The Bank of Khyber (BoK), one of the leading banking establishments in Pakistan, has announced its collaboration with the Fintech firm BPC to enhance online transaction and eCommerce security for its clients.
BPC, renowned for its financial technology solutions, will implement 3D Secure ACS, deemed the gold standard for eCommerce payment verification, to bolster Pakistani consumers' protection whilst shopping online.
The official agreement between the Bank of Khyber and BPC was signed in an official event attended by leading figures from both establishments. Asad Mehmood Siddiqui, Divisional Head of Digital Banking at BoK, and Furrukh Ali Baig, BPC Pakistan's Managing Director, were the signatories on the landmark deal.
Notable attendees from BoK included 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 Business Technology). Accounts Director at BPC Pakistan, Junaid Zagar, was also present to witness the pivotal partnership.
All Mastercard debit cards provided by the Bank of Khyber will be equipped with 3D Secure authentication as per the agreement, conforming to the most recent industry standards. BPC's international processing centre would be leveraged to facilitate these services.
This advanced tech offers increased security for online transactions, guarding clients against unauthorised access and deception. The bank is primed to launch the transactions using the Mastercard debit cards implemented with 3D Secure tech in the new year.
The 3D Secure ACS (Access, Control, Service), an authentication protocol, safeguards online transactions by verifying the cardholders' identity during payment. Through this partnership, BoK's cardholders will gain an additional security layer for their online transactions, ensuring only authorised cardholders can make online purchases.
Discussing the partnership, Asad Mehmood Siddiqui affirmed the commitment to delivering highly secure and efficient banking solutions to customers. He expressed satisfaction with the collaboration with BPC, highlighting that it serves as proof of their dedication. Siddiqui emphasised that the introduction of new features aims to provide customers with enhanced security and peace of mind.
Asad Mehmood Siddiqui commented, "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 enhanced security and peace of mind with these new features."
Furrukh Ali Baig expressed his honour in collaborating with the Bank of Khyber and introducing BPC's advanced eCommerce solutions. The goal is to enable the bank to serve its valued customers in a more streamlined manner.
Baig also highlighted the significance of this partnership as a crucial step in their continuous efforts to enhance global digital transaction security, with a particular focus on improving the landscape in Pakistan.
Furrukh Ali Baig shared, "We are honoured 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."
"This is a significant step in our ongoing efforts to enhance digital transaction security globally and particularly in Pakistan."