Digital Identity Verification Made Easier with Wibmo’s ACCOSA - EMV 3DS 2.0

Posted On Mon, July 12, 2021, 11:30 AM
Wibmo have launched an AI-driven digital identity verification solution, ACCOSA IVS, to overcome challenges in a digitally dependent economy and empower financial institutions to render stellar services and mitigate all identification risks.

Wibmo brings a digitally-enabled and AI-driven Video-based Customer Identification Engine to empower financial institutions and merchants for overcoming authentication challenges seamlessly.

The company launched an AI-driven digital identity verification solution, ACCOSA IVS, to overcome challenges in a digitally dependent economy and empower financial institutions to render stellar services and mitigate all identification risks. ACCOSA is an upgraded EMV 3DS 2.0 solution streamlining digital customer verification and mitigating risks involved in online transactions, including CNP (card-not-present).

ACCOSA flags the transactions based on risk levels and consumer’s history, such as triggering an OTP as a means of providing a two-factor authentication system for medium-level risks transactions. In contrast, high-risk transactions get flagged instantly and declined. As a result, the merchants and banks receive overarching benefits and provide a secure transaction experience to the customers. 

Industry Challenges

This innovation from Wibmo stems from the new challenges faced by the financial services providers and the merchants. With the new technologies shaping consumer behaviour, customers require seamless solutions to expedite rigorous processes. In addition, the online shopping experience has to be secure and quick to reduce cart abandonment and lose a customer to the competition. 

From the standpoint of financial institutions, it is crucial to offset the risks associated with conducting compliance and regulatory checks involving customer identification. The push from regulatory bodies and the uncertain circumstances brought forth by covid-19 has made it imperative for financial institutions to provide stellar digital-enabled customer identification solutions. 

ACCOSA IVS

ACCOSA enables the digital platforms to employ safeguards and maintain a stellar level of security. Such functionalities play a pivotal role in rendering assistance to e-commerce sites, digital platforms, and banking institutions to stay up to date with the increasingly challenging digital frauds. The key drivers for developing this technology are aimed at addressing the customers’ in-app movement across mobile purchases and the need to ensure seamless authentication. 

The system aids the merchants in providing a frictionless user experience and reduces cart abandonment. The Risk-based authentication supporting biometrics and out-of-band authentication avenues, including OTP and SMS, make ACCOSA a holistic tool for mitigating risks and addressing customer identity verification challenges.

About Wibmo Inc. 

Based in Cupertino, US, Wibmo was established in 1999, bringing forth decades of experience in offering full-suite financial services and sophisticated products. Wibmo has devised stellar products and services, including Tridentity Check, Trident FRM, ACCOSA IVS, and myriad identity authentication services and risk-based authentication technologies. 

The company has concrete ties with 130+ banks and financial institutions across 25 worldwide locations. Its technologically advanced and incredibly competent team has managed to provide stellar payment solutions and risk assessment tools to clients everywhere in the world. 

Today, Wibmo carries out nearly 2.2 billion transactions and upholds its place as a veteran and pioneer in rendering financial technology services. 

Learn more about Wibmo at www.wibmo.co 

“We have more than two decades of experience in this industry and have liaised with EMVCo to introduce ACCOSA EMV 3DS 2.0 to the market. Such a solution will empower and benefit the merchants, banking institutions, and the consumer is enjoying a secure and seamless transaction experience with a next-gen authentication solution.” 

The CEO, Suresh Rajagopalan, further adds that our partnerships with leading banks in India and Asian Markets set our solutions apart from our contemporaries.“


Contact Information:
Johnathan James
wibmoincindia@gmail.com

This press release is posted under categories Digital Payment, Banking, Finance

Follow us on

Daily Updates