As security issues top the list of concerns for payment companies and merchants worldwide, e-authorisation firm MyBank is calling for participants to test its pan-European Identity Verification Service, as it looks to help consumers protect their privacy while shopping online.
The verification service is gearing up to enter its pilot phase, which will start in mid-November and run until February 2016. The technology has been created in response to a growing demand for greater consumer privacy when making an online transaction.
The service will also enable businesses and public authorities to request information on users who flag a security concern.
Within the pilot phase, participants will be grouped together with a range of payment service providers (PSP) and corporates, with the aim of ensuring that ‘‘the different components of the MyBank Identity Verification solution work together seamlessly.’’
‘Fragmented across Europe’
Security is a great concern to consumers, particularly in the UK. In June, Payment Eye reported that consumers are happy to answer more security questions when making higher value transactions.
MyBank hopes to support a range of security services that are found within the fast growing ‘sharing economy’, such as age verification, customer due diligence, contract agreement, registration and C2C sign up.
When the service goes live in 2016, MyBank claims that consumers will be able to protect their privacy by controlling exactly what information is sent to third parties. Elaine Oldhoff, policy advisor for E-Commerce Europe, feels that online security is an issue that is affecting consumers across the continent.
‘‘Electronic identity services are, as yet, fragmented across Europe. With this initiative, MyBank is responding to a tangible market need for a pan-European solution.’’
‘‘E-merchants across Europe need e-identity solutions. Thanks to the secure and trusted information that can be requested from consumers via the online banking account, MyBank Identity Verification is a significant step in the right direction for merchants across Europe,’’ continued Oldhoff.
Using Ripple's enterprise blockchain solutions, Standard Chartered has completed its first real-time cross-border payment for businesses with another major correspondent bank.
Three years on from being acquired by PayPal, Braintree, a company which allows merchants to process a range of different payments, has revealed the number of its payment transactions has increased by 25 times.
Fresh from its $4.5bn IPO, Nordic payments processor Nets has picked Spire as its partner to help with the physical roll out of mobile payments for Dankort customers.
Square has introduced a new update to its contactless and chip readers that reduces transaction speed to 4.2 seconds.