US payments processor Elavon and fraud detection technology company 41st Parameter have formed a strategic partnership. The deal will see Elavon offer its clients 41st Parameter’s FraudNet fraud prevention software.
The companies claim that the agreement will allow the payment provider to provide the tools necessary for clients to mitigate fraud and enable stronger commerce. The two businesses added that in an environment where ecommerce sales continue to accelerate significantly faster than the overall rate of growth in the US economy, security has never been more important.
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James Ray, SVP Global Strategic Account Management at Elavon, said: "The relationship with 41st Parameter opens a new path for how the industry implements advanced global fraud protection services to help businesses optimise their bottom line."
"Elavon’s global reach, local expertise and international processing platform, combined with 41st Parameter’s FraudNet solution, will help our customers lower the Total Cost of Acceptance and afford them the opportunity to focus on valuable initiatives that drive growth."
Elavon, a wholly owned subsidiary of US Bancorp stated that it chose 41st Parameters FraudNet because it believed the software had superior fraud detection results and very low false positive rates. 41st Parameters technology works identifying the device from which the payment is initiated, introducing an additional layer of security, the company stressed.
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