Over the last two decades, there has been a rapid advancement in internet technologies. This is especially true as far as development in ecommerce is concerned. Today, consumers have the convenience of buying from a universal marketplace from the comfort of their homes while sellers have been able to reduce their operating costs by avoiding the expenses generally associated with brick and mortar establishments.
The financial services industry is intensely competitive. Organizations operating in this industry are constantly working toward improving their portfolio and providing customers advanced and more reliable financial solutions. Those who wish to sustain their position in this highly competitive industry have to continuously improve their business processes and have to adapt accordingly in this age of advanced and rapid technology. That is a major reason why technology firms are now partnering up with financial institutions to provide technologically driven and advanced solutions to consumers.
This is especially true today since a large majority of customers are technically savvy and prefer to use products and services that are convenient, easily accessible and secure. There are more than 2 billion Internet users worldwide and nearly 30% of the global population has access to the Internet. According to a survey by Symantec, 24% of people online “can’t live without the internet” while 41% of people online need the Internet in their everyday life”. That is why a large number of organizations are implementing e-commerce technology as part of their business strategy. Services such as mobile banking and multi-channel payment and collection products have thus become important areas of investment and are always on the look-out for improved and efficient electronic payment solutions.
Despite the increase in the implementation of an ecommerce strategy, it is a fact that ecommerce technology is very much like a double-edged sword. The Internet can be an insecure platform and while payment by card is now a widely used form for all internet based transactions, there is still a possibility of fraudulent transactions.
Since customers are very particular about dealing with only secure sites and secure merchants, it is actually these merchants that end up bearing the cost if any fraudulent transaction occurs on their site. However, research shows that the 3W Sentry card security technology is a low-cost and effective solution that makes online transactions more secure. This is done by the use of variable password and by the obfuscation of personal information during card-not present authentication.
Today, merchants are looking for payment technologies that are able to fulfill their need for security and safety. One such provider is Paymenex. Paymenex is a universal electronic payments technology company. It is engaged in facilitating real time electronic payments between consumers and businesses. It provides a global switching of electronic money transactions, payment processing, and real time gross settlement (RTGS) for financial institutions. It provides services worldwide through an advanced network called Paymenex TransNET, a highly secure and reliable system providing clients with an online payment solution that protects them from fraud losses. Paymenex TransNET has a sophisticated 3 tier card security and is powered by the 3WSentry Card security technology.
These services are also available on mobile technology through the use of xWallet Mobile. xWallet mobile is the first international mobile money platform. It is also a versatile technology with capabilities of mobile banking, mobile wallet, mobile payment and mobile loyalty services
Card fraud takes place more frequently in card payment transactions where neither the card nor the cardholder is present. This is becoming more rampant as the number of online buyers continues to increase and as technology becomes even more complex, compact and flexible. Companies like Paymenex are working toward optimizing the safety and security of financial transactions and to ensure that both merchants and consumers are achieving their mutual goals without any losses due to fraud.
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