Sift Science, a machine learning company that protects businesses from fraud and abuse, has partnered with payments processor Acapture.
Together they will create a single platform capable of managing every type of ecommerce fraud according to the companies. Acapture’s in-house global acquiring solutions offer access to payment data and insights into the payments journey of the end consumer.
This data will be paired with Sift Science’s machine learning models to make a fraud management solution cable of protecting merchants in the fast-paced fraud landscape.
Merchants will be able to achieve ‘higher conversion and authorisation rates’ in real-time by reducing fraud, false positives and operational costs.
“We’re delighted to have Sift Science as our trusted partner for our long-term mission to help merchants to fight fraud and deliver a better consumer experience” said Rudolf Booker, Acapture CEO. “It’s a top challenge for them so it’s a top priority for us. By working together, we are confident that the practical expertise in fraud management and machine learning of Sift Science combined with the complete insight into the entire transaction flow enabled by Acapture positions us as merchants’ first choice for fraud management”.
Acapture’s partnership with Sift Science aims to reduce the number of genuine customers being blocked and optimise conversions using customised, data enriched machine learning models. This means that merchants can ultimately focus on scaling-up their business and not be distracted by fraud according to Acapture.
Launched in 2015, Acapture is a an international payment service provider focused on maximising the revenues of merchants around the globe. Affiliated to Payvision, the company is licensed as a payment institution by the Dutch Central Bank.
Earlier this year, Sift Science closed a $53m Series D led by Stripes Group. The New York-based growth equity firm was joined by Union Square Ventures, Insight Venture Partners and Spark Capital in the round, which brings the company’s total funding to $107m.
Launched in 2011 from the Y Combinator incubator program, the Sift Science Digital Trust Platform uses Live Machine Learning to accurately predict which users online businesses can trust and which ones they can’t.
The platform hosts a full suite of fraud prevention products, providing a holistic solution that protects businesses from all vectors of fraud and abuse including payment fraud, account takeover, fake accounts and abusive user-generated content. It claims the solution is so accurate at detecting fraud and abuse that many fraud processes and decisions can be fully automated.
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