LONDON and MONTREAL, Dec. 16, 2020 – Nuvei Corporation (“Nuvei” or the “Company”) (TSX: NVEI and NVEI.U), the payment technology partner of thriving brands, announces it has enhanced its payment authorization platform to include a smart and dynamic solution for Strong Customer Authentication (SCA) compliance. The Company now offers a variety of customization options to ensure compliant and optimized payment processing flows.
Merchants who have not transitioned from 3D Secure 1 (3DS1) to 3D Secure 2 (3DS2) must implement a compliant solution prior to the enforcement deadline for Payment Services Directive 2 (PSD2) SCA, starting December 31, 2020 in the EU, or face potential fines and a decline in acceptance rates. For merchants who have not yet implemented 3DS2, the transition may seem daunting and burdensome, with the prospect of processing issues potentially affecting acceptance rates, presenting a significant concern. Nuvei’s solution ensures its clients’ transactions remain secure and optimized, even during times of regulatory changes.
Nuvei enables existing and new customers alike to take advantage of its fully compliant and customizable solution. Merchants can now define a set of criteria to route transactions to 3DS2 or 3DS1, as long as the latter is commercially available. Merchants can also define rules to avoid routing transactions to 3DS entirely for trusted or returning customers.
“Our approach to SCA is to minimize the level of complexity for merchants and their clients to provide a seamless payment experience,” said Philip Fayer, Nuvei’s chairman and CEO. “Our goal is to optimize transactions and ensure the best possible conversion rates, while maintaining the highest levels of security.”
Nuvei offers several mechanisms to keep merchants’ acceptance rates high and avoid possible fallout from the transition to 3DS2. The solution offers continued support for 3DS1 to prevent acceptance rate decreases. Merchants can choose to automatically cascade 3DS2 and 3DS1, so that in case 3DS2 authentication fails, the customer is asked to authenticate via 3DS1. The solution is also fully agnostic and allows 3DS authentication to be performed using Nuvei’s proprietary 3DS authentication services, or via several other authentication services; these, too, can be set to cascade. By configuring cascading rules, merchants can safeguard against technical downtime and combat authentication decline. It also offers optimal 3DS user experience for customers, preventing cart abandonment and promoting a swift payment process.
For new and existing merchants, integration is easy, via a hosted payment page, API, or SDKs. Once integrated, a dedicated SCA dashboard and comprehensive reports are available, including high-level analytics as well as transaction-level deep-dives. To ensure onboarding success, Nuvei offers complimentary expert in-house consultation, traffic optimization and risk analysis services.
We are Nuvei, the payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform offers direct connections to all major payment card schemes worldwide, supports over 450 local and alternative payment methods and 150 currencies. Our purpose is to make our world a local marketplace. Learn more at www.nuvei.com.
This press release contains “forward-looking information” within the meaning of applicable securities laws, including statements regarding Nuvei’s enhanced payment authorization platform and compliance with Strong Customer Authentication requirements. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include but are not limited to those described under “Risk Factors” in Nuvei’s supplemented prep prospectus dated September 16, 2020. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Company does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.