3D Secure is now available as part of CR2’s platform to prevent fraudulent transactions while delivering a positive customer experience
CR2, a world leader in the digital banking and payments platform industry has partnered with M2P Fintech, a global leader in embedded financial infrastructure.
This partnership provides banks with an innovative solution to secure e-commerce payments and prevent ‘card-not-present’ fraud. The objective is simple-increase payment security for bank customers without increasing checkout times unnecessarily.
Online shopping growth continues with a 17.1% increase in global e-commerce in 2021. Retail e-commerce sales exceeded USD 5.2 trillion globally in 2021.
As e-commerce transactions increase, so do the possibilities of fraud. Banks need to develop the capability to mitigate fraud while at the same time reducing checkout times and providing their customers with a secure and convenient digital payment experience.
The 3D Secure dynamic protocol authenticates the cardholder during e-commerce transactions to prevent fraud. Strong Customer Authentication (SCA) has increasingly become a key requirement for banks that aid innovative payment services and reinforce security.
This partnership will see M2P’s ACS 3D Secure technology solution integrated into CR2’s platform to improve the card issuing proposition and support secure e-commerce payments. It also provides banks with the flexibility to design a unique authentication process for their customers.
Fintan Byrne, CEO of CR2 said: “At CR2, we are committed to empowering banks with innovative solutions that create a seamless customer experience while constantly enhancing digital payments. We continue to collaborate with quality technology providers to grow our partner ecosystem.”
“Through this partnership, we will provide a best-in-class solution to meet the demands of customers for convenient and secure payments. We are delighted to partner with M2P Fintech to offer our customers a solution that ensures payment security through all channels with a simple customer experience.”
Madhusudanan R, Co-founder, of M2P Fintech said, “We are excited with the opportunity to partner with CR2 to bring our world-leading authentication solutions to key markets across the Middle East, Africa, and Southeast Asia.
M2P’s highly customisable Payments Authentication platform allows for seamless integrations, thereby enabling advanced authentication options. We have leveraged the best of what commerce, mobility and payments have to offer to provide a frictionless transaction experience for customers.
CR2 is a leader in digital banking and payments. The business powers over 100 banks in 60 countries across the world.
BankWorld, their core digital banking and payments platform, offers the broadest capabilities in the market and uniquely integrates Digital Banking, Card Issuing with ATM, and Switching.
In addition, CR2’s Partner Ecosystem combines the confidence of BankWorld with access to easy plug-in and third-party Fintech innovations.
In simple terms, CR2 helps financial service providers to build around consumers with technology that supports both customer experience and an ability to deliver consistently.
About M2P Fintech
Founded in the year 2014 and headquartered in Chennai, M2P Fintech is Asia’s largest API infrastructure company offering a wide gamut of services that enable businesses of any scale to embed financial services. M2P Fintech is an omnichannel platform that operates in over 20 markets across the Asia Pacific, MENA and Oceania regions.
M2P works with over 100+ banks, 100+ NBFCs, and has clocked over 600+ Fintech engagements across various industries serving over 35 million end users. M2P pioneers next gen fintech through innovative offerings across the payments, lending, and banking ecosystem. Our comprehensive tech-stack powers the core banking system, core lending suite, BNPL, customised credit cards, prepaid cards, and much more.
By Lesiba Sethoga