Many banks still rely on outdated batch upload processes for cardholder information and card status, which means consumers who need to cancel or block a stolen credit card will sometimes have to wait hours for their request to be actioned.
In that window of vulnerability, fraudulent transactions can proceed as they watch helplessly, shared Ellezane Williams, Global Head of Solution Architecture at Entersekt.
Real-Time API solution
To solve this problem Entersekt launched RealSync, a real-time API, card-issuing banks can now immediately act if a customer reports a credit card lost or stolen, to prevent them falling victim to online fraud. Additionally, the single API integration enables banks to connect the API without the time and costs required for multiple API integrations.
Ellezane says, “Synchronization between their EMV 3D Secure Access Control Server and cardholder information, banks can immediately block or cancel a card so consumers can confidently transact online.”
New and Enhanced Technology for Banks
In 2022, Entersekt deployed a real-time API that allowed their global banking clients to instantly communicate with their ACS. However, the system still relied on multiple messages between APIs to communicate and authenticate any changes on a card, such as card blocking or cancellation.
Historical Comparison in Technology
Historically, ACS vendors weren’t able to offer anything quicker than batch upload card status because of the latency in the cardholder look-ups between the card brand directory servers and the ACS. Batch uploads scheduled at fixed intervals resulted in a gap of hours or more before a cardholder’s change was actioned on the ACS.
This meant a cardholder who canceled or blocked a stolen card could see fraudulent transactions proceed after they reported the card, leaving the bank to absorb the loss.
In recent years, some banks have built multiple APIs to achieve real-time synchronization. The development effort to create multiple APIs was a significant hurdle for issuers and processors in replacing the antiquated batch process. The simpler, faster, and more efficient process will save banks’ development teams hundreds of integration hours.
