Fintech

Fintech firm CLOWD9, Netcetera team up to battle payments fraud

Cloud-based decentralised payments processing platform CLOWD9 has forged an alliance with digital payment firm Netcetera to help reduce payments fraud across the globe.

Under the collaboration, CLOWD9 will provide payment security solutions to Netcetera.

CLOWD9 will leverage its 3-D secure issuer service to validate transactions. The firm will also use its access control server (ACS) services, as part of the tie-up.

Netcetera runs a 3-D secure issuer service, which has the ability to accommodate various clients, with ACS as a core element that is in use by over 200 banks and card issuers across the globe.

Its 3-D secure issuer service, which is approved by EMVCo, has been developed in line with EMV 3DS protocols.

The 3D secure server is capable of minimising the risk of non-authenticated transactions, related refunds and revenue loss, among others.

CLOWD9 CEO and co-founder Suresh Vaghjiani said: “We have built a platform at CLOWD9 that improves both the efficiency and reliability of global payments by leveraging new technology.

“We recognise Netcetera as future-oriented solutions provider that is able to meet our unique requirements as a cloud-native payments processor.”

CLOWD9 currently serves as an interface between banks, fintechs and payment companies to permit transactions and facilitate payments as well as keep records of cardholder data and offer settlement instructions.

Netcetera UK senior business executive Robert Miskin: “We believe that bringing our leading 3-D Secure and Access Control Server (ACS) services for issuers will help to drive the adoption of 3DS, significantly improve the overall security of their online transactions and lead to a more efficient and frictionless experience ultimately for their end users.”

In September last year, Netcetera announced its selection by payments giant Mastercard as the latter’s digital-first partner.

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