Fraud is clearly a potential pitfall of online shopping — particularly when consumer spending is steady and swift at the peak of the holiday season.
That’s why the timing couldn’t be better for FreedomPay, a commerce solution company, and Kount, a fraud prevention firm, to combine their powers and form a fully integrated identity trust solution built into Freedom Pay’s commerce platform. Its solution will offer businesses of varying sizes, geographies and verticals “a purpose-built fraud prevention solution that adapts to the constantly evolving digital environment,” the companies said.
Like any worthy partnership, it’s all about what you bring to the table: Kount’s AI-driven payments fraud prevention solution, Kount Command, will be fully integrated into its joint portfolio solution with FreedomPay. Kount’s solution — which is powered by the Identity Trust Global Network — allows businesses to accept more orders while reducing “false positives,” which in turn reduces manual review rates and cuts chargebacks, to deliver a smooth experience for customers.
And FreedomPay is “rapidly expanding on a global scale” across verticals such as retail, e-commerce, hospitality and food and beverage, the company said. Its partnership with Kount will allow globally located FreedomPay customers to experience its integrated solution suited for international expansion, with fraud-free payments and frictionless customer journeys, all while achieving PSD2 compliance and 3DS2 authentication (a European regulation for electronic payment services and a multifactor authentication protocol that confirms digital identity during checkout, respectively).
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But to go above and beyond, its partnership will also provide businesses access to Data on Demand, Kount’s private data warehouse, according to the firms. This access will allow businesses “to have actionable customer insights and analytics in order to inform proactive initiatives and drive revenue.” Its customers will also have access to other Kount products and solutions, such as its Near Real-Time Chargeback Prevention and Professional and Managed Services, the companies said.
John Mansfield, senior vice president of Business Development at FreedomPay, said that “Especially around this holiday season, fraud prevention is a primary concern for businesses across all industries. Our partnership with Kount will assure all merchants on FreedomPay’s Commerce Platform that purchases are fraud-free, which will also provide a fast and frictionless experience for the end-user.”
“At Kount, we are excited about the advanced and differentiated value proposition our joint solutions will bring to the market globally,” said Tom War, chief sales officer at Kount.
“With this new partnership, Kount and Freedom Pay customers can leverage best-in-class fraud prevention via one integration, empowering them to improve authorization rates, improve the customer experience, and comply with industry regulations.”
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