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Dynamic Currency Conversion and Tokenisation Introduced by SecureTrading

SecureTrading : 28 May, 2010  (New Product)
Ecommerce Expo North 2010 has seen the introduction of new secure payment products from SecureTrading
SecureTrading, the online Payments Service Provider (PSP) has announced two new payment services.

SecureTrading is to unveil its Tokenisation and Dynamic Currency Conversation (DCC) services, allowing Ecommerce EXPO North attendees a first look ahead of its wider release to merchants.

Tokenisation eliminates the need for customers to repeatedly enter credit and debit card details and for merchants to send sensitive card details to acquirers via SecureTrading. The customer registers a credit or debit card with SecureTrading to store the sensitive card details required to process a transaction, including card number and expiry date. Upon receipt of the card details, SecureTrading sends a unique reference number (a Token number) in return that will be used for future transaction payments.

It enables the merchant to only send SecureTrading the reference number as part of the transaction process, instead of all the card details for future payments. This speeds up the entire payment process for customers and reduces the PCI burden on the merchant by taking care of the storage of the card number.

Dynamic Currency Conversion (DCC) is a financial service in which holders of credit cards have the cost of a transaction converted to their local currency when making a payment in a foreign currency. Developed in partnership with Travelex and Barclaycard Business the advantages for merchants using DCC are:

* Shoppers know instantly how much an item is in their currency leading to increased sales
* Merchants earn new revenue from transactions they are already accepting via commission on the currency conversion
* Offers simple and flexible integration and deployment models to suit merchants of all shapes and sizes
* Provides the experience and expertise of three providers: Travelex, a foreign exchange specialist; Barclaycard Business, a UK provider of card acceptance solutions and SecureTrading.

Jon Prideaux, deputy chief executive at SecureTrading explains, "SecureTrading is always looking how to maximise the efficiency of payment service whilst maintain the exceptional high levels of security required. Our products are PCI Level compliant to maintain the highest levels of security for customers in using these two products.

The benefits are clear with both new services; Tokenisation removing the need for customers to be concerned storing data thus meeting PCI Compliance requirements. With DCC, it makes it far easier for businesses to trade, especially abroad with more transparent conversion that makes the purchase cycle an easier journey."
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