National Bank of Abu Dhabi selects CyberSource for secure and streamlined online payment solutions for clients

  • CyberSource solution helps NBAD’s UAE merchants reduce fraudulent transactions by allowing genuine orders to pass through
  • CyberSource’s device optimized solutions eliminate the need for merchants to develop separate mobile apps for online transactions, simplifying their evolution from brick and mortar to eCommerce

Abu Dhabi, UAE, 14 April 2014 – The National Bank of Abu Dhabi (NBAD), one of the largest banks in the UAE with an expanding network of 125 branches, and CyberSource, a wholly-owned subsidiary of Visa Inc (NYSE:V), and one of the world's largest providers of eCommerce payment management services, announced a partnership to provide secure online payment acceptance capabilities to NBAD’s merchant clients in the UAE.

As mobile and digital payments are poised to catapult to a significant share of the retail payments environment*, innovative merchants are increasingly looking at consumer-focused technologies to lead them through the complexities of this change. Challenges include understanding and investing in tools and technologies that are aimed at streamlining online payments while protecting merchants from the potential pitfalls. New opportunities also present threats that can leave a business vulnerable to new and traditional channels for fraud.

“NBAD is committed to provide its merchant clients the best possible method in navigating through the complexities of a fast-evolving payments landscape. We chose CyberSource for its customer-centric approach and because its technology improves merchants’ payment management experience,” said Naveet Dave, Director Card, NBAD.

“Managing fraud is a balancing act,” said Gups Jutla, Head of Business Development, CyberSource Middle East. “To minimize fraud losses, you need to reduce the number of fraudulent transactions going through your systems while allowing genuine orders to pass through quickly and easily. CyberSource Fraud Management includes Decision Manager, featuring the World’s Largest Fraud Detection Radar that protects your business and allows you to maximize revenue, while keeping your operational costs low.”

As well, traditional brick and mortar retailers are also realizing that eCommerce is not an either-or scenario – rather, it complements the overall business growth strategy. eCommerce includes mobile optimized payments for a comprehensive omni-commerce strategy.

MarkaVIP, a leading ecommerce business in the region, is one of the first NBAD customers to benefit from the CyberSource solution. “While online security remains one of the primary concerns for the majority of Middle Eastern consumers, we are seeing growing confidence and adoption of electronic payment methods. Advanced technologies that trusted international companies like CyberSource are introducing to the market are helping us build our customers’ confidence in paying online, by offering them an ultra-secure payment gateway, that is also simple to use”, said Ahmed Alkhatib, CEO and founder of MarkaVIP.

Smartphone penetration rates in the UAE are among the highest in the world at 73.8 percent**, and merchants have to be prepared for the anytime, anywhere, any device dynamics of omni-commerce. The industry reports that a mobile optimized website is best suited for customer acquisition, whereas an app is ideal for retention***. However, most merchants are reluctant to invest in either up front. But with CyberSource’s solution for web and mobile initiated transactions, they save on those costs because a customer’s device type, operating system and location is automatically detected and the cloud-based solution presents an elegant, customized and secure shopping environment for merchants and their customers, whether shopping on a laptop, tablet or smartphone.

*CYBERSOURCE: The Future of retail in UAE depends on today’s technology decisions
**Google's Our Mobile Planet report from Q1 of 2013
***http://m.retailsystemsresearch.com/page.3416.html

About CyberSource

CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 400,000 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 Foster City, California and maintains offices throughout the world, with regional headquarters in Singapore, Tokyo, Miami / Sao Paulo and Reading, U.K. CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit http://www.cybersource.com/mea.

About NBAD

The National Bank of Abu Dhabi (NBAD) was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX). Ranked one of the World’s 50 Safest Banks since 2009 and the Safest Bank in the Emerging Markets and Middle East, NBAD operates across 18 countries in five continents.NBAD provides its customers the complete range of financial services across all segments of retail, commercial, Islamic and wholesale markets. NBAD also owns a number of subsidiaries and companies offering different financial services; including brokerage, private banking, leasing, and property management. In the UAE, NBAD has a network of about 125 branches and more than 585 ATMs providing banking services to customers. NBAD provides 24 hour internet banking access through NbadOnline and NbadDirect, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre. NBAD’s overseas network stretches from China and Hong Kong in the Far East to Malaysia in Southeast Asia; Oman, UAE, Kuwait, and Bahrain in the G.C.C.; Jordan and Lebanon in the Levant; Egypt, Sudan, and Libya in Africa; France, Switzerland, Channel Islands, and UK in Europe; USA in North America, and Brazil in South America. NBAD’s growth strategy focuses on the West-East Corridor, an area spanning West Africa to East Asia that is witnessing high growth and will have a higher concentration of megacities over the next one to two decades. NBAD is rated senior long term/short term AA-/A-1+ by Standard & Poor's (S&P), Aa3/P1 by Moody’s, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia) , giving it one of the strongest combined rating of any Global financial institution.

For further information, please contact:

Sunayana Kripalani
Marketing Head, CEMEA
CyberSource | Visa Middle East
+9714 4372320
sukripal@cybersource.com

Ketaki Banga
BPG Cohn & Wolfe
+971 4 2953456 Ext. 310
+971 501493470
ketaki@bpgcohnwolfe.com

Global Corporate Relations:

Elvira Swanson
globalmedia@visa.com