Partnership will grant BCEL and its merchants full access to the complete range of CyberSource payment management services
VIENTIANE, Laos, Nov. 1, 2013 (ANTARA/PRNewswire) -- CyberSource, a Visa company (NYSE: V), and one of the world's largest providers of eCommerce payment management services, today announced a partnership with the leading commercial bank in Laos[1], Banque Pour Le Commerce Exterieur Lao (BCEL). The agreement enables BCEL to expand its business, both locally and regionally, by offering secure online payment services to its merchant customers.
Using the CyberSource through VisaNet (CTV) solution, BCEL will gain access to CyberSource payment processing and fraud management services through the bank's existing connection to Visa. Through CTV, merchants acquired by BCEL will be able to access the full range of CyberSource solutions. This includes the ability to accept payment cards online and to support multi-channel payments worldwide, while accurately screening for fraud using CyberSource Decision Manager. BCEL is also the first acquirer in Laos to leverage CyberSource solutions to provide merchants with an easy and secure way to manage online transactions, including a scalable and secure payment gateway coupled with a market-proven fraud management solution.
Laos is located in one of the fastest growing regions of the world economy with a thriving tourism industry. In 2012, 3.1 million tourists (up by 14 percent from 2011) visited Laos[2] to see the country's untouched natural charms and diverse culture. This influx of tourism creates a conducive environment for investments in the travel and hospitality sectors[3], with businesses in Laos, such as airlines, hotels and travel agencies, increasingly looking to attract customers who use online payments.
"Managing risk and security are of prime importance to us as we build the trust of our merchant customers, who serve a wide clientele. The partnership with CyberSource will enable us to establish ourselves as the leading choice for merchants looking to conduct online business with domestic and overseas customers within this region. In addition, this will allow us to provide a good foundation for the growth of a secure eCommerce market in Laos and contribute to the overall growth of the country," said Somchanh Visisombath, Head of Marketing Division, BCEL.
To manage payments securely in an expanding cross-border business, BCEL's partners will also benefit from CyberSource Decision Manager, a real-time fraud management solution. Decision Manager provides the ability to automatically screen more orders more accurately, based on insights from the over 60 billion transactions processed annually by Visa and CyberSource, leading to streamlined fraud management operations for BCEL and its merchant customers. Data insights are derived from transactions across multiple payment types and from merchants worldwide, and are supplemented by 260 validation and correlation tests and services.
"CyberSource believes that a robust payment gateway platform, together with the ability to efficiently detect fraud, can be a key differentiator among acquiring banks and is essential in supporting the growth of an eCommerce market," said Chew Ann Wee, Regional Sales Director, Southeast Asia, CyberSource. "We look forward to working closely with BCEL to expand its acquiring business segment."
Lorijon Bacchi, Country Manager for Vietnam, Cambodia and Laos, Visa, underscores this point. "Acquiring banks equipped with a sound and secure payment processing system will have an edge in the relatively young and booming Laos market, due to their ability to effectively identify and manage fraud. These acquiring banks are working towards bringing world-class eCommerce payment services to Laos, ultimately building confidence among merchants who intend to enter or who are already in the eCommerce business."
[1] Vientiane Times, Banking in Laos a thriving business, February 2013
[2] Asia News Network, Laos tourism 'ripe for investment', January 2013
[3] Asia News Network, Laos tourism 'ripe for investment', January 2013
About CyberSource
CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 400,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in Foster City, CA and maintains offices throughout the world, with regional headquarters in Singapore, Tokyo, Miami / Sao Paulo and Reading, U.K. CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit http://www.cybersource.com/asiapacific.
About Banque Pour Le Commerce Exterieur Lao Public (BCEL)
Banque Pour Le Commerce Exterieur Lao Public (BCEL) is the leading bank in the Lao PDR, with total assets of approximately USD 1.9 billion (LAK 15.176 trillion) as of June 2013. BCEL was first established in 1976 as a specialized branch of the former Bank of the State (Central Bank), in charge of international banking services and management of assistance grants and loans provided by foreign countries and international organizations to the Lao Government. BCEL has established business relationships with many high-profile banks worldwide, making it the largest provider of cross-border money transfer services, as well as the preferred international settlement network for the business sector in Laos. In 2011, BCEL went through a transformation from a state-run to a publicly owned bank, making it the first bank in Laos to register on the Lao Securities Exchange in January 2011. BCEL is recognized internationally in terms of quality of services and technology development. It has been accredited with ISO 9001-2008 for excellence in banking operations and international services. Its primary services include: deposits, loans, bank guarantees, precious metal trading, internal and international settlements, ATM and credit cards, and others. For more information, please visit http://www.bcel.com.la/
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SOURCE CyberSource
Editor: PR Wire
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