Arizona-based eFunds Corporation is to implement Cyota's online payments platform, SecureSuite Processor Edition, to provide both MasterCard SecureCode and Verified by Visa authentication to its debit card issuing customers.
Under the terms of the agreement, eFunds will implement SecureSuite as a hosted service to provide real-time payment verification for both initiatives, each of which seek to provide online shoppers with a virtual receipt at the point of purchase.
Mike Feliciano, senior vice president and division executive, EFT solutions, eFunds Corporation, says: "These new online risk management tools will help limit the liability of our financial institutions, provide greater online security for their customers, and ultimately increase online debit card usage among their customers."
New York-based Cyota says the MasterCard and Visa schemes are showing increasing progress in the marketplace, with over 80% of the Verified by Visa eligible cards in the US and the first live SecureCode systems.