Businesses Offering Instant Bank Transfer to Benefit from Enhanced Protection Against Fraudulent Transactions
MONTREAL, June 16, 2022 (GLOBE NEWSWIRE) -- Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), tomorrow’s payment platform, announces today the launch of a new risk management model underpinned by cutting-edge machine learning technology for its Instant Bank Transfer product in North America.
A pioneering algorithm has been integrated into a new risk engine for the extremely popular account-to-account payment method. Factors such as account age, transaction value, and balance usage will be analyzed by the engine to determine the risk level that a transaction is fraudulent and augment existing levels of security. There will be no impact on consumer experience or businesses’ existing single integration with Nuvei.
The machine learning model extracts complex patterns to improve the identification of fraudulent activity and reduce false positives where legitimate transactions are declined. Benefits of processing vast amounts of data with no latency in this way include:
- Improved customer retention as legitimate consumers are less likely to have their transactions declined
- Higher acquisition as the model makes smarter decisions on accepting payments from new customers
- Reduced risk and higher confidence when transactions are accepted or rejected
- Lower costs as financial penalties associated with fraudulent activity are minimized
By using this decision engine merchants will see improvements as high as 30% in detection of fraudulent transactions, including friendly fraud, from the launch day. Nuvei expects this score to keep improving as the model has been designed to auto-improve its ability to identify bad actors as it processes more data and identifies deeper relationships.
Nuvei Chair and CEO Philip Fayer commented on the announcement: “We’re really excited to bring this new solution to our merchants to help accelerate their business. We continue to invest in our AI and data management. We are constantly innovating our products to develop features that reduce fraud and maximize revenue for our customers through customized solutions that meet their exact needs. This is only the beginning and we can’t wait to announce other game-changing innovations in the near future.”
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is tomorrow’s payment platform. Designed to accelerate customers’ business, Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 45+ markets, 150 currencies and more than 550 alternative payment methods, including cryptocurrencies, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.
For more information, visit www.nuvei.com
CONTACT: Alex Hammond Nuvei +44 7507604174 alex.hammond@nuvei.com
