E-commerce fraud prevention company Forter has launched a new PSD2-compliance solution for merchant payment processing.
The product is a payment processor-agnostic solution which lets merchants route customers through the smoothest path. It prevents all types of fraud and business policy violations, while easing customer experiences and maintaining PSD2 compliance.
Forter PSD2 Solution for Merchants aims to ease PSD2 compliance with its technology assessing the trustworthiness and risk associated with each transaction, all in real-time. After this, it will channel the customer down the path with the lease amount of friction.
Its platform can conduct strong customer authentication (SCA) authentication when needed and blocks any suspicious actors or transactions before the authentication is even needed, the company claims.
The 14 September 2019 deadline for PSD2 will implement a requirement for merchants to authenticate online transactions within the European Economic Area through SCA processes.
These multiple layers of authentication add extra friction on enterprises and adding to problems is if a merchant uses multiple payment processors, separate integrations are needed to ensure complete PSD2 compliance.
Forter CEO and co-founder Michael Reitblat said, “There is confusion around the complex requirements of PSD2 compliance, but what is clear is the resulting impact on customer relationships with merchants.
“The requirement of multi-factor authentication introduces friction into the transaction journey, potentially leading to purchase abandonment, reduced conversion rates, and decreased revenues. Having the ability to assess and route each transaction in real-time, no matter the processor or gateway used, allows merchants to be fully PSD2 compliant while delivering the best possible user experience – increasing customer satisfaction, loyalty, and ultimately, revenue.”
Forter is an end-to-end identity-based fraud prevention solution which gives merchants real-time notifications for fraud instances at both account level and point-of-sale. The solution can help protect from account takeover, coupon abuse, loyalty point abuse etc. well before checkout, protecting precious customer trust.
Last year, the RegTech company secured $50m in a Series D round which was supported by March Capital Partners, Salesforce Ventures and Sequoia Capital, and a number of other investors. Capital was earmarked to increase its team size and technology capabilities.
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