Network International, a payment solutions provider across Africa and Middle East, and Oberthur Technologies, a global provider of embedded security software products and services, announced their partnership to offer banks in Africa and Middle East region, a dynamic cryptogram payment card to secure online transactions.
The OT MOTION CODE solution provides an extra layer of security for Card-Not-Present transactions typically e-commerce transactions via telephone or internet for instance. The technology replaces the static three digit security code usually printed on the back of a card, by a mini screen that displays a code, which is automatically refreshed according to an algorithm, typically every hour.
For the cardholder, the solution is fully transparent, no plug-in to install on their web browser, no button to press, the code appears at the same location on the card, the key benefit being the code’s dynamic generation and periodical refresh. The refresh timing is defined by the card issuer, for instance each hour. For issuers, a specific server synchronised with the algorithm and refreshing rules defined in the cards is needed and supported by Oberthur Technologies.
Currently millions of e-commerce transactions are processed by Network International every year. In order to help banks to increase trust in online transactions and reduce online fraud, Network International has added OT MOTION CODE solution to its fraud management products portfolio.
“E-commerce adoption in the UAE is growing rapidly, and we have to offer security and convenience to end-users,” said Bhairav Trivedi, Chief Executive Officer of Network International. “As the first company to market this kind of technology in the world, Oberthur Technologies in collaboration with Network International will offer banks with a turnkey solution to help them mitigate online fraud and also to provide their consumers with a reliable, secure and seamless online shopping experience in the Middle East and Africa region.”
“We are delighted to partner with Network International to offer our OT MOTION CODE solution in the MEA region. Network International has a major reach in this region and we are convinced this solution could benefit millions of potential end-users. Online fraud is growing rapidly worldwide, and thanks to our revolutionary innovation, we provide this e-commerce fraud fighting solution to financial institutions to secure online transactions,” said Eric Duforest, Managing Director of the Financial Services Institutions Business at Oberthur Technologies.
Established in 1994, Network International is the largest acquirer in UAE, and a leading payment solutions provider in the Middle East and North Africa region. The company’s service offering comprises a comprehensive range of payment products and services for both the issuing and acquiring segments of banks, financial institutions and retail merchants. This includes credit, debit and prepaid card processing, ATM management and monitoring, merchant acquiring and processing, fraud management, e-commerce services and mobile solutions for the payments industry. Network International has operation centres in UAE, Egypt and India, with its corporate head office in Dubai.
Oberthur Technologies is a global vendor in embedded digital security that protects when you connect, authenticate or pay. It is strategically positioned in high growth markets and offers embedded security software solutions for end-point devices as well as associated remote management solutions to a portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment.