Following this announcement, online merchants, marketplaces, and trading platforms will be enabled to approve Automatic Clearing House (ACH) payments in a secure and efficient manner, safeguarding against fraud and the overall risk of insufficient funds.
The integration between the two entities will improve Riskified’s existing ACH protection capability to shift fraud liability, as well as to protect its customers against Automatic Clearing House `insufficient funds` returns. The company’s platform will also complement Plaid’s Signal offering, which was designed as a transaction risk scoring engine that offers merchants and traders new data attributes, for an optimised process of assessing the return risk of transactions.
Riskified will continue to provide its platform to customers and partners in order to support bank payments. It will also accurately recognise the key data attributes that drive each purchase with its global merchant network.
US-based global data network, Plaid focuses on facilitating a more inclusive, secure, and efficient financial system by simplifying payments and lending, as well as decreasing fraudulent activities in the industry. The company announced multiple collaborations and product launches in the last couple of months, covering several different geographic areas around the world.
In October 2023, the global provider of payments and financial services technology Fiserv entered a partnership with Plaid in order to enable secure and reliable data sharing through APIs for financial institutions and clients.
Through this collaboration, clients who banked with nearly 3,000 credit union and bank customers hosted by Fiserv were enabled to receive credential less API-based connectivity to the 8,000 applications and solutions on the Plaid network. This took place via the AllData Connect from Fiserv and it was aimed to allow users to share their financial information with the third-party financial applications of their choice.
Earlier in August 2023, Astra announced its partnership with Plaid in order to provide clients with instant authenticated payments via the Plaid Identity Verification services. Following this collaboration, users and customers were given the possibility to leverage a unified solution that was developed for securely embedding instant payments and transfers into fintech tools.
In addition, the collaboration aimed to combine the technology of the Plaid Identity Verification product with Astra’s secure and efficient APIs for real-time payments. At the same time, it also focused on offering developers an easy way to optimise the customer experience and their overall privacy.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now