SINGAPORE, May 18, 2017 /PRNewswire/ Korea IT Times-- CyberSource, a Visa Inc. company (NYSE: V), and one of the world's largest providers of eCommerce payment management services, today announced an agreement with CHARLES & KEITH, a leading fashion retailer in Asia Pacific. With more than 500 stores in over 40 countries in Asia Pacific, Europe, and the Middle East, this agreement enables CHARLES & KEITH to provide its customers with a secure, streamlined online payment experience. Through CyberSource's payment and fraud management solutions, CHARLES & KEITH has managed to increase its online card acceptance rate by up to 17%, while reducing the rate of manual review by close to two-thirds1.
Launched in 1996, CHARLES & KEITH has established a strong presence not just in fashion capitals such as Seoul, Shanghai, and Dubai, but also online through CHARLESKEITH.COM. With an understanding of the importance of differentiating itself with a simple, secure and seamless online shopping experience, CHARLES & KEITH aims to enhance customer satisfaction by catering to each customer's unique shopping preference.
CHARLES & KEITH has deployed CyberSource's full suite of payment, fraud management and tokenization services for selected markets2. With CyberSource's global payment gateway, CHARLES & KEITH is able to process a wide range of international payments from multiple card issuers, as well as select alternative payment methods across various web and mobile channels, via one connection.
Since 2004, CHARLESKEITH.COM has become a part of the business, providing shoppers in more than 40 countries with online shopping catalogues, exclusive products and the latest releases. Appreciating the value of a secure, seamless shopping experience, CHARLES & KEITH implemented CyberSource Payment Tokenization to help ensure that their customers' sensitive payment information is safe and in turn, providing customers with peace of mind.
"Asia Pacific is one of the largest eCommerce market3, and CHARLES & KEITH aspires to provide shoppers with the ultimate shopping experience. This requires us to continue building trust among our customers. As an established global leader in the eCommerce payment management industry, CyberSource's holistic suite of payment and fraud management solutions enable us to optimize our entire payment process across the complete order lifecycle. As a result, we are able to simplify and streamline the customer journey, while ensuring that payment information and personal data are kept secured," Tse Ling Lau, Executive Director, CHARLES & KEITH commented.
Recognizing that eCommerce fraud is on the rise4, CHARLES & KEITH utilizes the CyberSource Decision Manager to automate and streamline their fraud operations. CyberSource Decision Manager features the World's Largest Fraud Detection Radar, compiling insights from over 68 billion transactions processed annually by Visa and CyberSource, which is supplemented by over 260 real-time global validation tests. As a result, CHARLES & KEITH has been able to minimize fraud losses with enhanced accuracy that comes from more data, proprietary scoring algorithms and custom rules, while streamlining manual review with a case management dashboard.
"Today, when more than three-quarters of Asia Pacific customers abandon their digital shopping carts5, the importance of providing a seamless end-to-end online payment experience cannot be underestimated," said Chew Ann Wee, Senior Regional Director, Southeast Asia, CyberSource. "Security and convenience are two key pillars, to reduce the probability that customers choose to abandon their shopping carts at the payment stage. We are excited to work with CHARLES & KEITH to optimize their payment and fraud management services, and enable a simple and secure online payment experience for their customers."
CyberSource, a wholly owned subsidiary of Visa Inc., is the only integrated payment management platform built on secure Visa infrastructure, with the payment reach and fraud insights of a massive $358Bn global processing network. CyberSource and Authorize.Net payment management solutions help 475,000 large and small businesses grow sales, mitigate risk, and operate with greater agility. CyberSource operates globally, and is headquartered in San Francisco, California. For more information, please visit www.cybersource.com/asiapacific .
About CHARLES & KEITH
CHARLES & KEITH was established in 1996 by fashion entrepreneurs Charles Wong and Keith Wong with the foresight of providing fashionable footwear that was tailored to the sizes of Asian women. A lifestyle brand that transforms the latest trends into accessible fashion, CHARLES & KEITH's product offerings have diversified to include bags, accessories and costume jewellery that inspire with experimental designs. The brand is the fashion destination for stylish urbanites and is synonymous with curated collections of relevant designs.
From a single store in Singapore, CHARLES & KEITH has grown to more than 500 stores in Asia Pacific, Europe and the Middle East. The brand has garnered a strong presence in fashion cities such as Seoul, Shanghai and Dubai as well as online at CHARLESKEITH.COM.
CHARLESKEITH.COM was launched in 2004 to go beyond the physical boundaries of the brick-and-mortar store. The digital platform has become an indispensable aspect of the business and provides shoppers with convenience through its 40 shipping destinations. With its online shopping catalogues, exclusive products and the latest releases, CHARLESKEITH.COM continually seeks to enhance its click-and-mortar store to deliver a seamless experience to its customers.