Home News & events Press Releases 2015 City Bank certified in 3D Secure with support from Compass Plus

 

 citybank logoCity Bank certified in 3D Secure with support from Compass Plus

Compass Plus, an international provider of retail banking and electronic payments software to payment processors and financial institutions, has announced that City Bank, one of the longest serving commercial banks in Bangladesh, has made online transactions safer for its customers. The bank, which utilises TranzWare e-Commerce from Compass Plus, has successfully achieved certification in Verified by Visa, Mastercard SecureCode and American Express SafeKey.

The project has allowed City Bank to launch 3D Secure enabled e-commerce transactions for Visa, Mastercard and American Express cardholders for both issuing and acquiring. The addition of Verified by Visa, Mastercard SecureCode and AmEx SafeKey strengthens the bank’s efforts in the fight to reduce card-not-present fraud. 3D Secure is an additional layer of security for online credit and debit card transactions that authenticates the cardholder’s identity at the time of purchase. Now, when a City Bank cardholder completes a transaction on a merchant website, the cardholder will be asked for a one-time password before the transaction can be completed; providing extra security and increasing customer confidence in making transactions over the Internet.

City Bank expects that the added layer of authentication provided by 3D Secure and secure transfer of account information will both encourage cardholders to shop online and merchants to accept international payments. The impact on the associated handling costs from reduced cardholder disputes will significantly reduce the bank’s overall costs and increase operational efficiency.

“Studies show that as many as a third of cardholders are afraid to shop online due to security concerns. Working with Compass Plus to achieve certification is an instrumental step for City Bank in encouraging the growth of secure online transactions in our region. The ease of project implementation has led to future plans to work with Compass Plus and to continue to grow our reputation as a leading, innovative bank,” said Majharul Islam, Head of Cards at City Bank.

 

About City Bank:

City Bank is one of the five longest serving commercial banks operating in Bangladesh. The bank started its journey in 1983 and is now a leading bank. City Bank is one of very few local banks which does not follow the traditional, decentralised, geographically-managed, branch-based business or profit model. Instead the bank manages its business and operation vertically from the head office through four distinct business divisions, mainly corporate and investment banking.

www.thecitybank.com

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