SecureBuy®, a provider of payment fraud prevention and security technology, has announced that it is granting a 10-year royalty-free license of the SecureBuy 2.0, 3-D Secure MPI. The SecureBuy 3-D Secure MPI is immediately available on a no-charge basis for all payment industry acquirers, service and solution providers to offer as a free value added service to their clients and/or merchants.
3-D Secure is the most advanced consumer payer authentication solution ever created. With over 250 million registered cardholders and over a million merchants worldwide, 3-D Secure is the most widely deployed active authentication solution. Developed by Visa over a decade ago, 3-D Secure is better known by merchants and consumers as Verified by Visa®, MasterCard® SecureCode™ and American Express SafeKey®.
The 3-D Secure payer authentication is the only solution that allows merchants to authenticate a consumer directly with the consumers’ issuing bank. By invoking the 3-D Secure process, merchants gain interchange advantages resulting in lower processing fees and the ability to shift financial/chargeback liability for the transaction to the cardholders’ bank. While not a catch-all for payment fraud, there is no other superior payer authentication in existence.
“Merchants spend millions of dollars on authentication services, but at the end of the day, if the issuing banks don’t acknowledge the technology, it’s useless. SecureBuy believes that a new risk-based deployment of 3D Secure should be the cornerstone in every merchant’s fraud prevention solution and wants to elevate the industry standard to improve innovations within the payment industry. We believe that service and solution providers that have tried to monetize the 3D Secure MPI have only slowed its adoption, resulting in increased card not present payment fraud.” states Greg Wooten CEO of SecureBuy.
SecureBuy partners may utilize the SecureBuy 2.0, 3-D Secure MPI under a 10-year royalty-free license and create their own solutions to trigger payer authentication or offer it in a standalone environment. However, according to the terms of the 10-year royalty-free license, partners are restricted from reselling the 3-D Secure MPI by itself for monetary gain. SecureBuy additionally requires partners’ clients to register on the SecureBuy website and comply with all card brand/network rules and regulations.
