20 April 2018
visit www.ebaday.com

Visa launches Verified by Visa Issuer Service

08 May 2002  |  7482 views  |  0 Visa

Visa EU has launched its new Verified by Visa Issuer Service (VbVIS) to enable issuing banks to implement Visa's secure online payment authentication service without the expense of developing their own in-house software.

Earlier this year Visa agreed that, from 1 April 2002, the liability for online card fraud would no longer be the responsibility of any retailer that had signed up to Verified by Visa. Instead the liability would belong to the issuing banks.

Jon Prideaux, executive vice president, Visa EU, comments: "The Verified by Visa Issuer Service provides an immediate, low cost means of implementation for issuers and will help ease the start-up burdens of setting up the service independently."

Visa has partnered BT Ignite, BT's broadband solutions business, to deliver VbVIS from one of its secure data centres, on an application service provider basis. The new service is based on Arcot Systems' TransFort real-time authentication solution, designed to enable Visa member banks and card issuers to validate the cardholder's identity during an online transaction.

The service is issuer-branded so it appears as a service offered by the issuer to their cardholders. Issuing banks pre-enrol cardholders with Visa, who then informs them of their opportunity to sign up to the Verified by Visa authentication payment system. Cardholders visit the Verified by Visa Web site and, as their security background information has been pre-registered by their bank, they need only choose a personal security password to be instantly enrolled. In future, whenever they purchase online, they will be required to enter their password to verify their identity before their bank can authorise payment to the retailer.

Corner Banca in Switzerland is the first issuer to implement Verified by Visa in the EU through VbVIS.

Giovanni Bettoni, Internet manager, Corner Banca, says: "Signing up to VbVIS...means we can offer our customers the security and peace of mind of paying online through Verified by Visa and VbVIS is the most straightforward, cost effective means for us to do this."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Paymentplus signs reseller agreement with Arcot

Paymentplus signs reseller agreement with Arcot

26 April 2002  |  2949 views  |  0 comments
Cyota and Caradas to launch Verified by Visa solution for smart cards

Cyota and Caradas to launch Verified by Visa solution for smart cards

25 April 2002  |  4978 views  |  0 comments
Oberthur launches multi-application Java and Visa-certified smart card

Oberthur launches multi-application Java and Visa-certified smart card

24 April 2002  |  3014 views  |  0 comments
Bank of Moscow rolls out Visa smart card scheme

Bank of Moscow rolls out Visa smart card scheme

23 April 2002  |  5249 views  |  0 comments
Visa cross-border e-purse ready for loading

Visa cross-border e-purse ready for loading

12 April 2002  |  5891 views  |  0 comments
Visa moves into B2B payments

Visa moves into B2B payments

10 April 2002  |  6041 views  |  0 comments
Finland prepares for nationwide Verified by Visa roll out

Finland prepares for nationwide Verified by Visa roll out

18 March 2002  |  4487 views  |  0 comments
Leumi Card chooses Cyota for Verified by Visa initiative

Leumi Card chooses Cyota for Verified by Visa initiative

14 March 2002  |  6485 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://aciworldwide.webex.comVisit http://go.jumio.com/finextraAdhttps://www.capgemini.com

Top topics

Most viewed Most shared
Revolut launches spare change savings toolRevolut launches spare change savings tool
9619 views comments | 14 tweets | 19 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
8801 views comments | 17 tweets | 31 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8376 views comments | 16 tweets | 22 linkedin
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
8367 views comments | 18 tweets | 23 linkedin
Goldman Sachs acquires PFM startup Clarity MoneyGoldman Sachs acquires PFM startup Clarity...
7936 views comments | 9 tweets | 10 linkedin

Featured job

to $120K base, 200K ote, benefits
New York City, NY - USA

Find your next job