Nuvei Enhances Platform to Help Merchants Optimize Payments and Comply with Strong Customer Authentication Rules
December 16 2020 - 3:00AM
Nuvei Corporation (“Nuvei” or the “Company”) (TSX: NVEI and
NVEI.U), the payment technology partner of thriving brands,
announces it has enhanced its payment authorization platform to
include a smart and dynamic solution for Strong Customer
Authentication (SCA) compliance. The Company now offers a variety
of customization options to ensure compliant and optimized payment
processing flows.
Merchants who have not transitioned from 3D Secure 1 (3DS1) to
3D Secure 2 (3DS2) must implement a compliant solution prior to the
enforcement deadline for Payment Services Directive 2 (PSD2) SCA,
starting December 31, 2020 in the EU, or face potential fines and a
decline in acceptance rates. For merchants who have not yet
implemented 3DS2, the transition may seem daunting and burdensome,
with the prospect of processing issues potentially affecting
acceptance rates, presenting a significant concern. Nuvei’s
solution ensures its clients’ transactions remain secure and
optimized, even during times of regulatory changes.
Nuvei enables existing and new customers alike to take advantage
of its fully compliant and customizable solution. Merchants can now
define a set of criteria to route transactions to 3DS2 or 3DS1, as
long as the latter is commercially available. Merchants can also
define rules to avoid routing transactions to 3DS entirely for
trusted or returning customers.
“Our approach to SCA is to minimize the level of complexity for
merchants and their clients to provide a seamless payment
experience,” said Philip Fayer, Nuvei’s chairman and CEO. “Our goal
is to optimize transactions and ensure the best possible conversion
rates, while maintaining the highest levels of security.”
Nuvei offers several mechanisms to keep merchants’ acceptance
rates high and avoid possible fallout from the transition to 3DS2.
The solution offers continued support for 3DS1 to prevent
acceptance rate decreases. Merchants can choose to automatically
cascade 3DS2 and 3DS1, so that in case 3DS2 authentication fails,
the customer is asked to authenticate via 3DS1. The solution is
also fully agnostic and allows 3DS authentication to be performed
using Nuvei’s proprietary 3DS authentication services, or via
several other authentication services; these, too, can be set to
cascade. By configuring cascading rules, merchants can safeguard
against technical downtime and combat authentication decline. It
also offers optimal 3DS user experience for customers, preventing
cart abandonment and promoting a swift payment process.
For new and existing merchants, integration is easy, via a
hosted payment page, API, or SDKs. Once integrated, a dedicated SCA
dashboard and comprehensive reports are available, including
high-level analytics as well as transaction-level deep-dives. To
ensure onboarding success, Nuvei offers complimentary expert
in-house consultation, traffic optimization and risk analysis
services.
About Nuvei
We are Nuvei, the payment technology partner of thriving brands.
We provide the intelligence and technology businesses need to
succeed locally and globally, through one integration – propelling
them further, faster. Uniting payment technology and consulting, we
help businesses remove payment barriers, optimize operating costs
and increase acceptance rates. Our proprietary platform offers
direct connections to all major payment card schemes worldwide,
supports over 450 local and alternative payment methods and 150
currencies. Our purpose is to make our world a local marketplace.
Learn more at www.nuvei.com.
Forward-Looking Information
This press release contains “forward-looking information” within
the meaning of applicable securities laws, including statements
regarding Nuvei’s enhanced payment authorization platform and
compliance with Strong Customer Authentication requirements.
Forward-looking information involves known and unknown risks and
uncertainties, many of which are beyond the Company’s control, that
could cause actual results to differ materially from those that are
disclosed in or implied by such forward-looking information. These
risks and uncertainties include but are not limited to those
described under “Risk Factors” in Nuvei’s supplemented prep
prospectus dated September 16, 2020. Forward-looking
information is based on management’s beliefs and assumptions and on
information currently available to management. Although the
forward-looking information contained in this press release is
based upon what management believes are reasonable assumptions, you
are cautioned against placing undue reliance on this information
since actual results may vary from the forward-looking information.
Unless otherwise noted or the context otherwise indicates, the
forward-looking information contained in this press release is
provided as of the date of this press release, and the Company does
not undertake to update or amend such forward-looking information
whether as a result of new information, future events or otherwise,
except as may be required by applicable law.
Contact:Investor
RelationsNuveiIR@icrinc.com
Public RelationsNuvei-PR@icrinc.com
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