Under the terms of the agreement, Arcot will provide a comprehensive system called TransFort to support the bank’s implementation of Verified By Visa and MasterCard SecureCode for online payment security. The Arcot system, working with bank-issued smart cards and readers, will provide strong authentication for customers when paying online. Nordea’s customers will also use the smart cards and readers to securely access bank accounts online.
This deal represents the first time that a bank will use chip and PIN strong authentication for both online payment and banking, and marks an important step for chip card usage and online security.
Nordea’s new online shopping payment security is based on a globally established standard called 3-D Secure, marketed as Verified By Visa, MasterCard SecureCode and JCB J/Secure. Many banking customers around the world already rely on this solution to protect payment accounts with a customer-created password that must be presented when paying online.
Nordea has always been at the forefront of the e-payment market and Arcot is proud to have such a leading financial services institution choose the TransFort solution, said Elis Nemes, vice president of Europe, Middle East and Africa for Arcot Systems.
Sweden has one of the highest consumer adoption rates for online shopping and internet banking in the world, and the e-security solutions adopted by this country are amongst the world’s most robust, sophisticated and advanced. We believe that Nordea will set an example how to gain additional card holder protection in a convenient and efficient way, which many banks in Europe will follow, Mr Nemes concluded.
