Webpay Solution from eFunds approved by Verified by Visa global authenticated payments program
Announcement posted by eFunds International 12 Nov 2002
eFunds International Limited, a leading provider of electronic payment and related information technology and business-process-improvement services, today announced that the Australian-developed Webpay Verified by Visa solution has successfully completed compliance requirements for the global rollout of Visa Internationals authenticated payments program, Verified by Visa (also called 3-D Secure Protocol).
Benefits will include vastly improved payment service for e-merchants, consumers and Visa members due to increased convenience, acceptance and security for card-users and merchants. All Visa merchant acquirers must implement the Visa 3D Protocol by 1 April 2003.
According to Ray Whiteside, Asia-Pacific managing director for Webpay partner eFunds International, most business transactions in developed nations today are conducted using a card rather than cash.
The cashless society is no longer just a myth. The next step in this revolution is improved security and cost-effectiveness to accelerate the take-up of card-based technologies, Mr Whiteside said.
eFunds has already begun distributing the Webpay VbV Solution throughout Australia. eFunds joined Webpay to provide total solutions combining highest security, lowest risk and most cost-effective implementation of both the Verified by Visa and MasterCard SPA authentication standards adopted by financial institutions around the world.
Verified by Visa enables credit card issuers to confirm cardholder identity during an Internet purchase transaction, reducing the chances of fraud-associated risks and costs. As a direct result, customer confidence and satisfaction will increase.
Credit card fraud isn't a problem that affects just the wired generation, or that stems just from Internet access. People of all ages, whether technophiles or technophobes, are concerned about fraudulent use of their credit card details, Mr Whiteside said.
According to Aaron Bartrim, Chief Executive Officer at Webpay, Verified by Visa compliance will reduce these fears, driving up merchant and trader revenues.
The Webpay VbV solution available from eFunds is secure, cost-effective, low-risk and built on a commercially proven platform the Webpay Transaction Server, Mr Bartrim said.
The Verified by Visa authentication approach is based upon a central directory of card ranges linked to issuing institutions. When an authentication is required, the merchant, via a Visa certified Merchant Plug-In (MPI), interrogates the directory to identify the issuing institution. The issuer is then responsible for authentication of the cardholder, notifying the merchant, and logging the approved authentication request. Having completed the authentication request, the transaction proceeds as normal.
Cardholders identify themselves when making purchases with accredited online merchants using either a password or a chip card (smartcard). The chip card is swiped along a scanner attached to a users PC.
This solution offers a market-leading advantage to services offered by merchants of all kinds. Verified by Visa has been available via certain stores in the US for some time but was introduced to Australia only this year and eVisa is really driving its introduction around the world, Mr Bartrim said.
According to Jackie Brian, e-commerce manager at Visa in Australia, Visa believes that Verified by Visa can reduce consumer-merchant disputes by at least 50 percent. The most common type of dispute, called a chargeback, results in lost sales for online merchants. With Verified by Visa, cardholders can be authenticated in the virtual world as readily as in face-to-face transactions, thereby reducing the instance of fraudulent transactions or cardholder denial of valid charges, resulting in increased sales and less liability for online merchants.
Theres been terrific interest in Verified by Visa, both here and overseas. Visa has had a really positive response from cardholders, banks and merchants alike. Its a global standard that will have wide acceptance and is very easy for all participants to use, Ms Brian said.
About eFunds
eFunds delivers innovative, reliable and cost-effective technology solutions to meet its customers' payment and risk management, eCommerce and business-process-improvement needs. eFunds provides its services to financial institutions, financial services companies, electronic funds networks, retailers, government agencies, eCommerce providers, and other companies around the world. www.efunds.com
About eFunds International
Based in Australia, eFunds International Limited is the Asia Pacific operation of eFunds Corporation. The companys software and business solutions include: CONNEX, which offers ATM and POS electronic funds transfer driving, switching, authorisation and settlement services to banks and financial networks; DataNavigator, a back-office solution for the post-processing of retail electronic transactions; Webpay, for secure authenticated messaging; Trintech solutions ; and Business Process Outsourcing - the provision of high quality managed services, including call centres and back office processes. eFunds Corporation owns the service mark eFundsSM and the trademarks DataNavigator and CONNEX.
About Webpay
Webpay provides secure, low risk and cost effective electronic transaction solutions to financial institutions, government organizations and large corporations incorporating the next generation of secure, scalable and reliable electronic messaging technologies. Webpay Solutions are underpinned by its commercially proven Webpay Transaction Server that enables processing and reporting of online credit card transactions, debit transactions, loyalty program transactions or secure lodgment of online forms. Webpay Identrus Transaction Coordinator is an integral part of the Identrus solution that facilitates identification, verification, transaction non-repudiation and dispute resolution of online transactions. For more information visit www.webpay.com.au
Benefits will include vastly improved payment service for e-merchants, consumers and Visa members due to increased convenience, acceptance and security for card-users and merchants. All Visa merchant acquirers must implement the Visa 3D Protocol by 1 April 2003.
According to Ray Whiteside, Asia-Pacific managing director for Webpay partner eFunds International, most business transactions in developed nations today are conducted using a card rather than cash.
The cashless society is no longer just a myth. The next step in this revolution is improved security and cost-effectiveness to accelerate the take-up of card-based technologies, Mr Whiteside said.
eFunds has already begun distributing the Webpay VbV Solution throughout Australia. eFunds joined Webpay to provide total solutions combining highest security, lowest risk and most cost-effective implementation of both the Verified by Visa and MasterCard SPA authentication standards adopted by financial institutions around the world.
Verified by Visa enables credit card issuers to confirm cardholder identity during an Internet purchase transaction, reducing the chances of fraud-associated risks and costs. As a direct result, customer confidence and satisfaction will increase.
Credit card fraud isn't a problem that affects just the wired generation, or that stems just from Internet access. People of all ages, whether technophiles or technophobes, are concerned about fraudulent use of their credit card details, Mr Whiteside said.
According to Aaron Bartrim, Chief Executive Officer at Webpay, Verified by Visa compliance will reduce these fears, driving up merchant and trader revenues.
The Webpay VbV solution available from eFunds is secure, cost-effective, low-risk and built on a commercially proven platform the Webpay Transaction Server, Mr Bartrim said.
The Verified by Visa authentication approach is based upon a central directory of card ranges linked to issuing institutions. When an authentication is required, the merchant, via a Visa certified Merchant Plug-In (MPI), interrogates the directory to identify the issuing institution. The issuer is then responsible for authentication of the cardholder, notifying the merchant, and logging the approved authentication request. Having completed the authentication request, the transaction proceeds as normal.
Cardholders identify themselves when making purchases with accredited online merchants using either a password or a chip card (smartcard). The chip card is swiped along a scanner attached to a users PC.
This solution offers a market-leading advantage to services offered by merchants of all kinds. Verified by Visa has been available via certain stores in the US for some time but was introduced to Australia only this year and eVisa is really driving its introduction around the world, Mr Bartrim said.
According to Jackie Brian, e-commerce manager at Visa in Australia, Visa believes that Verified by Visa can reduce consumer-merchant disputes by at least 50 percent. The most common type of dispute, called a chargeback, results in lost sales for online merchants. With Verified by Visa, cardholders can be authenticated in the virtual world as readily as in face-to-face transactions, thereby reducing the instance of fraudulent transactions or cardholder denial of valid charges, resulting in increased sales and less liability for online merchants.
Theres been terrific interest in Verified by Visa, both here and overseas. Visa has had a really positive response from cardholders, banks and merchants alike. Its a global standard that will have wide acceptance and is very easy for all participants to use, Ms Brian said.
About eFunds
eFunds delivers innovative, reliable and cost-effective technology solutions to meet its customers' payment and risk management, eCommerce and business-process-improvement needs. eFunds provides its services to financial institutions, financial services companies, electronic funds networks, retailers, government agencies, eCommerce providers, and other companies around the world. www.efunds.com
About eFunds International
Based in Australia, eFunds International Limited is the Asia Pacific operation of eFunds Corporation. The companys software and business solutions include: CONNEX, which offers ATM and POS electronic funds transfer driving, switching, authorisation and settlement services to banks and financial networks; DataNavigator, a back-office solution for the post-processing of retail electronic transactions; Webpay, for secure authenticated messaging; Trintech solutions ; and Business Process Outsourcing - the provision of high quality managed services, including call centres and back office processes. eFunds Corporation owns the service mark eFundsSM and the trademarks DataNavigator and CONNEX.
About Webpay
Webpay provides secure, low risk and cost effective electronic transaction solutions to financial institutions, government organizations and large corporations incorporating the next generation of secure, scalable and reliable electronic messaging technologies. Webpay Solutions are underpinned by its commercially proven Webpay Transaction Server that enables processing and reporting of online credit card transactions, debit transactions, loyalty program transactions or secure lodgment of online forms. Webpay Identrus Transaction Coordinator is an integral part of the Identrus solution that facilitates identification, verification, transaction non-repudiation and dispute resolution of online transactions. For more information visit www.webpay.com.au