Checkout.com, a cloud-based payments service provider, is to make enhancements to its Authentication solution to help companies tackle a rise in fraud.
Checkout.com is a full-stack online payment platform that simplifies payments processes for large global enterprises.
With the flurry of work to comply with SCA requirements in the rear view mirror, Checkout.com said, “it’s time for businesses to focus on evolving and optimising their authentication strategy, and in 2022, the stakes are high.”
The company pointed to consumer research it recently carried out, which found that a quarter of European consumers have abandoned their transactions at least once in the past year due to additional authentication requirements.
As such, the company has updated its Authentication product, in such a way that gives businesses more control, with smarter machine learning optimisations and the ability to develop and test SCA strategies on a global scale, the company said.
Although the company has made several updated to the product, one focuses on empowering data-informed decisions.
In a post on the company’s website, Rami Josef, director of product management at Checkout.com, said, “There are thousands of data points and optimisation routes businesses can use to authenticate a payment optimally, and it can be complex. But these are frequently changing (sometimes daily).
“Hard and soft transaction declines can occur due to changes in issuer preference, new 3DS versions, decommissioning of old versions like 3DS1, changing technology, and even how optional data is presented with a transaction. One day an authentication message and route works; the next, not so much—which means lost revenue for your business.”
He said to combat this and simplify the complex nature of SCA, Checkout.com has “doubled down” on its machine learning capabilities so that as new scenarios arise, it can respond, test and scale authentication optimisations across its platform
At the start of this year, Checkout.com reached a $40bn valuation, after it closed a colossal $1bn in its Series D. The company was previously valued at $14bn in January 2021, following a $450m Series C round.
Checkout.com also announced earlier this year its plans to acquire digital identity verification startup ubble for an undisclosed fee.
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