Embedded financial services provider HUBUC announces the launch of payment cards underpinned by MOTION CODE™ - a dynamic CVV technology – from IDEMIA, the world leader in Augmented Identity, for online shopping across Europe.
HUBUC is a novel embedded financial services provider that offers a number of payment capabilities, including card issuance, from a single platform, integrating the IDEMIA MOTION CODE™ server. Under the joint project, HUBUC can offer clients highly secure payment cards based on IDEMIA’s MOTION CODE™ technology. The traditional static 3-digit CVV code printed on the back of the card will be replaced by a mini-screen that displays a dynamic and periodically refreshed code (CVV2).
According to the European Central Bank’s latest figures, European card-not-present fraud reached €1.4bn in 2018 alone.* IDEMIA’s dynamic technology makes stolen data worthless to fraudsters, as the security code changes frequently.
IDEMIA’s Executive VP Financial Institutions Amanda Gourbault said: “We’re excited to team up with HUBUC to make MOTION CODE™ cards and validation services available to more online businesses worldwide. At IDEMIA, we constantly push the boundaries of innovation while ushering in a better payment experience with no compromise on security. Our alliance means more clients and end-customers will benefit from our MOTION CODE™ technology.”
HUBUC co-founder Ignacio Javierre said: “We are always looking to bring the latest technology to our products and services to enhance our client offering and the customer experience. But equally important is ensuring we are offering safe, secure solutions that protect people from fraud and partnering with IDEMIA will help us do this at scale. IDEMIA is a leading innovator in the banking sector, and by combining our efforts, we can offer our clients an even better range of services. This in turn will help clients generate additional revenue streams and increase customer loyalty.”
HUBUC is an embedded financial services provider that connects clients to its ‘plug and play’ marketplace, where they can quickly and easily access a range of financial services that allow them to receive money, hold money and make payments, including bank accounts, cards and open banking capabilities. It was formed in response to growing demand from businesses for new financial services such as payment solutions and white label cards, as it is estimated that businesses can increase their revenue some two to five times by embedding financial solutions.