FSS (Financial Software and Systems), a global digital payment and financial technology company, announced today that its FSS Secure3D is compliant with European Union Payment Service Directive2, Strong Customer Authentication (PSD2 SCA) guidelines for initiating and processing electronic payments that would come into effect in December, 2020. The support for PSD2 SCA guidelines reduces risk exposure, minimizes losses, and provides safer, secure commerce experiences to consumers in an open banking world.
An intelligent risk-based authentication solution, FSS Secure3D optimally balances need for fraud reduction with delivery of seamless payment journeys across web, mobile and in-app channels. FSS Secure3D supports compliant and user-friendly SCA with the addition of the following capabilities:
• Smart-Authenticator: Supports multiple authentication modes (biometrics, dynamic knowledge based question, one time pass code and more) for verifying customers along SCA-specified attributes -- something a customer knows (e.g. a password), is (e.g. a fingerprint) or has (e.g. a smartphone)
• Smart-Policy Manager: Enables issuers implement frictionless flows for permissible SCA exemptions including low-value payments, same-amount recurring transactions and whitelisted beneficiaries
• Smart-Protect: Analyzes merchant fraud score as specified by SCA guidelines in combination with embedded machine learning-based models for profiling customer transaction activity to determine SCA applicability for a particular transaction.
• Smart-List: Maintains a repository of “trusted merchant beneficiaries,” whitelisted by customers for applying SCA exemptions
• Smart Insights: Presents actionable transaction trends through an intuitive, easy-to-manage web interface to glean fraud patterns and refine fraud related decisioning
Speaking on the new capabilities, Sathish N, Deputy CPO, FSS said: “With a surge in adoption of online payments, fraud attack vectors have grown in sophistication. FSS takes the complexity out of implementing PSD2 SCA and satisfy the new authentication requirements without introducing additional friction in the payment process. FSS Secure3D equips customers with real-time risk analysis tools to enable frictionless flow for higher volume of transactions, deliver safer transacting experiences and build trust-based relationships with consumers.”
FSS is among the few solution providers globally that supports issuers and merchants with a 3DS EMVCo 2.1 certified solution. Partnering with FSS enables payment service providers exploit rich merchant, consumer, transaction, and device data for better and faster risk decisioning to reduce fraud and improve sales.
FSS offers Secure3D As-a-Service to streamline implementation and speed compliance with PSD2- compliant SCA directives for online card payments. With a single connection, customers benefit from a complete managed services approach, wherein FSS assumes responsibility for implementation, integration, certification, testing and technical operations. This alleviates costs as well as the regulatory compliance burden.
FSS Secure3D is deployed by leading banks and processors and is compliant with EMVCo 3DS 2.1 guidelines and certified by Master Card and Visa. The solution is compliant with the new Mastercard SCA related message extensions compatible with EMVCo Versions 2.1 and 2.2.