As part of the understanding, BPC will offer its Access Control Server (ACS) solution and services to enable 3-D Secure cardholder authentication to UnionPay issuer banks in the country. BPC’s ACS solution is certified with UnionPay International for 3-D Secure authentication on its latest standards and mandates.
The ACS product forms part of BPC’s SmartVista Suite platform, a host of comprehensive, integrated software applications that help financial institutions and businesses to process all forms of electronic payments, including digital money transfers, plastic cards, smart chip cards, and other personal payment methods.
Among the SmartVista applications designed for the digital economy, is the ACS solution called 3-D Secure, which will provide UnionPay issuers instant authentication of cardholders during an online purchase. 3-D Secure reduces the risk of fraud transactions and increases cardholder confidence in Internet purchases. It can be implemented as an integrated, standalone module or as a service, and is compliant to all functional and security standards set by international payment systems. BPC will host the solution locally, using its own software and ACS server ensuring quick time to market and costing that is reflective of regional prices.
The collaboration comes at a time of rapid digital transformation in Pakistan. Having a population of over 220 million, with an average age of 22 years and a large mobile penetration rate, Pakistan offers business opportunities in the digital finance and payments sector. The country has seen growth in digital payments both in terms of value and volume of transaction during the last couple of years. Especially in the ecommerce sector, the usage of payment cards is gradually increasing and with it, the need to secure the payments being made online by the consumers.
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