With the arrival of COVID-19, the need for eCommerce merchants to accelerate transformations to a digital-first and more agile payments world has never been greater. According to McKinsey’s Global Payments report, buying patterns experienced decades of change in just a few short months. Governments relaxed some deadlines for the implementation of authentication regulations, but now more than ever issuers, merchants and payment providers need secure authentication solutions to help them catch-up with COVID-19 buying/payment realties and comply with regulations such as PSD2-SCA. End-users rely more and more on their mobile devices and the cloud to access vital home, work, and banking applications. Methods that provide access across all of these devices, applications and services need to be scalable, convenient and secure.
“Global banking regulations and COVID-19 contactless and mobile buying habits are speeding the demand for secure and easy-to-use authentication solutions,” said Walter Beisheim, Chief Business Development Officer, Nok Nok Labs. “Nok Nok and Netcetera can now offer banks and payment providers a customer experience that doesn’t interrupt the transaction while still meeting global regulations for risk.”
With the tightened security requirements of PSD2-SCA, there is fear of more friction and less user-friendliness for the end customer, i.e., more abandonment of carts which leads to lost revenue. “Combining solutions from Nok Nok and Netcetera to enable Delegated Authentication, makes it easier for payment processors and merchants to provide compliance, security and convenience at the same time.” says Kurt Schmid, Marketing & Innovation Director Secure Digital Payments at Netcetera.
Delegated Authentication gives merchants strong customer authentication needed as a one-click authentication. It also provides the ability to perform Transaction Confirmation in accordance with the non-repudiation element of PSD2; an often-overlooked requirement. Collectively, Nok Nok and Netcetera enable merchants to see fewer abandoned purchases and higher customer satisfaction.
Recently Netcetera, Nok Nok and The Paypers discussed how PSD2SCA could be seen as path to higher customer satisfaction and stronger security in a webinar.
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