Business Wire

FORTER

Del

Forter Readies Merchants with Launch of PSD2-Compliant Solution

Forter , the leading e-commerce fraud prevention company, today launches its PSD2-compliant merchant offering, Forter PSD2 Solution for Merchants . The comprehensive, payment processor-agnostic solution enables merchants to dynamically route customers to the path of least friction required, prevent all types of fraud and violations of business policies, and optimise the customer’s payment experience – all while meeting full PSD2 compliance.

As of 14 September 2019, the revised Payment Services Directive (PSD2) introduces the requirement for merchants to authenticate online transactions within the European Economic Area using Strong Customer Authentication (SCA). Under SCA, merchants have to introduce additional friction into the purchasing process for customers, which will lead to increased drop-off rates, reduce overall conversion rates, and provide a poor customer experience. These changes could ultimately hurt revenue, so merchants must mitigate these challenges and minimise the impact of SCA to protect as much of their revenue as possible, all while maintaining compliance with PSD2. In addition, merchants who use multiple payment processors will require separate integrations for each to ensure total PSD2 compliance – adding additional layers of complexity for merchants to tackle.

Forter PSD2 Solution for Merchants simplifies PSD2 compliance to provide merchants with accurate fraud prevention and the ability to deliver a great customer experience across different payment service providers and geographical regions, via a processor-agnostic integration. Forter assesses the trustworthiness and risk associated with each transaction in real time and routes customers to the path of least friction – such as Total Risk Assessment (TRA) exemptions when applicable. The solution identifies and provides SCA when authentication is required and can block suspicious actors or transactions before authentication is needed. In addition, Forter’s fraud prevention platform protects merchants from threats not covered by PSD2 authentication requirements, such as account takeover and retailer policy abuse.

“There is confusion around the complex requirements of PSD2 compliance, but what is clear is the resulting impact on customer relationships with merchants,” said Michael Reitblat, CEO and Co-Founder of Forter. “The requirement of multi-factor authentication introduces friction into the transaction journey, potentially leading to purchase abandonment, reduced conversion rates, and decreased revenues. Having the ability to assess and route each transaction in real-time, no matter the processor or gateway used, allows merchants to be fully PSD2 compliant while delivering the best possible user experience – increasing customer satisfaction, loyalty, and ultimately, revenue.”

Reitblat continues, “Another consideration is the evolution of fraud above and beyond the scope of PSD2. As we approach PSD2’s implementation deadline, we’ll likely see fraudsters focus on other types of fraud such as account takeover, loyalty programme fraud, and voucher abuse – as well as non-EU transactions. Merchants should ensure they are prepared by integrating a real-time fraud prevention solution that guarantees PSD2 compliance, while protecting from all imminent threats.”

“Fraud is a constant concern, and we can’t afford to take risks,” said Juraj Striezenec, CFO at Kiwi.com. “We knew we wanted to work with the best fraud-prevention partner available, and Forter’s suite of capabilities has been a game-changer for us. Knowing we can meet the requirements of PSD2, while also mitigating the friction introduced by SCA requirements, means we can focus on our core business objectives and drive overall engagement with consumers.”

About Forter

Forter’s End-to-End identity-based fraud prevention solution protects e-commerce merchants and marketplaces during every stage of the customer lifecycle with real-time notifications of fraud instances at both account level and the point of transaction.

Companies are protected from account abuses such as account takeover, coupon abuse, loyalty point abuse etc. well before checkout, protecting precious customer trust. At checkout, Forter immediately approves or declines all online transactions while providing full chargeback coverage.

Forter’s solutions are powered by a unique blend of artificial intelligence and ongoing human research and analysis. This results in exceptional accuracy, an in-depth understanding of customers and their relationships, increased approvals, and the near elimination of false positives – meaning a smoother and safer shopping experience, more sales and happier customers at a much lower cost.

Forter processes more than 1 billion transactions each year and has raised more than $100 million in VC funding from companies like Sequoia Capital, Scale Venture Partners, Salesforce Ventures March Capital, and NEA.

About Kiwi.com

Kiwi.com (formally known as SkyPicker) was founded in 2012 by Oliver Dlouhý and Jozef Képesi. Powered by its proprietary algorithm that allows users to combine flights from over 750+ carriers (virtual interlining), including many that do not normally cooperate, and its industry-leading Kiwi.com Guarantee, it is one of the fastest growing technology companies in Central Europe. It entered the 2017 Deloitte Technology Fast 500 EMEA list in 7th place, becoming the highest ever ranked Czech company. Today, the company sees more than 100 million flight searches every day and employs over 2,600 people worldwide. For the second consecutive year, Kiwi.com was named the best Start-up of the Czech Republic by the Czech Forbes Magazine.

Contact:

James Fahy forter@gingermaypr.com +44 (0)203 642 1124

Information om Business Wire

Business Wire
Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco

http://businesswire.com