Merchant Protect Launches Authentication Software
June 21, 2012
India Pacific (IP) Media Ltd yesterday announced the release of Merchant Protect, a two-factor authentication service for PSPs and merchants that accept card-not-present payments. The Melbourne, Australia-based company says Merchant Protect is based on technology that was patented in the country in 2011 and meets authentication requirements established this year by the European Central Bank. The Software as a Service product generates one-time passwords as “in band” data associated with the existing card authorization cycle. The company says cardholders must positively respond to a challenge issued at the completion of their online sales order by retrieving the password and confirming it to the authentication agent. IP Media is positioning Merchant Protect as an alternative to 3D Secure (the technology behind Verified by Visa and MasterCard SecureCode) in Europe.
“European online merchants can now trade globally with the confidence brought about from use of an authentication service that automatically includes all issued cards,” says John Karantzis, founder of Merchant Protect. “Thus, any card, anywhere, from any issuer or card scheme is capable of being authenticated today without pre-enrollment. Merchants will benefit from our solution that covers all cards in and out of the SEPA.”