Your PIN Code
- Your Card or Payphone
- Biometric recognition
Benefits compared to the PDS2-based 3D-secure (version 2.0)
Kvanto MPI Solution is based upon the two first categories. Kvanto makes sure the merchant’s customer and the cardholder is the same person by sending a code to the customers cell phone, which the customer must fill into the payment window before the payment is approved.
3DS still only works properly in the northern Europe.
Kvanto’s MPI can be used in most geographical areas all over the world.
Kvanto’s MPI solution provides both customer and merchants with:
- Assurance of secure transactions
- Less fraud
- Less chargebacks
Kvanto MPI Solution is a part of Kvanto’s payment platform which contains new edge solutions and services within the payment industry.
The Kvanto MPI solution is a service, which can be called from anywhere. In practice, this service will be executed in the payment window, and approval/decline will also be executed in the payment window.
Day-to-day operation of a MPI transaction starts with checking, if the merchant and/or the card issuer is enrolled into this 2-phase authentication method process. For now, it is only Kvanto-merchants who can use this service but soon it will be expanded to other acquires/merchants as well. The process has started with several acquirers.
Within the MPI solution some additional fraud or filtering screening has been added to provide different levels of acceptance for example restrict on geographical issues. Merchants can then decide if these transactions, which will be flagged as ‘maybe’, should be approved or declined.
The module can add verifying of user by name and e-mail address by standardised verification-lookup-services, with more options.
What influence will it have on the security on Big Volume Banks
New Payment Security Options. We are talking about, more flexibility and more monitoring of transactions.
Risk and fraud analysis will be easier to produce, and banks will be able to be more in control of the transactions.
Regarding large banks, we have seen a wide range of these banks having little offer for transaction protecting and monitoring of merchants with illegal transactions.
By managing this, and through the Kvanto MPI Solution, it will be possible to draw more protection to merchants, and instead of losing ex. 100 Mill € on fraud transactions, it will be possible to make a direct saving of up to 50-60% of fraud.
This is an optimizing of online fraud and protection for customers as well as for banks.
Kvanto showed this at a customer live demo's on the Singapore Fintech Festival, in Singapore. Download our animation video here
About Kvanto Payment Solutions
Kvanto is a Payment Solution Provider company that provides simple, flexible, and cost-efficient payments solutions on the global market. Through experience and knowledge does Kvanto challenge current structures and procedures in the established market.
Kvanto strives to be a one stop shop for payments with cross border solutions for merchants and the leading EMEA/APAC multi-connectivity payment solutions provider measured in processing volume while being profitable.
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