First Atlantic Commerce wins Bermuda Government's Coveted Innovation of the Year Technology Award
FAC honored for creatively using technology as a tool to innovate the e-commerce industry
Hamilton, Bermuda. April 30, 2008. First Atlantic Commerce Ltd. (FAC), a leading international, multi-currency payment and risk management solutions provider, last week won the Bermuda Governments Ministry of Telecommunications & E-Commerces Innovation of the Year award for FACs online Consumer Authentication solutions.
Organizations across the world-class, offshore financial centres 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.
Bermudas 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 companys innovation had to be a true showcase piece for the Island, according to the panel judges representing both Bermudas private and Government sectors.
FACs 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 Americas 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 FACs 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.
FAC is currently one of the only companies in the Latin American Caribbean Region offering customized consumer authentication-only risk solutions to acquiring banks and processors in addition to a full suite of other online risk solutions including North American Address Verification services, CVV2 validation and Consumer Credit Card verification services. FACs online payment and risk mitigation solutions are also compliant and PCI certified, and available to banks and processors in other regions including Europe, CEMEA and Asia.
For more information on FACs approach to authenticating consumers online, banks and processors should contact info@fac.bm today or visit the companys website www.firstatlanticcommerce.com.
About First Atlantic Commerce
Headquartered in Bermuda, and established in 1998 to create secure card-based payment solutions for e-businesses, FAC provides powerful technology designed to work with most merchant platforms, including Microsoft, UNIX, and LINUX platforms. FACs cGate technology offers service, flexibility and security to adapt to many business and bank acquirer requirements. Business solutions such as 3-D Secure Payer Authentication, IP Geolocation, Virtual Corporations and offshore multi-currency payment solutions are available in various international jurisdictions.
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