VIETNAM | CyberSource partners with one of Vietnam’s largest privately-held banks Asia Commercial Bank (ACB). CyberSource will enhance the bank’s capabilities in processing both local and global online payments.
CyberSource’s global payment gateway
The agreement allows ACB to deploy CyberSource’s global payment gateway solution and fraud management tool, Decision Manager. This will help significantly expand the array of payment services available to the bank’s merchant customers.
Vietnam’s eCommerce Sales
Vietnam’s total eCommerce sales hit US$700 million by the end of 2012, of which 11.8 percent was conducted via non-cash transactions. Growth projections for the Vietnamese eCommerce market remain robust, with total eCommerce sales in the country expected to reach US$1.3 billion by 20152. However, the sector is still relatively young, with a small group of acquiring banks serving a burgeoning number of eCommerce merchants.
Vietnam’s eCommerce Market Potential
“We see vast potential in Vietnam’s eCommerce market. Our customers’ trust is our top priority, and CyberSource is the chosen partner due to its expertise and state-of-the-art technologies in fraud management and payment processing. CyberSource’s global payment gateway solution and Decision Manager tool will enable us to process payments more securely and effectively for our customers, helping us establish our market leadership in the growing eCommerce market in Vietnam,” said Le Quang Khanh, Bankcard Centre Director, ACB.
Asia Commercial Bank
Today, ACB maintains an active approach in Vietnam’s push towards a cashless society by boosting customer confidence in card usage as well as online transactions. ACB offers diversified bundled products across consumer and corporate banking, including more than 25 online features for consumers and 30 for enterprises. These include card payment services, payment and account management, as well as global remittance services.
CyberSource Decision Manager
CyberSource Decision Manager features the World’s Largest Fraud Detection Radar, and provides a comprehensive platform to pinpoint fraud faster, more accurately and with less manual intervention, by screening inbound orders against data and correlations from more than 60 billion transactions that Visa and CyberSource process annually. Every transaction is analyzed by over 260 detector tests and time-tested statistical risk models, which can be further localized by region.
'Transact easily and securely, worldwide'
“Many leading financial companies around the world work with CyberSource to enable their payment and fraud management strategies. We are pleased to be providing ACB with the payment management platform it needs to expand its business by enabling eCommerce merchants to transact easily and securely, worldwide,” said Chew Ann Wee, Regional Director, Southeast Asia, CyberSource.
CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 400,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in Foster City, CA and maintains offices throughout the world, with regional headquarters in Singapore, Tokyo, Miami/Sao Paulo and Reading, U.K. CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit https://www.cybersource.com/asiapacific.
About ACB (Asia Commercial Bank)
Asia Commercial Bank (ACB) is one of Vietnam’s largest privately-held banks. Established in 1993, the bank provides both personal and business banking services, which include loans, cards, treasury services and remittance services. For more information, please visit http://www.acb.com.vn/.
Sourced from CyberSource, April 29th, 2014