Bank of Khyber (BOK), one of Pakistan's leading banking institutions, has announced a significant partnership with BPC, a leader in financial technology solutions, to enhance e-commerce and online transaction security for its customers.
Under the agreement, all Mastercard debit Cards of Bank of Khyber will be equipped with 3D Secure authentication, conforming to the latest industry standards. This technology ensures higher security for online transactions, safeguarding customers against unauthorised access and fraud. BPC will facilitate these services through its international processing center, leveraging its expertise to enable numerous banks with similar functionalities.
The formal agreement was signed in an official ceremony attended by key figures from both institutions. Asad Mehmood Siddiqui, divisional head of digital banking at Bank of Khyber, and Furrukh Ali Baig, managing director for BPC Pakistan, inked the deal. This also included senior executives from the Bank of Khyber including Asim Bashir, group head of digital banking, Sheikh Mashhood Rahman, CIO, Jawad Hassan Khan, divisional head of alternate delivery channels, Fauziah Mahmood, divisional head of marketing, and Shahzad Qureshi, department head of business technology, along with Junaid Zagar, accounts director at BPC Pakistan were present to witness this landmark partnership.
BoK is set to launch secure transactions through the introduction of Mastercard debit cards with 3D Secure technology in the new year. The 3D Secure ACS is an authentication protocol that protects online transactions by verifying the identity of cardholders during the payment process. This partnership will provide BoK's cardholders with an additional layer of security when making online transactions, ensuring that only authorized cardholders can complete online purchases.
Siddiqui said: "This collaboration with BPC is a testament to our dedication to providing our customers with the most secure and efficient banking solutions." "We are pleased to offer our customers with enhanced security and peace of mind with these new features."
For BPC, this partnership is a reflection of their commitment to advancing financial security technologies. "We are honored to partner with Bank of Khyber and bring BPC's cutting-edge eCommerce solutions to them, so they can then serve their esteemed customers in a much more seamless manner," stated Furrukh Ali Baig. "This is a significant step in our ongoing efforts to enhance digital transaction security globally and particularly in Pakistan."
Founded in 1996, BPC is a proven industry leader that is shaping the world of transactions with quick, safe and easy payment processing. With a focus on exceptional technology development and customer service, BPC helps financial institutions and businesses to deliver innovative and best-in-class proven solutions that fit with today’s consumer lifestyle when banking, shopping, or moving in both urban and rural areas.
A global powerhouse, with 350 customers across 100 countries, BPC collaborates with all ecosystem players to deliver services for the digital world. Its core product SmartVista suite comprises cutting-edge banking, commerce, and mobility solutions including digital banking, ATM and switching, payments processing, card, and fraud management, financial inclusion, merchant portals, transport, and smart cities solutions.
Re-disseminated by The Asian Banker