Washington, D.C. (September 13, 2017)—ICBA Bancard®, the payments services subsidiary of the Independent Community Bankers of America® (ICBA), today announced a partnership with CardinalCommerce. Through this partnership, CardinalCommerce will provide its data-driven consumer authentication solution that helps reduce online fraud to ICBA Bancard client banks.
“As chip-card adoption and online sales increase, fraudsters are looking to the internet for prey, which means that card-not-present (CNP) fraud will continue to rise,” said ICBA Bancard President and CEO Tina Giorgio. “Taking steps now to protect your community bank and customers is more important than ever. The ICBA Bancard and CardinalCommerce partnership will give community banks the tools they need to combat this trend while smoothly transitioning to 3-D Secure 2.0, which is the newest e-commerce authentication protocol on the market.”
The ICBA Bancard/CardinalCommerce solution will serve as an additional layer of protection for ICBA Bancard clients as they continue to find ways to mitigate their risk without compromising the level of service for which community banks are known. Through the Cardinal authentication tool, issuers and merchants can leverage its real-time, secure, information-sharing pipeline to send transaction attributes to the issuer, such as the IP address or shipping address used during the purchase, in order to verify the transaction. Even with this additional layer of security, the customer can expect a simplified and enhanced experience with 3DS 2.0, which eliminates the initial sign-up process and removes the need for cardholders to use static passwords—all of which could slow down the purchase speed and increase the chances of cart abandonment.
“We are pleased to work with ICBA Bancard to support community banks as they address increased fraud head on,” said Tim Sherwin, co-founder and CEO of CardinalCommerce. “Our partnership allows ICBA Bancard to offer its client banks the most technologically advanced authentication software to support the cardholders of their member banks in both reducing fraud and false positives.”
About ICBA Bancard
ICBA Bancard® is the wholly owned payment services subsidiary of the Independent Community Bankers of America. ICBA Bancard’s community bank issuers generated $22 billion in sales volume in 2015 and are ranked collectively as the 25th largest credit card portfolio in the United States. ICBA Bancard enables thousands of community banks to provide competitive credit card, debit card, ATM and merchant processing solution. The company also provides exclusive services to issuers including its Fraud Loss Protection Plan, marketing support, and product education. For more information, visit www.icbabancard.org.
CardinalCommerce is a global leader in authenticating digital transactions. Our technology-leading products eliminate fraud while increasing sales and reducing consumer friction in the Card-Not-Present payments industry. Cardinal enables friction-free, technology-neutral authentication and alternative payment services (including digital wallets and mobile commerce services). Cardinal services, partners with and complements most providers in the marketplace to deliver their One Connection solution to secure transactions. In accommodating a growing number of payment brands and methods, Cardinal's platforms serve as universal switches, supporting virtually all merchant platforms, wallets, legacy processing systems and authentication methodologies.
CardinalCommerce is a wholly-owned subsidiary of Visa, and is headquartered in Cleveland, Ohio. We service a Customer base from facilities around the world. For more information, visit www.cardinalcommerce.com.