The two companies have entered an exclusive partnership that allows Novatti to incorporate Riskified’s Chargeback Guarantee technology. This makes Novatti the only online card processor in the Asia Pacific region that guarantees 100% protection against fraudulent chargebacks to businesses.
Novatti has a worldwide customer base that uses its cross-border payments system, digital wallets, and vouchers. By partnering with Riskified, the entity can distance itself from liability around payments while lowering risk, reducing operational costs, and supporting its global expansion.
Riskified’s machine learning platform relies on a global merchant network to provide risk-based decisioning throughout the customer journey. For ecommerce merchants, this translates to less fraud and an improvement in net revenue.
According to techbusinessnews.com.au, the solution serves 400 million shoppers across over 180 countries, and more than 100 data points are captured per transaction. Novatti officials cited by the same source touched on the benefits of implementing Riskified’s fraud prevention technology, as they are now able to assist their ecommerce businesses that are facing high volumes of chargebacks and low approval rates.
In August 2022, Riskified has partnered with Aurus to enable merchants to manage payments through all channels with risk and chargeback protection.
Following this partnership, Aurus’ merchants received access to Riskified’s proprietary automated risk-based decisioning solution, which takes on the merchant’s liability for fraud. Supported by rich transaction data networked across hundreds of merchants, Riskified’s machine-learning platform offers increased accuracy and the ability to stay ahead of evolving fraud trends.
Official Aurus representatives revealed that the company aims to become the preferred solution to simplify the payments process for retailers. The partnership with Riskified aimed to deliver returns to merchants by blending both omnichannel payments and fraud management, allowing merchants to offer innovative and efficient customer experiences.
According to a Forrester TEI study, a composite Riskified customer using the solution generated USD 71.3 million in total benefits, including savings of USD 13.1 million in chargeback costs over a three-year period. Merchants interviewed for the study also revealed that since adopting Riskified, their fraud operations teams were able to shed between 75%-88% of their workloads, largely from manual review and updates, and can now focus on more important projects.
In February 2021, Novatti has announced an expansion to its B2C market reach with the launch of Lifepay, a platform that allows users to manage their payments from their mobile devices.
The Lifepay platform incorporates a digital banking service, with access to bank accounts, and digital transfer services including instant transfer and bill-split features for friends and family members. Moreover, it offers a one-stop shop for different tech payment features such as QR codes, Tap and Go and peer-to-peer transfers, as well as bill payments (such as BPAY).
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