Global payments technology company FSS (Financial Software and Systems) has teamed with QRails to improve authentication in payments.
As part of the arrangement, QRails will embed the FSS Secure3D authentication service with its own integrated payment processing and management services.
The FSS Secure 3D solution was only released earlier in the year and was released to improve the online transaction security space.
FSS Secure3D offers a frictionless authentication service for customers and combats card-not-present scenarios. By deploying machine learning algorithms, it continuously monitors customer transactional patterns and authenticates customers in the background.
Issuers can verify a consumer’s identity through a range of attributes including merchant and cardholder details, devices, location, and transaction-related parameters to risk score transactions. Its solution can verify most customers in the background while they are using their card, removing frictions.
The company is putting focus on developing its AI and machine learning technology to support customers across a range of sectors. Sine of these areas include digital banking, payment analytics, digital security, reconciliation, ATM monitoring, and data centre operations.
FSS global head Ram Chari, said, “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.”
QRails is a third-party processing, outsourcing and consultancy platform which gives issuers the capabilities provide payment services and give customers open banking functionality.
Earlier in the year, QRails integrated the CyberIoQ service from Advanced Credit Technologies in order to better prevent fraud. CyberIoQ is a multi-factor authentication app which restricts payment functionalities through mobile devices unless the user’s PIN, unique mobile device ID and geographic location match.
Copyright © 2018 RegTech Analyst
