Money Service Lab Partners with Apata to Enhance Security for European Card Issuers

In a move set to bolster security measures for card transactions across Europe, the Money Service Lab (MSL) has formed a strategic partnership with Apata to integrate 3DSecure capabilities and authentication services into MSL's card issuing and processing platform. This collaboration marks a significant step forward in enhancing fraud prevention and secure customer authentication for banks, credit card issuers, and e-money institutions utilizing MSL's services.

The partnership, announced today, comes after MSL's thorough evaluation of various offerings in the 3DSecure and Secure Customer Authentication market. Conor Doyle, co-founder and CEO of MSL, emphasized the alignment of technological approaches and business philosophies between the two companies as a key factor in the decision. The collaboration is expected to provide a tailored solution for issuers of debit, credit, and electronic money, combining MSL's platform with Apata's flexible and advanced technology.

This strategic move is not limited to the European market. MSL has indicated plans to extend this solution to other regions globally, including the USA and Latin America/South America, where the company has already secured projects as an issuing processor. The partnership with Apata is seen as crucial for supporting MSL's expansion into these new territories.

A notable aspect of this partnership is the prior working relationship between key members of both companies. Several members of the Apata team were previously part of Touchtech Payments, which was acquired by Stripe in 2019. This existing rapport and proven track record were significant factors in MSL's decision to partner with Apata.

Mike Muscato, Head of Technology and co-founder of MSL, highlighted the importance of technological compatibility in this partnership. MSL's cloud-based solution requires partners capable of matching its flexibility and scalability. The platform's ability to create multi-instances and multi-tenant versions rapidly in any region necessitates an equally adaptable authentication capability. Apata's solution is expected to meet these demanding requirements, supporting MSL's impressive processing capacity of up to 9000 transactions per second.

For financial institutions, this partnership promises to significantly reduce the time required to set up and go live with new card issuing programs. Instead of the traditional timeline of months, banks and other financial entities can potentially be operational within days or weeks, a considerable advantage in the fast-paced financial technology sector.

Niall Hogan, CPO and co-founder of Apata, expressed enthusiasm about the partnership, noting the shared focus on cutting-edge, cloud-native technology and values of customer service and reliability. Shekinah Adewumi, CEO and co-founder of Apata, welcomed the renewed relationship with the MSL team and positioned Apata as the preferred partner for next-generation payment providers.

This collaboration between MSL and Apata represents a significant development in the payment processing industry. By combining MSL's robust issuing processing platform with Apata's advanced 3DSecure solution, the partnership aims to offer enhanced security and fraud prevention capabilities to millions of cardholders. As financial institutions continue to navigate the complex landscape of digital payments and increasing security threats, partnerships like this one are likely to play a crucial role in shaping the future of secure, efficient payment processing.