Visa Inc. today launched a new award for financial institutions that recognizes, shares and promotes best practices in risk. The program aims to advance the risk management standards across all financial institutions by honoring those that have successfully implemented a secure and reliable infrastructure that counters fraud across all channels.
HDFC Bank Limited received the award for the “The Best Issuing Institution in South Asia”. Visa has recognized HDFC Bank for playing a leadership role in ensuring that the industry adopts effective risk management practices to minimize fraud for the consumer across all payment channels. Axis Bank received “The Best Acquiring Institution in South Asia” for playing a leading role in ensuring the industry adopts effective risk management practices for the acquiring industry across all payment channels.
Uttam Nayak, Group Country Manager - India and South Asia, Visa said “I’d like to congratulate both HDFC Bank and Axis Bank for adopting effective risk management practices. Visa believes that electronic payments is the best solution to drive transparency and efficiency in the economy. We have constantly worked towards providing safer & fraud free transactions to all our consumers. Through this award we are recognizing the commitment and perseverance of financial institutions like HDFC Bank and Axis Bank who have both played an active role in further securing the Indian payments landscape.”
In addition, the Visa LEADER Award also celebrates the efforts of 18 other institutions across Asia Pacific, Central Europe, Middle East and Africa (APCEMEA) and have been recognized by the global payments company with the inaugural annual Visa LEADER Award at Visa’s 2012 APCEMEA Security Summit in Bali.
The LEADER Award is divided into two categories: “Best Issuing Institution” and “Best Acquiring Institution”.
Mahesh Rajaraman, Senior Vice President & Head of Risk Control (Payment Business & Retail Assets) said, “At HDFC Bank our mission has always been to provide safe, secure products and services to our customers. It is extremely gratifying that our efforts towards providing customer convenience have been appreciated both nationally and internationally.”
Shailesh Verma, Head Collections and Fraud Control Unit, Retail Banking, Axis Bank Ltd., “We are delighted to be receiving this award. The recognition reinstates our commitment to adopt newer technology and services to provide effective risk management practices and protect our account holders against frauds.”
About Visa Security Summit
The Visa Security Summit gathers key risk management professionals in the payment industry. Participants are offered the opportunity to share valuable insight into the security challenges faced by today’s payments industry and hear expert and leading opinions on the future of payment security. The event also features plenary and breakout sessions, meet-the-expert sessions, panel discussions, workshops and an exhibition showcase of leading industry suppliers. More information can be found at: www.visasecuritysummit2012.com
About Visa Inc.:
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com