Standard Chartered Bank implements Arcot online authentication system in India
21 May 2008 | 4431 views | 0
Source: Standard Chartered Bank
Standard Chartered Bank, India's largest international bank, has selected Arcot Systems to provide a higher level of security for its 2.1 million customers when paying online with credit and debit cards.
Arcot, a leading provider of secure e-payment and authentication solutions, will deliver a hosted, comprehensive solution called TransFort to support the bank's implementation of Verified By Visa and MasterCard SecureCode for online transaction security. Arcot will host the service in its SAS 70 certified, PCI DSS-compliant data center.
Murali Natrajan, regional head of consumer banking, India & Nepal, Standard Chartered Bank said, "This gives our cardholders and merchants an extra level of protection, by verifying the cardholder's identity, when paying online. We chose Arcot because of their deep experience in online payment security, and the fact that they can provide the entire solution as a hosted service."
Verified By Visa and MasterCard SecureCode are based on the 3-D Secure global standard; the programs are designed to bring the same level of security to Internet shopping as is available in the physical world by using a customer selected password to confirm that the online buyer is the actual cardholder. The extra layer of authentication takes place on Arcot's server, so the password is never visible to the merchant's website. Arcot co-developed, with Visa, the 3-D Secure protocol and is the leading technology provider now protecting more than 18 million cardholder accounts, 11,000 banks and 100,000 merchants worldwide.
"We are pleased that Standard Chartered Bank has recognized the value of Arcot's hosted services for online payment security," said Ram Varadarajan, CEO of Arcot Systems. "Their decision adds a significant new layer of protection against the risks of online card fraud for cardholders and merchants."