Checkout.com, a global payments platform, will be implementing card issuer and payment company JCB’s J/Secure2.0 authentication platform for card-not-present transactions for its merchants in the U.K. The service will add more identification requirements and make checkouts more secure, a press release stated on Tuesday (Sept. 7).
With the roll out of J/Secure2.0, cardholders will enjoy enhanced security when making online purchases, as they will be able to directly authenticate their cards with the issuer.
The security protocol used for this is called EMV 3DS, which is designed to provide an extra security layer for online credit and debit transactions, in order to cut down on fraud.
JCB and Checkout.com have been partnered since 2017, with business spanning 36 European countries and the UAE. Recently, the companies have expanded their business in the U.K., through implementation of J/Secure2.0 and its EMV 3DS security technology, because of the increased popularity of eCommerce during the pandemic.
The U.K. is seeing over $2 billion annually in losses from legitimate transactions rejected as fraudulent purchases, according to a Checkout.com report cited in the release.
The J/Secure2.0 platform will allow retailers to cut down on cart abandonment, providing a gateway for incremental sales from new markets and customers. It will also give Checkout.com merchants the opportunity to handle more international sales securely.
“The expansion of our partnership with Checkout.com across Europe was driven by our established commitment to support eCommerce internationally. Additionally, online shopping is a trend which has seen a dramatic rise in recent months,” said Nick Fisher, general manager of sales and marketing for JCB in the U.K., per the release. “This integration will allow us to streamline the digital payment journey for our cardmembers and to facilitate secure transactional exchange between our cardmembers and Checkout.com’s online retailers, especially as we move into the recovery and growth stages in the aftermath of the pandemic.”
In June, Checkout.com acquired Icefire, an Estonian firm focused on software development. The intention there was similar: to capitalize on the growing eCommerce boom. The company praised Icefire’s record of building “complex, modular” financial systems.
With the acquisition, Checkout.com is angling to boost its development of products and scale more easily around the world.