Time to Market Drastically Reduced for Banks to Deploy MOTION CODE™
IDEMIA, the global leader in trusted identities for an increasingly digital world, announced that MOTION CODE™ cryptograms can be deployed faster reducing drastically the time to market for banks so that they can immediately begin offering this unique payment solution to consumers.
Based on the Visa’s dCVV2 specification, MOTION CODE™ will be seamless for issuers to get started with a dynamic payment card by removing the need for any system upgrade. It will facilitate the deployment of MOTION CODE™ payment cards from IDEMIA to secure Card-Not-Present (CNP) payments such as online transactions.
“This is a major step in protecting online transactions. Card issuers will now be able to easily use the Visa dCVV2 Authenticate service rather than having to integrate a dedicated server, which can take time and resources. This means MOTION CODE™ cards will be deployed faster, and consumers’ identification and payments will be better protected,” said Eric Duforest, Executive Vice-President for Financial Institutions activities at IDEMIA.
MOTION CODE™ adds a new layer of security to online transactions. It reduces CNP fraud and it is completely frictionless to the cardholders and retailers. The static printed code (CVV2) is replaced by a mini-screen that displays an automatically refreshed code generated by an algorithm (dynamic CVV2). It significantly reduces the value of stolen codes, as the issuer can identify old codes and decline the transaction.
In addition, MOTION CODE™ has proven during the ongoing roll outs to be a great customer acquisition product. Consumers like the innovation and this card becomes very quickly their “Top of Wallet” preferred card.
MOTION CODE™ is already in the hands of cardholders in Europe and Asia. Card issuers in most regions of the world will now be able to rapidly deploy MOTION CODE™.
OT-Morpho is now IDEMIA, the global leader in trusted identities for an increasingly digital world, with the ambition to empower citizens and consumers alike to interact, pay, connect, travel and vote in ways that are now possible in a connected environment.
Securing our identity has become mission critical in the world we live in today. By standing for Augmented Identity, we reinvent the way we think, produce, use and protect this asset, whether for individuals or for objects. We ensure privacy and trust as well as guarantee secure, authenticated and verifiable transactions for international clients from Financial, Telecom, Identity, Public Security and IoT sectors.
With close to €3bn in revenues, IDEMIA is the result of the coming together of OT (Oberthur Technologies) and Safran Identity & Security (Morpho). This new company counts 14,000 employees of more than 80 nationalities and serves clients in 180 countries.
For more information, visit www.idemia.com / Follow @IdemiaGroup on Twitter