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CyberSource, a Visa company (NYSE Code: V) and one of the world's largest providers of eCommerce payment management services, today announced an agreement with pioneering Vietnamese eCommerce company PeaceSoft to provide secure payment and fraud prevention solutions.
This is a significant deal because PeaceSoft, one of the market leaders in the field of eCommerce in Vietnam, is now able to extend secure eCommerce services across its extensive portfolio of sites by using CyberSource.
Under the new agreement, PeaceSoft will extend its use of CyberSource solutions by adopting CyberSource payment gateway services, as well as Decision Manager, CyberSource's global fraud-management portal for eCommerce. Previously, in early 2011, PeaceSoft launched an electronic wallet (eWallet) on NganLuong.vn,, built with CyberSource's Tokenization service. NganLuong.vn, now a subsidiary fully owned by PeaceSoft, is one of the country's largest online payment and escrow platforms for domestic and cross-border eCommerce
Using the CyberSource-enable eWallet, NganLuong.vn members are able to link their credit or debit cards to their eWallet accounts and make purchases online without disclosing sensitive payment data. The CyberSource Tokenization service allows NganLuong.vn to operate with payment tokens instead of raw payment data, thereby diminishing the risk of storing and handling sensitive customer payment details while helping their members enjoy the convenience of online shopping. NganLuong.vn has selected Sacombank, another client of CyberSource, to be its acquiring bank.
"The capabilities made possible by tokenization will be most noticeable to the end-user, because it really improves the experience of purchasing online by facilitating and speeding up the purchase," said Chew Ann Wee, Regional Director of South East Asia for CyberSource.
Commenting on NganLuong.vn's move to incorporate Decision Manager into its payment process, Do Cong Dien, Chief Technology Officer for NganLuong.vn, said: "The online retailers we work with will welcome the introduction of world-class technology that will assist with the prevention of online fraud, help speed up payment processing and facilitate the handling of more legitimate transactions."
Lorijon Bacchi, Vietnam Country Manager for Visa, said: "Due to CyberSource's integration with Visa, customers like NganLuong.vn gain access to world's largest fraud detection radar, making fraud detection more accurate and efficient."
CyberSource's Decision Manager enables merchants to get more data about an inbound order by comparing it to data and correlations generated from the over 60 billion transactions that Visa and CyberSource process annually. Using the CyberSource system and this broad set of correlated data, merchants are able to run over 250 global validation tests, including device fingerprinting, on the inbound order, in less than two seconds. Decision Manager also provides merchants a highly customizable case management system, and reporting and analytics to provide greater visibility over the fraud management process.
Commenting on plans to populate this partnership in the Vietnam market, Tran Viet Vinh, Chief Operation Officer for NganLuong.vn, said: "With the convenience and security that CyberSource has brought to our platform, we are able to ensure buyer confidence for online purchases as we plan expansion into online travel, digital goods, mobile payment industries with a targeted 200% growth rate next year from international credit and debit card payment volume."
For more information on CyberSource products, visit www.cybersource.com/asiapacific.
CyberSource Corporation, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 370,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security.
The company is headquartered in San Francisco and maintains offices throughout the world, with regional headquarters in Singapore (Asia Pacific); Tokyo (Japan), Miami/Sao Paulo (Latin America and the Caribbean), and Reading, U.K. (Europe/Middle East/Africa).
CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit www.cybersource.com/asiapacific.
PeaceSoft is the pioneer and leading ECommerce Company in Vietnam, its products have strong internal integration and mutual support, which help multiply competitive advantages in a united chain.
Other products include: NaiMa.vn online luxury fashion platform, 1Top.vn group-buying marketplace, ShipChung.vn e-Commerce shipping gateway and so on…
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