Business Wire IndiaEuronet Services India Pvt. Ltd.
a 100% subsidiary of Euronet Worldwide Inc., a leading global provider of electronic payment and transaction processing solutions for financial institutions, retailers, service providers and individual consumers today announced the successful launch of its VISA and MasterCard certified online payment authentication Access Control Server (ACS) platform which is available both as a licensed offering or as a hosted service for issuers.
Access Control Server facilitates online authentication of the card/instrument holder before the actual online purchase is made. It enables the exchange of data between the merchant, card issuer and, when necessary, the consumer, to validate that the transaction is being initiated by the rightful owner of the account. It is based on 3-D Secure protocol, a globally adopted authentication solution designed to make electronic commerce transactions more secure in real-time.
The Euronet ACS enables users to perform Card-Not-Present transactions without the need to “register” or “opt in” and remember passwords, eliminating cumbersome registration, activation processes and static passwords which are open to phishing and data theft. Euronet has designed the Access Control Server as an extension of the 3D Secure Framework to enhance the verification and authentication process with internet and mobile-based 2Factor Authentication/dynamic passwords having the capability to extend to other payment channels such as Mail Order Telephone Order (MOTO), IVR and Mobile Commerce.
For card issuers that are looking at outsourcing this service, the Euronet system will be installed in its secure and scalable processing centers with simple APIs for seamless integration with external systems. Euronet’s ACS can be deployed swiftly and effortlessly as it leverages existing infrastructure of card issuers and acquiring banks.
Pranay Jhaveri, Chief Business Officer, Euronet India and South Asia, commented, “The Indian eCommerce industry is witnessing unprecedented growth leading to significant increase in eCommerce frauds. The exponential rise in eCommerce transactions necessitates adding an additional layer of security to a payment to curb increasing frauds. Euronet ACS product which is VISA, MasterCard and Rupay certified helps to ensure that the person entering the card details is the person who should have the card details, thereby allowing issuers and merchants to better recognize trusted customers from fraudsters while giving online shoppers a smooth and consistent payment experience”. Euronet offers a solution which is highly secure, scalable & built on the super advanced hyper-converged enterprise private cloud platform supported by world-class services. We are extremely bullish with the potential the Indian market presents and have acquired the first set of five customers for ACS and are strongly positioned to acquire many more going forward”.
India’s booming eCommerce sector has begun to see a high volume of digital transactions, and authentication must keep pace. Euronet’s Access Control Server, which ensures smarter security through risk-based and dynamic authentication, is another example of a solution deployed by Euronet in line with market requirements to support the growth of internet payments and allowing card issuers to participate in this ecosystem, without worrying about fraud risks and compliance with card scheme regulations for these transactions.