SEYLAN BANK | LMD

Upgrades On-line Transaction Safety for All Playing cards

Turns into one of many first banks to acquire EMV Three Area Safe (3DS) protocol 2.0

Colombo, April, 2022 – Seylan Financial institution, the Financial institution with a Coronary heart, introduced the enhancement of its on-line transaction safety protocol to EMV 3DS 2.0 for each Issuing and Buying phases, turning into one of many first banks in Sri Lanka to take action. This improve will guarantee superior fraud prevention potential and a seamless buyer check-out expertise for Seylan prospects on their Grasp and Visa card-based transactions.

At current, transactions more and more happen via digital touchpoints, starting from computer systems, smartphones, tabs and varied Web-of-things (IoT) units similar to Alexa and Google Residence. Whereas this transition makes cost actions sooner and extra handy, opening up extra alternatives for engagement, it additionally requires intense safety processes for fraud detection, authentication and authorization of transactions.

With consumer safety on the forefront of its core deliverables, Seylan Financial institution repeatedly ensures that processes and protocols are up to date to greatest swimsuit the evolving transaction behaviour of consumers. As such, the Financial institution had already enabled all its Playing cards with the Three Area Safe (3DS) protocol beforehand. This authenticates Cardholders after they carry out card-not-present (CNP) transactions similar to on-line funds on e-commerce web sites utilizing Credit score and Debit playing cards. The improve to 3DS 2.0 will additional safe the shoppers of their card transactions making certain higher buyer expertise leading to fewer false declines and lowered stepped-up authentication.

Commenting on the newest improve, Ruchith Liyanage – Head of Playing cards of Seylan Financial institution acknowledged, “We take delight in being one of many first main banks to improve to 3DS 2.0, which validates our dedication to make sure buyer security, whereas offering handy banking providers. The largest problem banks face at current is to supply the right combination of know-how and safety that may detect fraudulent exercise and decrease false declines. The mix of enhanced knowledge alternate and risk-based authentication will scale back CNP fraud in addition to make Seylan Playing cards a card that’s simpler to transact with. Consequently, our prospects should face no hesitation in utilizing the cardboard in any cost touchpoint.”

The brand new and improved model of 3DS provides a number of upgrades to the present model. The secured knowledge sharing between the financial institution and retailers helps to make higher knowledgeable authentication and authorization selections, which can enhance authorization charges and scale back CNP fraud. The brand new model additionally expands the security community to the cell app and IoT units. The cell pleasant protocol is a vital function as cell commerce continues to develop quickly. As well as, EMV 3DS requires safer and user-friendly authenticators similar to one-time passwords (OTPs) and can even utilise biometrics, as an alternative of static passwords which are safety threats. It additionally complies with the multifactor authentication for CNP transactions that’s more and more required in a lot of nations throughout the globe, making Seylan Playing cards compliant in a number of areas on the planet.

Seylan Financial institution, the Financial institution with a Coronary heart, operates with a imaginative and prescient to supply the last word banking expertise to its valued prospects via cutting-edge know-how, modern merchandise, and best-in-class providers. The Financial institution has a rising clientele of SMEs, Retail and Company Clients, and has over 540 entry factors throughout the nation. Seylan Financial institution has been endorsed as a financially secure group with efficiency excellence throughout the board by Fitch Rankings, with the financial institution’s nationwide long-term score revised to ‘A’(lka). These are a testomony to Seylan Financial institution’s monetary stability and its unwavering dedication to making sure the constant supply of Service Excellence throughout all features.