DECTA: Improving Payment Acceptance Rates for Urbo Bank and Through New EMV 3DS Certification

It has been a busy first month of the year for the certified payment technology provider, DECTA as it announces a new partnership with Urbo Bank and achieves an EMV 3DS 2.3.1.1 Certification.

Urbo Bank, a financial institution in Lithuania has agreed on a new partnership with DECTA to allow Urbo Bank to issue Visa payment cards and enable popular digital wallets like Apple Pay and Google Pay.

Following its rebranding from Medicinos Bankas, Urbo Bank has dedicated itself to creating a seamless, efficient, and fully digital banking experience. To achieve this, a reliable payment processor is required to handle the entire card-issuing process. This includes the initial integration with Visa, card ordering, and the final delivery. With DECTA’s help, Urbo Bank can now offer Visa payment cards, digital wallet compatibility, and advanced customer controls, all powered by DECTA’s robust solutions.

The partnership arrives at a critical point in time for Urbo Bank as it aims to offer its customer complete control over their card usage in a fully digital environment. However, this requires robust tokenisation services, in addition to a highly automated solution with API capabilities.

DECTA’s personalised solution for Urbo Bank

Understanding the unique requirements of Urbo Bank, DECTA provided a customised solution that encompassed the following key components:

  • Tokenisation Services: DECTA integrated tokenisation solutions, enabling Urbo Bank’s clients to use digital wallets such as Apple Pay and Google Pay;
  • 3D Secure v2: To enhance security and reduce fraud, DECTA implemented the latest 3D Secure v2 solution, ensuring a smoother authentication process for customers during online transactions while maintaining high levels of security;
  • Issuing API: DECTA provided Urbo Bank with an issuing API, empowering the bank to automate and efficiently manage daily operations, including card issuance and activation, monitoring and controlling card transactions, limits and statuses, managing cardholders contact information, and handling card top-ups, withdrawals, encrypted PIN, PAN, and CVV retrieval.
Sanita Jaundzeikare, product owner at DECTA
Sanita Jaundzeikare, product owner at DECTA

Sanita Jaundzeikare, product owner at DECTA said: ‘’Working with a client like Urbo Bank, who had a clear vision and strong commitment to innovation, was fantastic. Their team of professionals were experts in their field, making the collaboration smooth and productive. We are proud to have played a role in their successful launch.’’

Modestas Sutkaitis, director at URBO Bank
Modestas Sutkaitis, director at URBO Bank

Modestas Sutkaitis, director at URBO Bank added: ‘’The communication and execution of the project were flawless, and we were delighted that all our requirements could be met within the timeline. The team at DECTA was professional and responsive, making the whole process efficient and successful.”

EMV 3DS 2.3.1.1 protocol

The EMV 3DS 2.3.1.1 protocol is designed to support issuers, acquirers, and merchants in reducing fraud and improving transaction approval rates. Additionally, it was created to ensure compliance with regulatory requirements like strong customer authentication (SCA).

As one of the first European processors to certify this protocol, DECTA aims to provide immediate benefits to businesses using the advanced features of 3DS 2.3.1.1. These include:

  • Improved acceptance rates: Advanced risk assessment capabilities result in fewer declined transactions, increasing successful payment completions and boosting revenue.
  • Enhanced security without compromise: Flexible two-factor authentication methods align with regulatory requirements like SCA while maintaining a smooth user experience for customers.
  • Frictionless payments for customers: Streamlined authentication means faster approvals, reduced delays, and happier customers who can simply click or tap to pay.
  • Smarter insights: Firms can gain access to detailed transaction data, recurring payment information, and token data for efficient fraud detection and accurate processing.
  • Biometric authentication: Advanced methods like WebAuthn and SPC reduce fraud risks while offering a modern, secure experience.
  • Seamless customer experiences: Automated out-of-band transitions and device binding ensure transactions are quick, smooth, and effortless for customers.
  • Tailored to the company’s needs: Customisable user interfaces let you improve engagement and reduce cart abandonment.
  • Simple integration: The Split-SDK Model simplifies implementation across all platforms, including e-commerce and IoT devices, while backward compatibility ensures smooth upgrades.

 

The post DECTA: Improving Payment Acceptance Rates for Urbo Bank and Through New EMV 3DS Certification appeared first on The Fintech Times.

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