COLOMBES, France - Wednesday, June 1st 2016 [ME NewsWire]
(BUSINESS WIRE)-- Network International , the leading payment solutions provider in the Middle East and Africa (MEA) and OT (Oberthur Technologies), a leading global provider of embedded security software products and services, today announced their partnership to offer to banks in the MEA region OT’s dynamic cryptogram payment card to secure online transactions - OT MOTION CODE™ solution.
The OT MOTION CODE™ solution provides an extra layer of security for Card-Not-Present (CNP) transactions (ecommerce transactions via telephone or Internet for instance). The technology replaces the static 3-digit security code usually printed on the back of a card, by a mini screen that displays a code, which is automatically refreshed according to an algorithm, typically every hour.
For the cardholder, the solution is fully transparent: no plug-in to install on their web browser, no button to press, the code appears at the same location on the card, the key benefit being the code’s dynamic generation and periodical refresh. The refresh timing is defined by the card issuer, for instance each hour. For issuers, a specific server synchronized with the algorithm and refreshing rules defined in the cards is needed and supported by OT’s offer.
Today, millions of ecommerce transactions are processed by Network International every year. In order to help banks to increase trust in online transactions and reduce online fraud, Network International has added OT MOTION CODE™ solution to its fraud management products portfolio.
“E-Commerce adoption in the UAE is growing rapidly, and we have to offer security and convenience to end-users,” said Bhairav Trivedi, Chief Executive Officer of Network International. “As the first company to market this kind of technology in the world, OT in collaboration with Network International will offer banks with a turnkey solution to help them mitigate online fraud and also to provide their consumers with a reliable, secure and seamless online shopping experience in the Middle East and Africa region.”
“We are delighted to partner with Network International to offer our OT MOTION CODE™ solution in the MEA region. Network International has a major reach in this region and we are convinced this solution could benefit millions of potential end-users. Online fraud is growing rapidly worldwide, and thanks to our revolutionary innovation, we provide this e-commerce fraud fighting solution to financial institutions to secure online transactions,” said Eric Duforest, Managing Director of the Financial Services Institutions business at OT.
OT MOTION CODE™ solution will be showcased on OT’s booth (E20) during Cards &Payments Middle East in Dubai (May 31 – June 1)
ABOUT NETWORK INTERNATIONAL
Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and North Africa region (MENA). The company’s service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants. This includes credit, debit and prepaid card processing, ATM management and monitoring, merchant acquiring and processing, fraud management, e-commerce services and mobile solutions for the payments industry, with the objective of enabling speedy, secure and convenient payment transactions for customers. In addition, the company offers several value-add products including data analytics, scoring and loyalty solutions. Network International has Operation centers in the UAE, Egypt and India, with its corporate head office in Dubai. The company recently acquired Emerging Markets Payments Holdings Limited (EMPH) and continues to invest in strategic partnerships that will increasingly see its influence spread across the region.
Network International is a Principal Member of Visa International and MasterCard International in the UAE and enjoys extension of its MasterCard License in other key countries. It is also a member of JCB and Union Pay card schemes, and it owns and manages the Diners Club International Franchise in the UAE, Egypt, Lebanon and Jordan. In 2013, the company launched a GCC based domestic scheme, Mercury, and partnered with Discover Financial Services (DFS) to allow global acceptance of Mercury cards on the Discover, Diners Club International and PULSE networks. Network International, a Payment Card Industry Data Security Standard (PCI DSS) certified company, is also a major player in the international remittance industry and owns a 100 per cent stake in TimesofMoney Ltd., a leading global online remittance and digital payments company facilitating cross-border remittances and domestic payments in emerging economies.
ABOUT OBERTHUR TECHNOLOGIES
OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay.
OT is strategically positioned in high growth markets and offers embedded security software solutions for “end-point” devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment.
OT employs over 6 500 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centers, OT’s international network serves clients in 169 countries. For more information: www.oberthur.com
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