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eCommerce to enter new phase in Barbados
7/26/2009
ELECTRONIC commerce in Barbados is about to enter a new phase.
This follows the forging of a new partnership between international payment and risk management solutions provider, First Atlantic Commerce (FAC), and the Bank of Nova Scotia, a deal that enables merchants here and in six other Caribbean countries to do more business online.
In what the two enterprises are calling new 3D Secure services, they said in a press release that businesses in Barbados would be able to provide a number of services including:
• providing Internet merchants with the ability to verify a consumer’s true identity through a secure, electronic, non face to face authentication process.
• enable all parties in an eCommerce payment transaction to transmit confidential and valid payment data
•provide verification to the merchant that the buyer is the authorised owner of a card account
•offer immediate protection from fraud related chargebacks.
FAC CEO, Andrea Wilson, said businesses and customers in Barbados and other regional countries stood to benefit significantly from the new development.
“This is an extremely important service for online merchants. The objective of 3D Secure is to reduce fraud through the verification of the cardholder at the time of payment in a ‘CardNotPresent’ environment, such as the Internet. When implemented, 3D Secure protects online merchants from the financial losses associated with “I didn’t do it” chargebacks. We are very excited about making this more available in the Region,” Wilson noted.
On the other hand, Scotiabank’s director of Merchant Acquiring Services Rob Macdonald, said the launch of the new service to the bank’s existing and prospective Internet merchants “is yet another way that Scotiabank is helping our clients in minimising online fraud, while maximising sales”.
“We have worked with FAC for many years processing millions of dollars of credit card transactions for a range of businesses and Government bodies, and implementing 3D Secure is a natural next step in the evolution of our solutions to these important customers,” he said.
The new arrangement will allow Scotiabank merchant customers to transact secure business and “support 3D Secure Verified by Visa and MasterCard SecureCode on their web sites for the first time”.
While it will initially be available to merchants here and in Jamaica, Bahamas, Trinidad & Tobago, Anguilla, Turks & Caicos and Guyana, an additional 11 countries in the English Caribbean will also be included in the future, the release said.
“Both Visa and MasterCard offer chargeback liability shift for fraud-related chargebacks when the transaction is authenticated through Verified by Visa and MasterCard SecureCode. This also includes liability shift for attempted Verified by Visa and MasterCard SecureCode requests, which means that even if the cardholder is not enrolled, the merchant is not liable for certain Reason Code chargebacks. So the benefits to both Scotiabank International and its merchants are significant,” FAC explained. (SC)
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