Signifyd’s Fearless Payments enables PSPs to increase authorization rates

Meant launched Fearless Payments for Payment Providers, a suite of solutions that enables Payment Service Providers (PSPs) to increase authorization rates while reducing operating costs and providing their customers with financial security comprehensive against all types of chargebacks.

Fearless Payments arms payment service providers with Signifyd technology that sets them apart from their competitors and generates additional revenue for their customers by increasing order approval rates by 5% to 9%. Precise payment optimization is the next frontier of digital commerce.

Signifyd’s solution gives payment providers – the conduit for transaction traffic between credit card-issuing banks, online merchants and their banks – the edge they seek in competing to attract and retain customers from tradespeople.

The launch of Fearless Payments brings Signifyd to serve the financial services industry, bringing the largest enterprise commerce network outside of Amazon and the transaction intelligence that comes with that breadth to the segment.

The new solution fixes the data disconnect that historically meant that correct orders were refused for fear of fraud.

“Fearless Payments enables payment service providers to better serve their merchants by empowering their solutions and transaction intelligence with Signifyd’s extensive commerce network of thousands of merchants and leading machine learning decision capabilities” , said Signifyd’s vice president of product. Gayatri Somanath said.

Until today, major players in payments infrastructure were making decisions with obscured visibility, relying on limited data silos. Fearless Payments mitigates data fragmentation and provides PSPs with the complete view of e-commerce transactions needed to improve authorization rates while protecting merchants from fraud.

Additionally, Signifyd has built direct relationships with some of the largest credit card issuers in the world to further improve the problem of false declines and increase approved transactions for merchants and PSPs.

This holistic view ultimately reduces the number of permission requests that are mistakenly denied for fear of fraud.

The Fearless Payments Payments Optimization Platform includes five solutions that together empower PSPs to provide merchants with unparalleled service and security.

They are:

  • Automated risk decision: Assesses the risk behind every transaction and instantly sorts fraudulent orders from legitimate orders.
  • Authorization Rate Optimization: Provides issuer partners and financial institutions with improved data, resulting in increased authorization approvals.
  • Guaranteed Chargeback Protection: Provides full financial security against fraudulent and non-fraudulent chargebacks on all approved orders.
  • Chargeback Recovery: A managed service that relieves merchants of the management and dispute of unpaid bills.
  • Dynamic management of derogations: Identifies orders exempt from Strong Customer Authentication (SCA) requirements, while seamlessly navigating PSD2 requirements in Europe.

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