LONDON--(BUSINESS WIRE)--As online purchases have soared in the last few years, so has the level of online fraud. In 2021, e-commerce fraud in the UK jumped to GBP 1.3 billion. As many merchants make the transition to online stores, ensuring their transactions are protected is crucial. The Covid-19 pandemic and developing FinTech trends pushed the use of debit and credit cards, QR codes and similar for Card-Not-Present transactions, which are easier to compromise. On top of this, more and more consumers are making purchases from mobile devices. As the payment protocol 3-D Secure was originally designed for web purchases, there are additional security steps to be taken for these. OTO and OOB authentication is now mandated by payment schemes to ensure that it is really the cardholder making the purchase.
As a major global fintech player on a mission to support SMEs to run successful businesses by offering financial tools, SumUp wanted to ensure they had the most powerful, reliable Access Control Server, or ACS, possible, as it is a key part of the authentication process. Netcetera, advised them on current requirements for merchants and set them up with a dynamic solution, allowing small and medium-sized merchants to offer end customers a smooth, secure online shopping experience.
The solution supports the highest level of security and minimises touchpoints in the transaction flow, meaning that the cardholder can skip cumbersome multi-step processes and switching between apps to pay. Netcetera’s 14 years of experience in the 3D-Secure space and SumUp’s innovative power in online finance solutions results in a strong product that is here to stay. It is a gamechanger for smaller businesses, meaning that they can sell their products online more easily, maximise conversion rates and still offer first-class protection against fraud.
David Tatarishvili, Head of Business Operations Banking Tribe at SumUp said “Our userbase’s security has always been our foremost priority; collaborating with Netcetera ensures that all our merchants, and their customers, are protected against e-commerce fraud and other security risks. By providing SMEs with ACS, it sets up a comprehensive line of defence against cyber criminals, saving merchants both time and money.”
Robert Miskin, Business Development Executive at Netcetera also commented “We are thrilled to be standing side by side with SumUp and are looking forward to a long lasting, mutually beneficial partnership. We understand the challenges to prepare for in online commerce and are looking forward to supporting SumUp through their local and global expansion”
Through this partnership SumUp and Netcetera aim to democratise access to industry leading security solutions for small merchants and make sure that small business owners in the UK have digital solutions available to keep them and their customers safe.
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 2,500 banks and issuers, and 160,000 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 around 1,000 employees and is headquartered in Zurich, Switzerland, with locations across Europe, Asia, and the Middle East. Further information on netcetera.com and LinkedIn.
SumUp is a leading global financial technology company driven by the purpose of levelling the playing field for small businesses. Founded in 2012, SumUp is the financial partner for more than 4 million small merchants in over 35 markets worldwide, helping them start, run and grow their business. Through its Super App, SumUp provides merchants with a free business account and card, an online store, and an invoicing solution – as well as in-person and remote payments seamlessly integrated with SumUp’s card terminals and point-of-sale registers. SumUp is committed to leveraging its success to make the world a better place and has pledged to donate 1% of its revenue to support environmental, educational and entrepreneurial causes. In 2022 SumUp was recognised as a Top Global Employer for the LGBTQ+ community by the Stonewall Workplace Equality Index. For more information, please visit sumup.co.uk.