Financial technology company FIS today announced the launch of its Guaranteed Payments solution. The firm becomes the first only payments processor to offer a fully integrated solution designed to guarantee merchants increased eCommerce transaction approval rates and eliminate the financial liability of chargebacks due to fraudulent purchases.
FIS cited a recent study which found that 9 out of 10 merchants lost money through payment fraud in the last year. According to the findings, about 1% of online transactions are fraudulent but merchants routinely reject 9% of orders to avoid fraud which accounts for $443 billion in lost revenue.
The global eCommerce market continues to rise to record highs which creates a need for increased alignment between revenue assurance and fraud prevention.
The Guaranteed Payments solution is currently available across the Signifyd Commerce Network. The new tool focuses on maximizing revenue by delivering increased merchant approval rates, providing guaranteed chargeback protection and creating a faster integration experience for merchants. Guaranteed Payments is now fully integrated into the Worldpay from FIS platform.
Vicky Bindra, Chief Product Officer at FIS, commented:
This rapid growth in eCommerce has increased fraud activity dramatically. Guaranteed Payments brings together two powerful sources of transaction intelligence—the Worldpay data stream produced from processing 40 billion orders annually and the Signifyd Commerce Network of thousands of merchants worldwide. Together, we have a powerful solution currently found nowhere else in the market that has the unique ability to combine fraud protection with increased approvals to enhance payment optimization and the overall user experience.
Guaranteed Payments utilizes machine learning and transaction intelligence to analyze thousands of signals, including identity features such as email addresses and payment credentials to instantly distinguish legitimate orders from fraudulent orders, helping merchants optimize revenue through reduced false fraud declines and instant fulfillment.
Raj Ramanand, CEO and Co-founder at Signifyd, said:
Our recent Consumer Sentiment Survey showed that 38 percent of consumers would not shop with a merchant again if they had one bad online experience, such as a declined or delayed order. Merchants using Signifyd experience a 5-9 percent increase in top line conversion on average.5 With this solution, customer retention works hand in hand with fraud elimination to unlock incredible revenue growth opportunities.
