ZURICH | SIX Payment Services has integrated American Express SafeKey into its Saferpay payment platform as the first payment service provider in the German-speaking market. American Express Safekey acts similar to Verified by Visa and MasterCard SecureCode, the competitive anti-fraud and chargeback solutions of Visa and MasterCard. All solutions aim to prevent unauthorised use of their credit cards.
American Express Safekey
American Express SafeKey is a so-called 3-D Secure authentication tool that reduces online fraud by confirming the cardholder's identity with an additional password. Upon payment checkout at an Amex Safekey enabled online merchant, the cardholder needs to enter their password to prove to the merchant and issuing bank he or she is the legitimate owner of the credit card. In a real-time, online process the password is verified by the cardholder's bank. If the password matches, the payment is authorised and the merchant and shopper get instant approval. The merchant then gains protection for potential chargebacks (customer wants to undo the transaction) as a result of fraudulent use of the card.
First German Payment Provider to Support SafeKey
According to Sascha Breite, Head Future Payments at SIX Payment Services: “Millions of euro are lost to businesses each year through fraud and the tedious analysis of such cases. American Express is now using this secure procedure to increase user confidence in credit cards as a payment method. SIX is pleased to be the first American Express provider in Germany to support SafeKey and to thereby further expand the market potential.”
American Express SafeKey Merchant Plug-In
Online merchants already using the Saferpay payment solution from SIX Payment Services can quickly and easily activate SafeKey. The integrated merchant plug-in conducts the cardholder verification during checkout.
American Express SafeKey Demo Video
Please visit the American Express SafeKey website for more information. Click the image below to view the American Express SafeKey Demo.
About SIX Payment Services
SIX Payment Services offers financial institutions and merchants secure, innovative services along the entire value chain of cashless payments. Our tailor-made solutions include settlement of domestic and international card and interbank payments. One of Europe’s largest card transaction processors and market leader in Switzerland, Austria and Luxembourg, SIX Payment Services ensures that card-based payments in Switzerland and abroad are accepted and processed. Additional services range from Swiss Interbank Clearing to electronic billing and direct debit processing. With around 1,400 employees and 14 locations worldwide, SIX Payment Services supports clients in 33 different countries. Click here to go to SIX payment services website.
Sourced from SIX Payment Services, February 2014