London, 28/5/2014 – iSignthis Ltd, the online Evidence of Identity (EOI) service provider of Melbourne, Australia, and eMerchantPay, a trusted international payment provider, have today executed agreements offering merchants a secure and compliant payment processing platform integrated with both of iSignthis’ Strong Customer Authentication service and its EOI identification service.
Merchants on the eMerchantPay payment network will from Q1 2015 be offered the security afforded by a two factor Strong Customer Authentication (SCA) system consistent with the European Central Bank’s (ECB) Secure Pay ‘Recommendations for the Security of Internet Payments’, across all the payment solutions processed by eMerchantPay. Strong Customer Authentication eliminates payment fraud and enables higher value transactions, whilst providing liability shift.
The Strong Customer Authentication (SCA) service is based upon iSignthis’ patented EOI authentication process, which enables merchants anywhere on the eMerchantPay payment network to identify their customers to meet Anti Money Laundering (AML) and Know Your Customer (KYC) regulations. As a point of payment identity service, iSignthis provides a seamless, real-time identity authentication in conjunction with authenticating the payment, tracing and establishing the customer’s identity.
AML obligated merchants can thus take advantage of the operational benefits, reduced customer friction and lower customer conversion costs of identifying ‘paid-up’ rather than ‘signed-up’ customers.
“Online identity is a challenge for many AML obligated merchants seeking to migrate services online. We are pleased to be integrating with eMerchantPay for both SCA and EOI, including on-boarding customers to the new eMerchantPay eMoney service.” said iSignthis Executive Director John Karantzis. “iSignthis and eMerchantPay will help merchants meet their compliance requirements for payment authentication and AML, whilst also providing their businesses with global customer reach and advanced two factor anti-fraud capabilities.”
“In 2012 Card Not Present Fraud was in excess of EUR798m in the SEPA region (ECB- A renewed focus on cards), whilst Identity theft costs businesses $21 billion annually [Javelin Strategy & Research]. Merchants on the eMerchantPay network will benefit from the introduction of SCA and EOI, both of which will have an immediate impact on Card Not Present Fraud.
Being able to offer iSignthis’ SCA and EOI services to our fast growing international merchant base, not only ensures that eMerchantPay offers PSD 2.0 and AML compliant payment services, but also acts as a means to enable merchants to increase conversion while still being protected against the most common types of card not present fraud. All this without any implementation requirements on the part of our merchants, a strong additional selling point”, said eMerchantPay’s VP Product Development, Robert van Vuure.
eMerchantPay is a trusted global leader for international online payment processing gateway services, with merchant customers in over 40 countries. Moreover, innovative payment solutions offering processing in more than 150 currencies and various languages, plus dedicated account managers providing personal service that is second-to-none make international online payment processing easy, convenient and affordable. Quality, long-term, global banking relationships, plus in-house risk liability and accountability enable eMerchantPay to offer merchant accounts to businesses of all types and sizes, even in high risk situations where approval has previously not been secured.
Founded in 2002, the eMerchantPay Group is a privately held corporation headquartered in Europe with offices in the United States of America, the United Kingdom and Bulgaria. eMerchantPay Corporation is a member of the Electronic Transactions Association. eMerchantPay Limited is registered as a Payment Institution with Financial Conduct Authority (FCA United Kingdom). The Group’s operations in Bulgaria are ISO 9001:2008 and ISO 27001:2005 certified by Lloyd’s Register Quality Assurance (LRQA) and its gateway and solutions are Payment Card Industry Data Security Standard (PCI DSS) Level I compliant.www.emerchantpay.com or please contact: firstname.lastname@example.org
iSignthis Ltd, of Melbourne, Australia, has since 2011 developed solutions for online payment security, online identity authentication, and validation of e-contracts & e-mandates. iSignthis’ core patented technology provides Evidence of Identity (EOI) that allows a person to be authenticated and on-boarded to AML regulated services. The person may at the same time be linked to various transactional authentication technologies, including 2FA systems to enable Strong Customer Authentication for payments. The EOI service is automated, online, and uses dynamic payment data from one or more financial instruments to create an identity profile.
The EOI service may be used as part of a customer identification program (CIP) for customer due diligence to assist with ‘know your customer’ (KYC) requirements for AML obligated entities in FATF and APG member jurisdictions, including the US, EU, Australia, Brazil, China, Canada, Hong Kong, India, Malaysia, New Zealand & Singapore. The EOI service is suitable for remote identification of persons signing up to a range of online services including telecommunications, finance, payments, eMoney, p2p remittances, mWallets, eWallets, gaming/wagering/betting/casinos, currency/crypto-currency exchange, stock trading, travel, airline, credit/loans, and life insurance applications. A further application of online EOI includes eCommerce, where merchants can mitigate card not present fraud by verifying ownership of the credit card.
The iSignthis Strong Customer Authentication service assists merchants, acquirers, issuers and payment service providers to meet the European Central Bank ‘SecuRE Pay’ security of internet transaction recommendations across the 30+ debit/credit card schemes in operation across the EU & SEPA. Government agencies and other organisations dealing with the public may also benefit from the remote EOI and 2FA solution in order to provide remote signup and secure access to a range of services via websites. iSignthis is in the process of integrating with the Singaporean National Authentication Framework, and offers the Assurity OneKey 2FA solution globally.
iSignthis’ unique solutions protect online customers, whilst providing confidence and compliance solutions for AML obligated entities, eMerchants and PSP’s.