First Atlantic Commerce Ltd. (FAC), a leading international, multi-currency payment and risk management solutions provider, last week won the Bermuda Government’s Ministry of Telecommunications & E-Commerce’s ‘Innovation of the Year’ award for FAC’s online Consumer Authentication solutions.
Organizations across the world-class, offshore financial centre’s private, public and non-profit sectors that are “creatively using technology as a tool to innovate in their designated industry” were nominated under various categories including: Best Interactive Experience, Best Local Website, Most Inspiring Technology Teacher, Best Business Solution Using Technology, Best Customer Service, Technology in the Environment, Most Innovative Sponsor and top category Innovation of the Year.
Bermuda’s Telecommunications and E-Commerce Minister, the Hon. Terry E. Lister, and Dion Tucker, Vice President of Information Technology for event sponsor and insurance/reinsurance giant, RenaissanceRe, presented the crystal trophy award for Innovation of the Year to FAC CEO, Andrea Wilson at the TechAwards luncheon held on Friday, April 25, 2008 at the Fairmont Hamilton Princess.
Based on criteria including a truly innovative technology solution that is commercially in use in Bermuda and utilizing Bermuda-based infrastructure and/or resources, the winning company’s innovation had to be a true “showcase” piece for the Island, according to the panel judges representing both Bermuda’s private and Government sectors.
FAC’s innovation involved implementing a unique standalone Verified by Visa and MasterCard SecureCode™ cardholder "authentication-only" solution designed for the burgeoning Mexican online business market including airlines, hotels and large retailers.
Working in conjunction with Latin America’s largest credit card processing company, FAC implemented only the consumer authentication component of the Card Associations‘ 3-D Secure™ full payment solution, allowing the local acquiring banks to determine chargeback liability for their merchants in advance of the actual payment transaction authorisation, which is then performed locally by the processors in Mexico. This type of 3-D Secure™ implementation is unique within this market and clearly shows FAC’s award winning ability to be innovative with respect to providing turn-key, online consumer risk mitigation solutions in emerging markets where local credit card processing already exists.
As a result of this particular solution, Mexican acquiring banks and merchants can see an immediate reduction in online VISA and MasterCard credit card fraud by up to 85%.
“Our Verified by VISA and MasterCard SecureCode™ only solution is expected to significantly reduce credit card fraud for online merchants in Mexico and Latin America based on the Card Association rules governing 3-D Secure™ online chargeback liability shift,” said Wilson.
