Payment security using Context Aware™ authentication technology helps to remove friction and optimize user experience based on each individual transaction.
Entersekt, a market leader in customer and digital transaction authentication solutions for financial institutions, today announced that high-technology financial platform Plata (Plata Card), has chosen Entersekt to be the 3-D Secure payment authentication partner for their recently released Plata credit card
The Plata Card offers Mexican customers advanced technology and security, rewarding users with up to 5% cashback on purchases, and offering a payment period of up to 60 days. The partnership with Entersekt will enable low friction payment authentication with risk-aware 3-D Secure, allowing Plata Card to enjoy a more than 18% higher transaction success rate with orchestrated, customizable, and frictionless payment authentication.
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Unlike the European Union and many other regions, 3-D Secure is not yet a regulatory requirement in the Americas, but it is quickly gaining traction as its security benefits, particularly in e-commerce, drive uptake. The additional security offered by Entersekt’s 3-D Secure services, that strips any additional friction from the process thanks to its unique Context Aware™ technology, is expected to significantly boost trust amongst Plata Card customers.
The global cost of ecommerce fraud exceeded $48 billion this year, with North America comprising 42% of fraud by value according to Juniper Research. Fraud has also plagued the Mexican ecommerce sector, reaching a pandemic peak of 220% higher than pre-pandemic levels.
“Rampant fraud results in consumers losing trust in transacting online and crippling ecommerce growth. We have seen how 3-D Secure can slash the amount of Card Not Present fraud, helping build trust in online transactions. By choosing to partner with Entersekt, Plata is not only ensuring the safety of their customers, but our Context Aware™ technology means they will enjoy a seamless user experience with the least possible friction. Together this creates the optimal environment for an improved online shopping experience and ecommerce growth in the country,” said Schalk Nolte, CEO of Entersekt.
According to the National Financial Inclusion Survey, only 10.5% of the Mexican population between 18 and 70 years old owns a credit card. Plata’s mission is financial inclusion for every Mexican through access to premium financial products and best-in-class customer support.
“Partnering with Entersekt means we get the most advanced payment and authentication stack that provides a protection layer beyond just 3-D Secure. Entersekt’s modern Access Control Server as well as their Context Aware™ authentication technology means our customers get high security with the least possible friction of any product available today,” says Alexander Bro, Chief Business Development Officer at Plata. “Delivering products that answer the needs of the Mexican customer will attract more customers into the formal banking ecosystem. Protecting them from fraud and giving them the best customer experience once they join, is a vital part of ensuring those new customers continue to use our products and trust new digital innovations we intend to deliver in the future.”
The Entersekt 3-D Secure offering will give Plata the following benefits:
- A transaction success rate that is 18% higher than the European average
- A customer step-up response that consistently beats the industry’s targeted best time of 4 seconds
- A system that allows clients full control over the customer experience with 22 configurable, orchestrated user journeys
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