Vienna, November 14, 2023 – Just as payment solutions are constantly evolving, the authentication and security mechanisms behind them also have to be advanced. Only recently, the European Council and the European Parliament decided to take further steps towards making Instant Payment the new standard for bank transactions. Simultaneously, new security and authentication solutions must also be developed to enable secure transactions with the new standard. What is needed now is cooperation throughout the European payment sector so that the appropriate solutions can be created.
Modirum, one of the world’s leading providers of innovative solutions for 3D Secure payment authentication, is now entering into a Corporate Membership with the European payment initiative P19, known for fostering collaboration and innovation in the industry across Europe. Together, P19 and Modirum will further promote the exchange on the ever-evolving topic of security and authentication in the payment industry – so new solutions can be generated. Birgit Kraft-Kinz, co-founder of P19 and CEO of KRAFTKINZ Powergroup, is pleased about the cooperation: „Authentication and security are two essential factors, important for the entire payment industry. With Modirum, we have an important partner with whom we can advance these issues even better in the future – they are important for the positive development of our economy.”
Vlado Galevski, Modirum’s Chief Market Officer, sees the cooperation as an important opportunity to establish the company even more as a strong partner in the DACH region. For Galevski, P19 is the right platform to share ideas on authentication across industries: “This collaboration reaffirms our commitment to leading industry discussions, maintaining an active dialogue with the entire payment sector, and ensuring secure payment experiences worldwide both in card and non-card rails.
While operating internationally, Austria and the DACH region hold particular significance for us. Hosting our authentication platform in the region guarantees maximum cardholder protection of personal data.” Modirum is one of the leading experts and solution providers for 3D Secure, whose software products are widely used, and its work also focuses on authentication with a platform that is in-country based in order to maximize cardholder security and minimize latency. The company is currently active in more than 50 countries worldwide.
On 21 November, the P19 Payment Festival, the flagship event of the P19 payment initiative, is taking place for the second time at the Sofiensäle in Vienna, Austria. The event focuses entirely on the economic power of payment solutions and how they can increase revenue in different industries. Modirum is hosting a Fishbowl discussion on the topic of instant payment and authentication. “Instant Payment will provide a lot of momentum for Europe’s payment industry and develop it further. Strong partners such as Modirum are important for our exchange, so that the corresponding innovations can emerge,” Kraft-Kinz concludes.
P19 is the platform for more than 900 Payment Pioneers (as of 2023). The Payment Pioneers are the rapidly growing network that works together to create visibility for the hot topic of payment in Europe and promote collaboration. They stand for exchange and innovation in a sustainable European payment industry.
A global leader in 3D Secure technology, Modirum offers a comprehensive range of efficient and easy-to-integrate solutions for card issuers, acquirers, processors, payment service providers and merchants to ensure the security of card-not-present payments. With more than 20 years of experience in financial technology, the company, founded in 1997 in Finland, processes around one billion transactions over 400 customers per year.