Reģionāla Investīciju Banka launches frictionless authentication for online purchases


On the 16th of March this year, Reģionāla Investīciju Banka launched a modern, risk-based, strong customer authentication solution for its cardholders who are shopping online at various e-commerce merchants globally. 

The solution is based on EMV 3-D Secure protocol version 2 and complies with the SCA requirements of the PSD2 directive. From now on, Reģionāla Investīciju Banka will be able to minimize checkout friction for its cardholders, dynamically challenging customers with additional authentication only in specific situations. 

Speaking of better checkout rates, recent research, conducted by Visa, concludes that the use of EMV 3-D Secure protocol version 2 for dynamic, risk-based authentication will improve the speed of processing online transactions by 85% and reduce cart abandonment rate by 70%. In a highly competitive and constantly evolving industry of digital payments, small improvements like this can have a big impact on the overall satisfaction of customers and their decision to continue using services from the same bank in the future!

D8 Corporation has built this solution for Reģionāla Investīciju Banka, using one of the newest developments – 3D Secure Solution. 3D Secure Solution consists of issuer (EMV ACS) and acquirer (3DS Gateway) modules that harness the full potential of the EMV 3-D Secure protocol version 2. 

On the acquiring side, data processing and authentication initiation can now happen seamlessly from multiple channels and devices with their different form factors. On the issuing side, issuers now have control over which transactions to challenge with additional authentication, by using risk-based evaluation mechanisms that evaluate the various transaction, user, and device parameters in real-time and based on the evaluation results either challenge the transaction or allow it to commence right away, without authentication. 

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