Industry SectorsFinancial ServicesSpareBank 1 expands cooperation with Nets

SpareBank 1 expands cooperation with Nets

The Norway alliance of 16 savings banks said the inclusion of risk-based authentication will improve online shopping for customers.

Norway’s SpareBank 1 Alliance of savings banks has expanded its cooperation with Nets, provider of the 3D Secure service, to include risk-based authentication (RBA). It said that the solution enables quicker and easier online shopping for SpareBank 1’s personal customers without compromising on security. Based on a number of predefined parameters and criteria, it helps customers to complete an online transaction without additional authentication.

RBA is used in combination with BankID and BankID mobile, to help boost online sales and make the experience more straightforward. “Cardholders have sometimes found 3D Secure a bit cumbersome to use, especially for minor purchases and repeat purchases from the same store,” said Øystein Lysvik, general manager, cards at SpareBank 1. “With that in mind, we think this will also boost turnover for online shops, with fewer customers abandoning their cart without completing the purchase.” DNB, Norway’s largest financial services group has been using the solution for about a year.

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