The partnership will help solve transaction declines caused by lack of data available in real time to issuers when approving or declining ecommerce transactions based on fraud risk. The two companies will enable issuer banks and merchants to reduce false positives and maximise conversion rates, all in real-time.
A significant percentage of online purchasing is declined by issuer banks due to the risk of fraud, according to the press release. Although many merchants use advanced anti-fraud monitoring systems utilising a large data set to eliminate fraud at an earlier stage, those supplementary analytics are not shared with the issuer as part of the transaction details. By accessing AI-supplemented merchant data in real time, issuers can make smarter decisions and avoid false declines.
Merchants can sign up to the Kenbi AI platform and configure their collaboration policy. Fraudio then shares, in real time, the AI-enriched transaction data with the issuer through the Kenbi connect platform. The merchant policy can be updated at any time using the Kenbi AI platform.
For more information about Fraudio, check out the company profile in The Paypers Company Database.
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