Bangladesh-based lender City Bank has deployed Compass Plus’ TranzWare e-Commerce to facilitate online transactions.
The project has enabled the bank to introduce 3D Secure enabled e-commerce transactions for Visa, MasterCard and American Express cardholders for issuing as well as acquiring.
3D Secure serves as an additional security layer for online credit and debit card transactions by authenticating the cardholder’s identity at the time of purchase.
With deployment of 3D Secure, cardholders of the bank will be asked for a one-time password before they complete a transaction on a merchant website, thereby ensuring added security.
The bank claims that the added authentication layer with 3D Secure will encourage cardholders to shop online and merchants to accept international payments, as well as enhance operational efficiency and reduce overall costs for the bank due to reduced cardholder disputes.
City Bank has already secured certification in Verified by Visa, MasterCard SecureCode and American Express SafeKey.
City Bank head of cards Majharul Islam said: "Studies show that as many as a third of cardholders are afraid to shop online due to security concerns. Working with Compass Plus to achieve certification is an instrumental step for City Bank in encouraging the growth of secure online transactions in our region.
"The ease of project implementation has led to future plans to work with Compass Plus and to continue to grow our reputation as a leading, innovative bank."