NBK becomes first bank in MENA to adopt 3D Secure 2.0
KUWAIT: National Bank of Kuwait (NBK) became the first bank in the Middle East and North Africa (MENA) region to adopt Visa’s 3D Secure 2.0, which provides merchants and issuers with a seamless way to authenticate cardholders for eCommerce transactions before authorizing them. An enhancement of the 3D Secure standard introduced 17 years ago, 3D Secure 2.0 delivers a real-time, secure information sharing channel that merchants can use to send an unprecedented number of transaction details to the issuer.
As a result, the issuer can then authenticate customers with more accuracy without slowing down commerce or requesting a fixed password. The new and improved 3D Secure 2.0 standard adds to the long list of benefits financial institutions and merchants enjoy as participants in Visa’s global payment network.
Ali Al-Mulla, Executive Manager, Consumer Banking Group, National Bank of Kuwait, said: “At NBK, we prioritize investing in the customer experience to maintain a high level of confidence amongst our consumers and merchants, whether transacting in Kuwait or abroad. Our aim is to provide customers with fast, friendly and dedicated services, and Visa is a key partner in ensuring that our goals are met without any compromise on security.” Ankush Devadason, Visa’s Country Manager, Kuwait, commented: “Digital commerce is the fastest growing area of payments, with connected devices now functioning as payment devices.
This is one of the many reasons that it is critical we maintain trust- among consumers, businesses, and governments - and at the same time deliver quick and convenient user experience to ensure the ongoing digitalization of commerce. Collaboration with our partners is key to this process, and we are excited to be bringing this new technology to Kuwait - and, in fact, the wider MENA region - for the first time in partnership with our partners at NBK.”
A recent Visa survey, launched in partnership with the Kuwait Banking Association as part of its Stay Secure campaign, found that 84% of respondents in Kuwait said they have started making more online card payments in the past two years, emphasizing the importance of enhancing the online payments experience and ensuring its security in the country. As part of this commitment, Visa recently held its annual regional Security Summit in Barcelona, Spain which brought together payment industry experts from risk, business and operational departments of financial institutions, merchants, processors and other payment service providers.
At the forum, Visa launched a suite of innovative security capabilities to help prevent and disrupt payment fraud, breaking new ground in cybersecurity and fraud prevention across the region. NBK is committed to providing an integrated and advanced banking experience, ensuring it offers products and services that meet its customers’ day to day needs and are complemented by safe and secure payment solutions.
The bank maintains its leading position in the sector through its digital solutions that make banking easier and faster while complying with the highest safety standards, NBK provides its products and services to individuals and corporate organizations through its large network expanding across the world, including Saudi Arabia, UAE, Bahrain, Lebanon, Egypt, Jordan, Iraq, Turkey, as well as major cities such as London, Paris, Geneva, New York, Singapore and Shanghai.