By Leandra Monteiro
- E-commerce Payments
CR2, a digital banking and payments platform has partnered with M2P Fintech, a global leader in embedded financial infrastructure.
The partnership provides banks with an innovative solution to secure e-commerce payments and prevent ‘card-not-present’ fraud. The objective is simple, increase payment security for bank customers without increasing checkout times unnecessarily.
Fintan Byrne, CEO of CR2 said, “At CR2, we are committed to empowering banks with innovative solutions that create a seamless customer experience while constantly enhancing digital payments. We continue to collaborate with quality technology providers to grow our partner ecosystem. Through this partnership, we will provide a best-in-class solution to meet the demands of customers for convenient and secure payments. We are delighted to partner with M2P Fintech to offer our customers a solution that ensures payment security through all channels with a simple customer experience.”
Online shopping growth continued with a 17.1% increase in global e-commerce in 2021. Retail e-commerce sales exceeded $5.2 trillion USD globally in 2021. As e-commerce transactions increase, so do the possibilities of fraud. Banks need to develop the capability to mitigate fraud while at the same time reduce checkout times and provide their customers with a secure and convenient digital payment experience.
The 3D Secure dynamic protocol authenticates the cardholder during e-commerce transactions to prevent fraud. Strong Customer Authentication (SCA) has increasingly become a key requirement for banks that aid innovative payment services and reinforce security.
This partnership will see M2P’s ACS 3D Secure technology solution integrated into CR2’s platform to improve the card issuing proposition and support secure e-commerce payments. It also provides banks with the flexibility to design a unique authentication process for their customers.
Madhusudanan R, Co-founder, M2P Fintech said, “We are excited with the opportunity to partner with CR2 to bring our world leading authentication solutions to key markets across Middle East, Africa, and Southeast Asia. M2P’s highly customisable Payments Authentication platform allows for seamless integrations, thereby enabling advanced authentication options. We have leveraged the best of what commerce, mobility and payments have to offer to provide frictionless transaction experience for customers.
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