Home News & events Press Releases 2008 People's Bank of Georgia completes Merchant Plug-In certification

 

bLibertyPeople’s Bank of Georgia with technological support from Compass Plus has successfully completed Merchant Plug-In certification and implementation project within Verified by Visa program. The certified MPI component is a part of TranzWare e-Commerce product developed by Compass Plus. This component ensures security of electronic payments made over the Internet on the acquirer host and is based on the 3-D Secure customer transaction authentication technology (also referred to as Verified by Visa). Typically in the traditional payment systems a merchant has responsibility for authentication of the card operations made on the Internet. However, according to the Verified by Visa technology, the responsibility for customer identification and authentication is shifted to an issuer. This allows to significantly reduce risks for the Internet shops leading to the prevention of fraudulent operations and resulting financial losses.

People’s Bank of Georgia remains customer of Compass Plus since 2005 when decision was made to organize its own processing center due to the need for integration into the global economic system and for unified payment instruments. Launching own processing center based on Compass Plus products provided technological independence and full control over the issuance process and overall functioning of the payment cards. Since that time the bank productively cooperates with Compass Plus in order to sustain stable growth and development of the bank’s card business using products and technologies of the company. In the nearest future People’s Bank of Georgia plans to join the MasterCard payment system and certify issuing and acquiring of M/Chip cards.

People’s Bank of Georgia has a Principal Member status in Visa International and is the largest card issuer in the country with over 1.2 million cards in circulation. The bank has the widest branch network in Georgia comprising 210 branches, and is an authorized bank for implementing all state social benefit programs.
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