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An essential technical element within this program is the use of secure authentication protocol,
3D Secure.
Between April 2003 and April 2004, the e-commerce transaction volumes increased 155%. This growth clearly
demonstrates the potential for e-commerce. However, in the CEMEA region, it is estimated that 60% of Internet
transactions are paid for on a "Cash on Delivery" basis. Through the Verified by Visa and MasterCard SecureCode
program, Issuers have the opportunity to increase card revenues, displace "Cash on Delivery" products and protect
their profits by avoiding many of the difficulties experienced in other countries.
3D Secure, a new global answer to authenticate buyers and sellers in secure Internet transaction, is now available
as part of the Verified by Visa and MasterCard SecureCode programs. Its use is expected to cut disputes and fraud
arising from on-line transactions by at least 80 per cent.
In conformity with Visa recommendations, all CEMEA e-commerce Acquirers must be able to offer 3-D Secure to their
merchants by April 1, 2003.
Verified by Visa program assists Issuers to:
- minimize disputes, exceptions and fraud;
- maximize cardholder trust, transaction revenues and operating profits;
- grow the marketplace by providing a competitive and high quality service;
From April 2003, Issuers loosed the chargeback rights if their cardholders shop at merchants who have implemented
3-D Secure but the cardholders have not been enrolled.
In agreement with our innovative approach and development strategy, ROMCARD is also deeply involved in stimulating
e-commerce in Romania by introducing the more secure technologies in the field: 3-D Secure protocol for Verified by
Visa and MasterCard Secure Code services.
ROMCARD as a payment card processor in Romania, has succeeded to install the 3D Secure Internet security technology
provided OpenWay and iBIZ Software companies and to integrate it into our card processing software.
Based on this own solution, ROMCARD offers the turnkey solution for Verified by Visa and MasterCard SecureCode
services in order to secure the Internet transactions performed using the cards.
The 3D Secure project has been started by ROMCARD on September 2003, and during March 2004 we have successfully
completed all certifications with Visa and MasterCard for following Romanian banks: Romanian Commercial Bank,
Raiffeisen Bank, Commercial Bank ION TIRIAC and AlphaBank Romania.
The official launch of the Verified by Visa and MasterCard SecureCode programs has been done on 20 of March 2004.
The 3D Secure project completed by RomCard was the pilot project in Visa CEMEA region and in MasterCard SAMEA region.
The result of this very high performance was the following: Romania is the first country in our European region
capable to process totally in conformity with the last Internet technology which is 3D Secure.
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