Payment security using Context Aware™ Authentication technology helps to remove friction and optimize user experience based on each individual transaction.
Las Vegas, October 23, 2023 – Entersekt, a market leader in customer and digital transaction authentication solutions for financial institutions, today announced that high-technology financial platform, Plata (Plata Card), has chosen Entersekt to be the 3-D Secure payment authentication partner for their recently released Plata credit card.
The Plata Card offers Mexican customers advanced technology and security, rewarding users with up to 5% cashback on purchases, and offering a payment period of up to 60 days. The partnership with Entersekt will enable low-friction payment authentication with risk-aware 3-D Secure, allowing Plata Card to enjoy a more than 18% higher transaction success rate with orchestrated, customizable, and frictionless payment authentication.
Securing payments to build trust in e-commerce
Unlike the European Union and many other regions, 3-D Secure is not yet a regulatory requirement in the Americas, but is quickly gaining traction as its security benefits, particularly in e-commerce, drive uptake. The additional security offered by Entersekt’s 3-D Secure services, which strips any additional friction from the process thanks to its unique Context Aware™ Authentication technology, is expected to significantly boost trust among Plata Card customers.
The global cost of e-commerce fraud exceeded $48 billion this year, with North America comprising 42% of fraud by value according to Juniper Research. Fraud has also plagued the Mexican e-commerce sector, reaching a pandemic peak of 220% higher than pre-pandemic levels.
“Rampant fraud results in consumers losing trust in transacting online and crippling e-commerce growth. We have seen how 3-D Secure can slash the amount of card-not-present (CNP) fraud, helping build trust in online transactions. By choosing to partner with Entersekt, Plata is not only ensuring the safety of their customers, but our Context Aware™ Authentication technology means they will enjoy a seamless user experience with the least possible friction. Together, this creates the optimal environment for an improved online shopping experience and e-commerce growth in the country,” says Schalk Nolte, CEO of Entersekt.
According to the National Financial Inclusion Survey, only 10.5% of the Mexican population between 18 and 70 years old owns a credit card. Plata’s mission is financial inclusion for every Mexican through access to premium financial products and best-in-class customer support.
“Partnering with Entersekt means we get the most advanced payment and authentication stack that provides a protection layer beyond just 3-D Secure. Entersekt’s modern access control server (ACS) as well as their Context Aware™ Authentication technology means our customers get high security with the least possible friction of any product available today,” says Alexander Bro, Chief Business Development Officer at Plata.
Continuing, he says: “Delivering products that answer the needs of the Mexican customer will attract more customers into the formal banking ecosystem. Protecting them from fraud and giving them the best customer experience once they join is a vital part of ensuring those new customers continue to use our products and trust new digital innovations we intend to deliver in the future.”
The Entersekt 3-D Secure offering will give Plata the following benefits:
About Entersekt
Entersekt ensures that digital financial transactions are secure and free from unnecessary friction. The company provides a single, cross-channel platform for financial services institutions to meet authentication requirements and optimize user experiences. With a range of options available for deployment and configuration, Entersekt’s solutions are fully customizable across all channels and devices. A strong track record of over ten years working with leading financial services institutions across the United States, Europe, and Africa, combined with multiple patented security innovations, has established Entersekt as a global industry leader in authentication. Backed by companies like Silicon Valley-based Accel-KKR, one of the world’s top private equity firms, Entersekt continues to expand its footprint across key regions. For more information, visit entersekt.com.
About Plata
Plata is a high-tech financial platform that is redefining the way Mexicans interact with money. Plata is on a mission to simplify the complexities of financial processes and make them more accessible, friendly, and reliable for everyone. With a diverse team of over 400 employees representing more than 20 nationalities, Plata is proudly headquartered in Mexico, where it offers two innovative payment solutions:
For more information, visit platacard.mx/es/.
Las Vegas, October 23, 2023 – Entersekt, a market leader in customer and digital transaction authentication solutions for financial institutions, today announced that high-technology financial platform, Plata (Plata Card), has chosen Entersekt to be the 3-D Secure payment authentication partner for their recently released Plata credit card.
The Plata Card offers Mexican customers advanced technology and security, rewarding users with up to 5% cashback on purchases, and offering a payment period of up to 60 days. The partnership with Entersekt will enable low-friction payment authentication with risk-aware 3-D Secure, allowing Plata Card to enjoy a more than 18% higher transaction success rate with orchestrated, customizable, and frictionless payment authentication.
Securing payments to build trust in e-commerce
Unlike the European Union and many other regions, 3-D Secure is not yet a regulatory requirement in the Americas, but is quickly gaining traction as its security benefits, particularly in e-commerce, drive uptake. The additional security offered by Entersekt’s 3-D Secure services, which strips any additional friction from the process thanks to its unique Context Aware™ Authentication technology, is expected to significantly boost trust among Plata Card customers.
The global cost of e-commerce fraud exceeded $48 billion this year, with North America comprising 42% of fraud by value according to Juniper Research. Fraud has also plagued the Mexican e-commerce sector, reaching a pandemic peak of 220% higher than pre-pandemic levels.
“Rampant fraud results in consumers losing trust in transacting online and crippling e-commerce growth. We have seen how 3-D Secure can slash the amount of card-not-present (CNP) fraud, helping build trust in online transactions. By choosing to partner with Entersekt, Plata is not only ensuring the safety of their customers, but our Context Aware™ Authentication technology means they will enjoy a seamless user experience with the least possible friction. Together, this creates the optimal environment for an improved online shopping experience and e-commerce growth in the country,” says Schalk Nolte, CEO of Entersekt.
According to the National Financial Inclusion Survey, only 10.5% of the Mexican population between 18 and 70 years old owns a credit card. Plata’s mission is financial inclusion for every Mexican through access to premium financial products and best-in-class customer support.
“Partnering with Entersekt means we get the most advanced payment and authentication stack that provides a protection layer beyond just 3-D Secure. Entersekt’s modern access control server (ACS) as well as their Context Aware™ Authentication technology means our customers get high security with the least possible friction of any product available today,” says Alexander Bro, Chief Business Development Officer at Plata.
Continuing, he says: “Delivering products that answer the needs of the Mexican customer will attract more customers into the formal banking ecosystem. Protecting them from fraud and giving them the best customer experience once they join is a vital part of ensuring those new customers continue to use our products and trust new digital innovations we intend to deliver in the future.”
The Entersekt 3-D Secure offering will give Plata the following benefits:
- A transaction success rate that is 18% higher than the European average.
- A customer step-up response that consistently beats the industry’s targeted best time of 4 seconds.
- A system that gives customers full control over the customer experience with 22 configurable, orchestrated user journeys.
About Entersekt
Entersekt ensures that digital financial transactions are secure and free from unnecessary friction. The company provides a single, cross-channel platform for financial services institutions to meet authentication requirements and optimize user experiences. With a range of options available for deployment and configuration, Entersekt’s solutions are fully customizable across all channels and devices. A strong track record of over ten years working with leading financial services institutions across the United States, Europe, and Africa, combined with multiple patented security innovations, has established Entersekt as a global industry leader in authentication. Backed by companies like Silicon Valley-based Accel-KKR, one of the world’s top private equity firms, Entersekt continues to expand its footprint across key regions. For more information, visit entersekt.com.
About Plata
Plata is a high-tech financial platform that is redefining the way Mexicans interact with money. Plata is on a mission to simplify the complexities of financial processes and make them more accessible, friendly, and reliable for everyone. With a diverse team of over 400 employees representing more than 20 nationalities, Plata is proudly headquartered in Mexico, where it offers two innovative payment solutions:
- Plata Card: A credit card that harnesses the latest technology to provide users with a tailored rewards program. Users can enjoy 5% cashback on eligible categories and the convenience of monthly installments on all purchases.
- Plata Difiere: For those without a credit card, this 'Buy Now, Pay Later' solution offers credit for specific purchases, allowing people to divide their payments into manageable monthly installments.
For more information, visit platacard.mx/es/.
