Tribe’s risk monitoring solution will enable PayNice to access real-time transaction data. Credit: Pixabay.

Italian mobile payment platform PayNice has chosen Tribe Payments’ Risk Monitor platform to provide an extra layer of transaction security for its merchant clients.

The Risk Monitor tool will assess every individual data point of a transaction to help PayNice take risk-based decisions in real-time and at the individual transaction level.

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PayNice stated that it “aims to connect retailers with their customers by enabling electronic payments to be accepted and managed.”

As a result, the firm decided to deploy a risk-monitoring tool that can provide essential data to help customers enhance their risk exposure and avoid fraud.

Tribe’s risk monitoring solution will enable PayNice to access real-time transaction data, including data from third party PEPs and sanctions information providers.

It also enables transaction checks across merchant codes, BIN, country, issuer, account type, transaction value, industry and several other parameters.

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PayNice CEO Simone Vescovi said: “PayNice combines artificial intelligence with management tools and electronic payment features. Our goal, is to provide those who work in the catering and trade markets with the right tools to keep up with the challenges of today and of the future.”

Tribe MD Alex Reddish said: “The reality is that if your fraud management systems don’t keep up with your payments innovation then that innovation is creating risk, not preventing it.

“PayNice recognised this challenge, and we’re delivering a tailor-made risk solution that is configurable with their needs, customer base and geographies to ensure they can meet this challenge head on.”