Dubai – MENA Herald: Network International , the leading payment solutions provider in the Middle East and Africa (MEA) and OT (Oberthur Technologies), a leading global provider of embedded security software products and services, today announced their partnership to offer to banks in the MEA region OT’s dynamic cryptogram payment card to secure online transactions – OT MOTION CODE™ solution.
The OT MOTION CODE™ solution provides an extra layer of security for Card-Not-Present (CNP) transactions (ecommerce transactions via telephone or Internet for instance). The technology replaces the static 3-digit security code usually printed on the back of a card, by a mini screen that displays a code, which is automatically refreshed according to an algorithm, typically every hour.
For the cardholder, the solution is fully transparent: no plug-in to install on their web browser, no button to press, the code appears at the same location on the card, the key benefit being the code’s dynamic generation and periodical refresh. The refresh timing is defined by the card issuer, for instance each hour. For issuers, a specific server synchronized with the algorithm and refreshing rules defined in the cards is needed and supported by OT’s offer.
Today, millions of ecommerce transactions are processed by Network International every year. In order to help banks to increase trust in online transactions and reduce online fraud, Network International has added OT MOTION CODE™ solution to its fraud management products portfolio.
“E-Commerce adoption in the UAE is growing rapidly, and we have to offer security and convenience to end-users,” said Bhairav Trivedi, Chief Executive Officer of Network International. “As the first company to market this kind of technology in the world, OT in collaboration with Network International will offer banks with a turnkey solution to help them mitigate online fraud and also to provide their consumers with a reliable, secure and seamless online shopping experience in the Middle East and Africa region.”
“We are delighted to partner with Network International to offer our OT MOTION CODE™ solution in the MEA region. Network International has a major reach in this region and we are convinced this solution could benefit millions of potential end-users. Online fraud is growing rapidly worldwide, and thanks to our revolutionary innovation, we provide this e-commerce fraud fighting solution to financial institutions to secure online transactions,” said Eric Duforest, Managing Director of the Financial Services Institutions business at OT.
OT MOTION CODE™ solution will be showcased on OT’s booth (E20) during Cards &Payments Middle East in Dubai (May 31 – June 1)