MasterCard approves Rahaxi Processing Oy as SecureCode vendor
23 June 2006 | 2244 views | 0
Source: Freestar Technology
Freestar Technology Corporation (BULLETIN BOARD: FSRT), an international card payments processor and technology company today announced approval by MasterCard International for its integration of MasterCard SecureCode within the online payment card security service operated by its wholly owned subsidiary Rahaxi Processing Oy.
MasterCard SecureCode is a global security solution for Internet retailers and financial institutions. It addresses three of the most pressing issues in e-commerce today: lingering cardholder concerns about the safety of online shopping; issuers' need to remotely authenticate their cardholders while shopping online; and Internet retailers' desire to ensure a payment guarantee.
Much like the familiar authentication process required for payment card use at Automated Teller Machines (ATMs), MasterCard SecureCode requires cardholders to enter their personal code in a inline window on their PC before their online payment can be completed. With this simple step, cardholders can be confident that their account is protected, and card issuers and retailers gain greater assurance about the identity of the person completing the transaction.
The approval for the MasterCard SecureCode application provides an additional value added security feature to existing Rahaxi Processing Oy's portfolio of international standard card payments processing products and services, including the Internet Payment Gateway (IPG) for fastly growing, global e-commerce market.
"MasterCard SecureCode is a payment initiative designed to reduce the risk of unauthorized use of a cardholder account by authenticating the cardholder attempting to make a purchase online. Authentications makes Internet shopping better and safer for both buyers and sellers on the web by reducing the merchant's exposure to fraud and frivolous disputes, and protecting the cardholder from fraudulent use of their credit card," Angel Pacheco, CTO of Freestar explained.
Mr. Pacheco also added that Rahaxi improves its offering by providing secure payment environments not only to POS merchants but also to its growing e-commerce and m-commerce portfolios.