Press release: Stanbic e-Commerce service set to boost online trade
Zambian merchants have entered a new era of trade where they will be able to make online sales without customers physically presenting their credit or debit cards at the time of purchase, thanks to Stanbic Bank’s new e-commerce initiative.
The latest move takes advantage of the bank’s improved electronic channels, and allows transactions to occur online, without the actual in-store debit/credit card swipe.
Stanbic is implementing the e-commerce platform in partnership with Direct Pay Online, a Kenya-based online payment solutions company that has implemented similar projects in Eastern and Southern Africa.
“The online payment solution simplifies how to pay merchants and how to be paid by agents,” said Direct Pay Online Group Chief Executive Officer Eran Feinstein.
“We are giving a technology that allows you to make payments anywhere, anytime. We truly believe that everywhere you go, there should be one simple solution that gives merchants the option to accept online payments without boundaries.”
Stanbic Chief Executive Charles Mudiwa said the bank had continually endeavoured to keep its banking systems in sync with modern ICT developments. The bank had invested significantly in bringing the bank up-to-date with modernity, he added.
“What Stanbic has done in partnership with Direct Pay Online is to bring the world closer to your door step to allow you to do transactions from the safety of your home, car or anywhere else you are,” he said.
“As a bank, we are continuously looking for new ways to improve our customers’ experiences. With this new service, merchants who are our customers have easy access to markets around the world. They can reach new customers and create better trade relationships with all customers with as fewer barriers as possible. Ultimately, we are talking about a significant reduction in distribution costs, which is key to reducing the cost of doing business,” Mr Mudiwa added.
Stanbic’s e-commerce service is convenient for both merchants and consumers, allowing online purchases to take place through a personal computer, mobile device, or even over the phone without the need for the physical presence of a customer’s debit or credit card.
To prevent the risks of online fraud associated with the acquisition of online transactions, the new service is highly secure and will use top-notch internet fraud and risk management solutions such as CyberSource and 3D Secure.
CyberSource is a leading global provider of credit card processing, fraud and security risk management solutions while 3D Secure is designed to make online shopping transactions safer by authenticating a cardholder’s identity at the time of purchase.
The new service is fast, flexible, robust and efficient, and gives merchants the ability to view their complete list of transactions in real-time.
For customers to transact, they need the cardholder name; card number, card verification value (CVV), full billing address and shipping address, total payment amount including taxes, as well as user verification by 3D Secure, CyberSource.
The bank continues to lead in the area of technological advancements to ensure that it adds more value for its clients. Stanbic Bank has recently implemented a US$25 million ICT infrastructure platform called Finacle that has linked its more than 30 branches countrywide. Financle is an advanced technology banking system and its implementation has allowed Stanbic Bank to provide clients with a superior customer experience through continuous digital innovation
Source: Langmead & Baker
