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| E-Commerce Solutions Continue To Flourish In Caribbean |
by Amanda Banks, Tax-News.com, London
Thursday, July 23, 2009
First Atlantic Commerce, a leading international multi-currency payment and risk
management solutions provider, and Scotiabank, an international bank based in
Canada and the leading bank in the Caribbean, have joined together to offer 3-D
Secure services to online merchants in seven countries across the English-speaking Caribbean.
Through this partnership, Internet merchants in the Caribbean will now be able
to support 3-D Secure for Verified by Visa and MasterCard SecureCode on their
web sites for the first time. The service will be available to merchants in
Jamaica, Bahamas, Barbados, Trinidad & Tobago, Anguilla, Turks & Caicos
and Guyana with rollout to an additional eleven countries in the Caribbean
planned in the near future.
“This is an extremely important service for online merchants,”
said Andrea Wilson, CEO of First Atlantic Commerce. “The objective of
3-D Secure is to reduce fraud through the verification of the cardholder at
the time of payment in a ‘Card-Not-Present’ environment, such as
the Internet. When implemented, 3-D Secure protects online merchants from the
financial losses associated with ‘I didn’t do it’ chargebacks.
We are very excited about making this more available in the region.”
Both Visa and MasterCard offer chargeback liability shift for fraud related
chargebacks when the transaction is authenticated through Verified by Visa and
MasterCard SecureCode. This also includes liability shift for attempted Verified
by Visa and MasterCard SecureCode requests, which means that even if the cardholder
is not enrolled, the merchant is not liable for certain Reason Code chargebacks.
So the benefits to both Scotiabank International and its merchants are significant.
“The launch of this service to our existing and prospective Internet
merchants is yet another way that Scotiabank is helping our clients in minimizing
online fraud, while maximizing sales,” said Rob Macdonald Scotiabank’s
Director, Merchant Acquiring Services. “We have worked with FAC for many
years processing millions of dollars of credit card transactions for a range
of businesses and government bodies, and implementing 3-D Secure is a natural
next step in the evolution of our solutions to these important customers,”
he added.
According to FAC, the primary benefits associated with 3-D Secure are:
- Provides internet merchants with the ability to verify a consumer’s true
identity through a secure, electronic, non “face to face” authentication
process;
- Enables all parties in an eCommerce payment transaction to transmit confidential
and valid payment data;
- Provides verification to the merchant that the buyer is the authorized
owner of a card account;
- Offers immediate protection from fraud-related chargebacks.
A comprehensive report in our Intelligence Report series
examining the new possibilities that offshore e-commerce open up for business,
and analysing the offshore jurisdictions that have led the way in offering professional
e-commerce regimes for international business, with a particular focus on e-gaming,
is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report6.asp
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