Standard Chartered Selects Arcot For Secure Online Payment

Standard Chartered Bank has selected Arcot Systems to provide a higher level of security for its customers when paying online with credit and debit cards. Arcot, a provider of secure e-payment and authentication solutions, will deliver a hosted, comprehensive solution called TransFort to support the bank’s implementation of verified by Visa and MasterCard SecureCode for online transaction security. Arcot will host the service in its SAS 70 certified, PCI DSS-compliant data centre.

Verified by Visa and MasterCard, the secure codes are based on the 3-D Secure global standard; the programs are designed to bring the same level of security to Internet shopping as is available in the physical world by using a customer selected password to confirm that the online buyer is the actual cardholder. The extra layer of authentication takes place on Arcot’s server, so the password is never visible to the merchant’s website. Arcot has co-developed the 3-D Secure protocol with Visa.

Murali Natrajan, regional head of consumer banking, India & Nepal, Standard Chartered Bank, said, “This gives our cardholders and merchants an extra level of protection, by verifying the cardholder’s identity, when paying online. We chose Arcot because of their deep experience in online payment security, and the fact that they can provide the entire solution as a hosted service.”

“We are pleased that Standard Chartered Bank has recognised the value of Arcot’s hosted services for online payment security,” said Ram Varadarajan, CEO of Arcot Systems. “Their decision adds a significant new layer of protection against the risks of online card fraud for cardholders and merchants.”