Rapyd Financial Network Launches a Security Feature That Seeks to Safeguard Across Multiple Payment Avenues
Fraud continues to intensify, even as international money transfers popularize among payment processors and small businesses.
This need for security has inspired Rapyd Financial Networks to pioneer a security feature focusing on spotting and safeguarding against fraudulent payments through the firm’s network.
Rapyd serves over a hundred nations and enables up to 900 payment methods. Its newly-rolled-out security feature, dubbed Rapyd Protect, takes advantage of today’s tech like Machine Learning to handle what the firm believes is a growing threat because of the multiple payment avenues it supports.
Helcio Nobre, a senior executive at Rapyd, said, “This innovation blends Rapyd’s world-class insights with troves of data and a stringent set of rules to minimize risks, protect from chargebacks, and combat fraud internationally throughout multiple payment avenues.
But what’s the magnitude of the problem Rapyd is about to counter?
According to MasterCard Inc.’s findings, eCommerce fraud claims a significant 1.8% of income from businesses worldwide. And for every dollar claimed in chargebacks, online merchants spend an extra $2.94 in different expenses, says the card company.
Rapyd, a London-headquartered payment network with branches in California, Mountainview, and Singapore, is famous for enabling upcoming financial companies and payments firms to initiate payments through its self-made “fintech-as-a-service” platform.
And while supporting myriad payment avenues can make it harder to detect fraud, Rapyd is confident its network can offer troves of data to halt any crime outbreaks. Rapyd Protect can also serve as a secondary security layer for other existing fraud-protection tech, the firm says and is personalizable to suit any business type or location.
“Our top priority is to power businesses to support smooth online payments through a customer’s chosen payment avenue, from credit cards to native alternative payment types,” said Nobre.
Protecting different payment avenues worldwide is no walk in the park. But the 4-year old company has a record that lends credence to its purported potential to protect transactions worldwide.
Rapyd already serves in 100 countries, which is quite a record, given it has been around for a relatively short time compared to most of its competitor companies.
Author bio: Payment industry guru Taylor Cole is a passionate payments expert at bestpaymentproviders.co.uk who understands the complex world high risk merchant accounts. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.