FSS (Financial Software and Systems), a provider of integrated payment products and a payments processor announced that Equicom Savings Bank (EqB) – one of the banks in the Philippines has successfully deployed FSS Secure3D, an intelligent payment authentication solution which can identify higher risk transactions, to provide cardholders an added security layer for online payments and reduce fraud risk.
Modelled on EMVCo 3.2 guidelines FSS Secure 3D identifies higher risk transaction before the transaction is authorised and monies leave the cardholder account. The solution will be hosted on FSSNeT, FSS secure private cloud, with FSS assuming a single mantle of responsibility for certification, compliance, evolving interchange mandates and regulation and functional enhancements. An As-a-Service model allows Equicom to minimise fraud risk, alleviate compliance costs and improve efficiencies.
Speaking on the collaboration EqB Vice President and Head for Consumer and Small Business Lending Division Roussel E. Larger, stated; “The eCommerce environment is rapidly growing and is a growing concern. Given its deep payments expertise and growing deployment base, FSS Secure 3D is a proven solution for our needs. We were able go live within a short timeframe and are confident that the solution will help us mitigate fraud risk while lowering false positives and provide a seamless payments experience for customers.”
Speaking on the collaboration Jaishankar A L, CEO, FSS stated, “We are delighted that EqB has selected FSS as its partner. Our Authentication-As-a-Service model allows EqB Bank to achieve the necessary agility as well as enhanced functionality and security for its customers. By leaving fraud prevention and regulation compliance up to the experts, Equicom can focus on what it does best.”