US-based fintech firm FIS has introduced a new payment solution to guarantee ecommerce merchants increased transaction approval rates.
Called Guaranteed Payments, the solution is also designed to remove financial liability of chargebacks arising out of fraudulent transactions.
The launch comes at a time when ecommerce transactions continue to increase, creating new concerns about fraud activity.
A recent survey reported that nine out of 10 merchants lost revenue due to payment fraud last year.
Though only 1% of online transactions is reported to be fraud, merchants regularly reject around 9% of orders to avoid fraud. It leads to a loss of approximately $443bn in revenue.
The new solution is currently available across Signifyd Commerce Network and is fully integrated into FIS’ Worldpay platform.
FIS chief product officer Vicky Bindra said: “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.”
FIS further noted that Guaranteed Payments uses machine learning and transaction intelligence to examine thousands of signals. This helps in differentiating between genuine and fraudulent orders.