Sacombank Boosts Vietnam’s eCommerce Security with CyberSource
SINGAPORE/HO CHI MINH CITY — 6 September 2012 —
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 Sacombank, one of Vietnam's leading retail banks, to provide payment and fraud prevention solutions to support the bank's merchant customers amid rapid growth in online sales.
The deal, which took effect the 27th of June, 2012, allows Sacombank to extend its service portfolio by enabling its merchant customers to adopt eCommerce best practices and market-leading technology. For CyberSource, the deal follows several recent agreements to provide transaction and fraud prevention solutions to businesses in the region.
"This agreement with Sacombank is a particularly exciting one for us," said J. Michael Bradley, APAC Managing Director for CyberSource "We have been working closely with Sacombank to bring world class eCommerce payment services to Vietnam, which will help build continued confidence among the merchants who are launching their eCommerce businesses."
"Our merchant customers will welcome the innovative technology we are now able to provide. It will help them protect their sensitive data and prevent fraud, while helping maintain maximum acceptance of legitimate transactions," said Nguyen Thi My Thuyen, Sacombank Card Center Director. "Teaming up with CyberSource is in line with our stated goal to incorporate international standards and best practices into our environment to ensure operational safety, efficiency and sustainable development."
At the end of 2010, there were 26.8 million internet users in Vietnam, of whom 42% were online shoppers1. That year B2C eCommerce sales in the country reached US$450 million, according to a report by German research house yStats.com2. The report said that for continued growth in the sector, "payment safety as well as suppliers reputation were key to the success of online trading." It added that establishing intermediary Internet payment gateways between sellers and buyers via banks was also very necessary to ensure the security of buyers' payments.
Lorijon Bacchi, Vietnam Country Manager for Visa, said: "Merchants using CyberSource services gain access to the world's largest fraud detection radar—data insights gleaned from the over 60 billion transactions Visa and CyberSource process annually, plus advanced detection technologies such as device fingerprinting. Amid all the concern about online fraud, this is a compelling reason to use CyberSource."
For more information on CyberSource products, visit www.cybersource.com.
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.
Established in 1991, Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) is one of the leading retail banks in Vietnam. In the recent years, Sacombank has been recognized by the world community through numerous prestigious awards including:
- Best Foreign Exchange Provider in Vietnam in 2009, 2010, 2011
- Best Cash Management Bank in 2011
- Bank of the Year 2011
- Best Corporate Governance and Investor Relations Bank in 2011
1Asia B2C E-Commerce Report 2011, produced by yStats.com
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