HAMILTON, BERMUDA -- (MARKET WIRE) -- 06/01/2006 -- Bermuda-based First Atlantic Commerce Ltd (FAC), a leading eCommerce payment solutions provider, today announced value-added pre-authentication card services to its payments solutions portfolio. The services including pre-authorisation, CVV2 and AVS are aimed at European merchants who require the ability to pre-screen their North American consumer transactions prior to processing the full card transaction.
FAC's AV-yeS solution provides Address Verification Services (AVS) on North American cardholders and is ideal for global merchants who are currently unable to obtain this service via their existing processor. Merchants can submit pre-authorisation requests along with AVS and CVV2 data and receive authorisation information as well as the AVS score and CVV2 issuer verification response.
"The value of these solutions is in the pre-screening of consumer card data," says Andrea Wilson, CEO of FAC. "The data returned is invaluable to merchants who employ fraud screening systems that require AVS and CVV2 data as part of their order screening process.
"If the pre-auth declines then merchants know there is a problem with the card. If the pre-auth approves the merchant also receives AVS and CVV2 response data in the issuer reply," adds Andrea.
The small transaction cost associated with up-front pre-authentication of the card transaction prevents longer-term headaches associated with card fraud and chargebacks, in addition to bank fees and penalties.
AV-yeS and CVV2 pre-authentication has been introduced by FAC in direct response to enquiries from large online merchants, who have a global presence and a particularly strong client base in the North American market. "We have implemented this much needed service in response to multiple client requests and are bringing it to the market at a time when merchants are increasingly looking for ways to pre-qualify their online transactions," says Andrea.
FAC's AV-yeS authentication enhances the existing consumer authentication services of Verified By VISA and MasterCard SecureCode(TM) already offered by FAC. "We firmly believe that pre-authentication of cardholder data is the best solution for online merchants to pre-screen their consumer card transactions. It doesn't matter how sophisticated the merchant's fraud screening systems are; these will not prevent a chargeback if the consumer wishes to present one," adds Andrea.
"Preventative medicine using pre-authentication screening tools can prevent chargeback losses if the data received in the pre-authentication response is reviewed in advance of processing the full card transaction," Andrea concludes.
For further details and to receive a price quote for AV-yeS, Andrea Wilson can be contacted at
awilson@fac.bm.
Telephone: + 441 294-4620.
About First Atlantic Commerce Headquartered in Bermuda, and established in 1998 to create secure card based payment solutions for e-businesses, FAC provides powerful technology designed to work with most merchant platforms, including Microsoft®, UNIX, and LINUX platforms. FAC's cGate® technology offers state-of-the-art service, flexibility and security to adapt to many business and bank acquirer requirements. Business solutions such as 3-D Secure(TM) Payer Authentication, Virtual Corporations and offshore multi-currency payment solutions are available in the LACR and Europe. For more information on FAC, visit our web site at
www.firstatlanticcommerce.com Media Contacts Andrea Wilson
Chief Executive Officer
First Atlantic Commerce
+ 1 441 294-4620
E-mail:
awilson@fac.bm Glyn Hoskins-Turner
Director, International Business Development
First Atlantic Commerce
+ 1 441 294-4624
E-mail:
ghoskinsturner@fac.bm