BPC Teams Up with Ellipse to Enhance Transaction Security
Payment provider BPC has announced its partnership with fintech company Ellipse, aiming to strengthen its security measures and privacy options for customers, according to Louis Thompsett at FinTech Magazine. By integrating Ellipse‘s Card Verification Value (CVV) technology into the BPC SmartVista platform, the payment provider seeks to enhance security capabilities and offer increased privacy to its customers.
The Ellipse Verification Code, the fintech’s CVV solution, generates a new CVV after each in-person transaction. This unique CVV is displayed on a small screen embedded in the customer’s card, significantly reducing the risk of fraudulent card-not-present transactions. The implementation of this technology provides customers with peace of mind and an additional layer of security when making purchases.
In embracing Ellipse’s technology, BPC demonstrates its commitment to adopting cutting-edge fintech solutions to strengthen its anti-money laundering (AML) capabilities. By moving away from traditional static CVV numbers for transaction authentication, BPC acknowledges the unparalleled upgrade that Ellipse’s technology brings to its global payments offering.
Vasily Grigoriev, BPC’s Managing Director of Global SaaS, expressed excitement about the partnership, stating, «We are excited to partner with Ellipse to enable our clients to deploy cutting-edge payments technology. BPC is committed to supporting innovative fraud prevention solutions, ensuring that our consumers are able to leverage the right security solutions — we look forward to an enhanced partnership with Ellipse across the globe.»
Cyril Lalo, Founder and CEO of Ellipse, highlighted the innovative approach of their fraud reduction method, particularly in relation to e-commerce and card-not-present transactions. Lalo said, «Our partnership with BPC will enable more businesses and consumers to improve their security and reduce their fraud risk when using payment cards.»
In recent news, FinTech Magazine featured Minh Ha Truong, BPC’s Head of Market Development APAC, in their celebration of women leading the line in the industry. Truong has played a pivotal role in driving digital transformations in the banking sector across Southeast Asia, a region characterized by fragmented markets and varying degrees of technological adoption. Truong emphasized the importance of payments orchestration in managing multiple payment gateways and predicted increased strategic moves and partnerships between different payment rails in the region.
The partnership between BPC and Ellipse signifies a forward-thinking approach to transaction security and a commitment to staying at the forefront of fintech advancements. With this collaboration, both companies aim to provide customers with enhanced security measures and contribute to the ongoing battle against financial fraud.