Forter, a specialist in e-commerce fraud prevention, has announced the general availability of its Fraud Prevention Platform for Payment Service Providers (PSPs).
The new platform enables PSPs to better tackle fraud for their merchants, utilising Forter’s platform, which accurately reduces fraud chargebacks while increasing approvals.
It comes as the need for PSPs to take an aggressive approach to fraud increases, especially as they embark on expansion.
Lennart Koopmans, founder and CEO of Magnius, commented: “Fraud prevention is a critical component to the success of our payment platform, built around optimising conversion rates and reducing fraud for our customers. Forter’s integrated platform provides incredibly fast and precise fraud decisions on all transactions and is fully scalable to support our rapid growth.”
Legacy fraud prevention tools require significant integration and lengthen the time for PSPs to bring on new merchants. Poor performance of these solutions can lead to material financial loss to their customers and churn within their merchant portfolio.
Michael Reitblat, co-founder and CEO of Forter, added: “Retailers and travel companies today see payments as a critical component of the customer experience they offer, and a differentiator for their business.
“Our Fraud Prevention Platform for Payment Service Providers gives PSPs a way to deliver an enhanced consumer experience, with a higher approval rate and more revenue, to their merchants. The result is a win for consumers, a win for the merchants that rely on, and a win for the PSPs who will increasingly retain and build new key merchant relationships.”
Outlining what its Fraud Prevention Platform for PSPs provides, Forter detailed:
● The most accurate fraud decisions in the industry, providing reductions of up to 90% in both chargebacks and false decline rates. With Forter’s chargeback guarantee.
● Fully automated approve/decline decisions in real-time, enabling seamless consumer experiences and eliminating the need for PSPs’ merchants to manually review transactions.
● A cloud-based solution that is simple to integrate, scalable, and continuously updated, offering PSPs’ merchants protection against changing fraud trends.
● A global solution that provides PSPs with the flexibility and capability to meet all of their merchants’ regional and country-specific compliance requirements, including 3-D Secure and other SCA methods for PSD2.
