FSS (Financial Software and Systems), a global payments technology company, and QRails Inc., a financial services technology company, have entered a partnership to provide next generation strong customer authentication to drive frictionless payments.
As part of the agreement, QRails will embed FSS Secure3D, an innovative 3DS 2.0 solution, with its sophisticated integrated payment processing and program management services.
FSS Secure3D, modelled on EMVCo 3D Secure 2.0 guidelines, provides a frictionless approach to authenticate customers and combat fraud in card-not-present scenarios. The solution deploys sophisticated machine learning algorithms to continually learn customer transactional patterns and authenticate customers behind the scenes. Issuers can use a combination of variables including merchant, cardholder details, device, location and transaction related parameters to risk score transactions and determine if it was initiated by the legitimate cardholder. Most customers are authenticated in the background, with zero friction whilst shopping online. This improves customer experience, reduces false positives and minimizes incidence of fraud.
Naseer Nasim, CEO of QRails, commented: “Our industry mandates the highest levels of transaction security, but our clients and cardholders require a frictionless experience. FSS is the ideal partner to enable both and ensure strong security without impacting convenience. We are excited offer this capability to our clients with an innovative partner like FSS.”
“With increased online purchases--especially through mobile devices—consumers expect simplicity and speed. This puts pressures on issuers and merchants to meet consumer demands for simpler e-commerce transactions while mitigating fraud risks. FSS’ Secure3D 3DS 2.0 solution augments the innovative QRails platform to promote secure frictionless payments”, Ram Chari, Global Head - FSS, said.
Commenting on the win, Haresh Hemrajani, Regional General Manager - Europe, FSS said, “We are proud to be a strategic partner for QRails. This win validates FSS’ strong leadership position in the payments industry when it comes to driving strong customer authentication.”
FSS is making significant investments in artificial intelligence and machine learning to drive its next phase of growth, by adding business value to its customers across a wide range of applications including Digital Banking, Payment Analytics, Digital Security, Reconciliation, ATM Monitoring and Data Centre Operations.