Compliance in the financial services sector is not merely a nice-to-have. When you’re dealing with consumers’ sensitive financial data, it’s vital to have standards and controls in place that keep their digital payments secure.
Wherever they are, on whichever device, global compliance protocols enable them to safely and seamlessly complete their e-commerce purchases. This, of course, also ensures maximum transaction success rates and reduced costs for banks and credit unions.
Here are five recommended ways to ensure compliance , wherever you are across the globe.
1. Adopt payment authentication solutions that reduce unwanted friction
To match the needs of digital-first consumers, financial service providers (FSPs) need compliant, up-to-date authentication solutions that reduce unwanted friction. With that in place across all their banking channels, they can personalize each cardholder experience, making the process of authentication a lot more customer-centric.
Entersekt is a global leader in customer and transaction authentication, working with card issuers and financial institutions (FIs) to enable payment authentication that removes unnecessary friction. We provide payment authentication solutions that go beyond compliance, providing world-class e-commerce fraud prevention, consistently, across all banking channels.
2. Strengthen fraud mitigation with Context Aware ™ Authentication
In today’s digital payment landscape, banks should prioritize the building of seamless user experiences across all their channels to ensure vital customer information is not only effectively shared, but that it is also used to paint an accurate picture of customer identity to help prevent fraud.
Entersekt provides a Context Aware™ Authentication ecosystem that enables just that, by allowing organizations to link all components of their business. And the results speak for themselves: Our context-aware 3D Secure solution helps our customers achieve 22% higher transaction success rate than the European average. What’s more, our 100% compliant 3D Secure ACS is fully customizable, enabling full control of the user journey right down to individual card level, driving higher conversions.
“FIs that solely focus on compliance are often subjected to increased end-user friction, high contact center costs, and lost transaction fees resulting from false declines. A balance of continuous compliance with Context Aware™ Authentication will mitigate fraud and regulatory risks while increasing successful transactions and reducing costs” — Frank Moreno, Chief Marketing Officer at Entersekt.
3. Leverage the latest customizable payment authentication technology
Since hackers are also expert developers, FSPs need the latest technology to keep these fraudsters out and prevent card-not-present (CNP) fraud. Delivering an optimized payment experience relies on customizable authentication solutions that fit the context of each transaction.
With Entersekt, banks and credit unions have the freedom to deploy right-fit authentication solutions, and fast, with:
- Bank-grade security that reduces fraud and keeps customers safe, without adding unnecessary friction.
- More control, configurability freedom, and access to data that allows you to put your customers first.
Added to that, our world-class patented solutions mean that our customers have access to the latest technology, built by industry innovators, to continually meet the changing needs of their business and the broader ecosystem.
4. Choose the ACS deployment that’s right for your FSP
Ideally, banks and credit unions should be able to choose a solution that suits how their business works. With 3D Secure from Entersekt, you can choose between Cloud (SaaS) deployment or client-deployed (on-premise) ACS options. This allows you to design all your authentication experiences into a practical ecosystem based on business objectives rather than potential technical limitations.
Plus, FSPs benefit through:
- Faster deployment.
- Sustained operability.
If your current ACS doesn’t offer the configurability for swift setup and integration, then it might be time for a change. The Entersekt team sets up its all-in-one platform in a matter of days, complete with mock testing tools, such as a merchant website. Customers can then install the ACS and perform end-to-end testing within the space of only two hours.
With this ease of integration and testing, these FIs also have the space to test and learn our system without the pressure that usually accompanies ACS integrations.
5. Ensure digital payments compliance, wherever you are
Wherever you and your customers are located around the globe — we’ve got you covered. Our digital payments solutions align with global payment regulations from 3D Secure to the Second Payment Services Directive (PSD2) and Strong Customer Authentication (SCA) requirements.
To learn more about the 3D Secure compliance landscape across the globe, download our infographic:
This article is based on information from our latest 3D Secure ebook. If you like what you've read, and want to explore 3D Secure beyond compliance, click here to download your copy.