CIBC, Nobil Launch Secure Payment Service
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The system uses Secure Socket Layer (SSL) encryption, the same security system used for PC banking. This allows consumers to conduct credit card transactions directly with CIBC/Nobil IT, bypassing a merchant's Web site.
When an online shopper pays by credit card the authorization process is handled directly by CIBC. This step is aimed at minimizing disclosure of the customer's credit card number and adding a layer of confidentiality to the transaction. For merchants, the system is designed to offer a reassuring layer of card authorization via CIBC.
"The system is secure and user-friendly for the consumer and the merchant," said Angela Brown, Vice-president Merchant Card Services, CIBC. "We want consumers to feel confident that their credit card information remains private. And, we want our merchant partners to know that we are providing them with the same level of security to ensure the card is legitimate. It's like a safety net for both."
CIBC is one of North America's largest financial institutions with more than $283 billion in assets. Nobil Information Technology is an electronic payment solution provider.