FIS Increases Approval Rates and Decreases eCommerce Fraud Liability for Merchants with Guaranteed Payments
June 29 2022 - 7:00AM
Business Wire
Key facts
- FIS becomes the first payments processor to offer a fully
integrated solution designed to guarantee merchants increased
eCommerce transaction approval rates and eliminate the financial
liability of chargebacks due to fraudulent purchases.
- The company’s new FIS Guaranteed Payments offering helps
maximize revenue through higher approval rates and creates a
faster, more seamless embedded integration experience for
merchants.
- Guaranteed Payments combats record highs in eCommerce fraud,
creating the need for better alignment between revenue assurance
and fraud prevention.
Financial technology leader FIS® (NYSE: FIS) announced today the
launch of its Guaranteed Payments solution, becoming the only
payments processor to offer a fully integrated solution designed to
guarantee merchants increased eCommerce transaction approval rates
and eliminate the financial liability of chargebacks due to
fraudulent purchases.
According to a recent survey, 9 out of 10 merchants lost revenue
through payment fraud in the last year.1 Fraud accounts for about 1
percent of online transactions, yet merchants routinely reject as
much as 9 percent of orders to avoid fraud2 totaling $443 billion3
in lost revenue.
This new offering comes during a time when the global eCommerce
market continues to rise to record highs, creating the need for
increased alignment between revenue assurance and fraud prevention.
According to the Worldpay from FIS Global Payments Report, the
eCommerce market is predicted to grow 50 percent by 2024.4
Currently available across the Signifyd Commerce Network,
Guaranteed Payments focuses on maximizing revenue by delivering
increased merchant approval rates, providing guaranteed chargeback
protection and creating a faster, more seamless integration
experience for merchants. This powerful new offering is fully
integrated into the Worldpay from FIS platform.
“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,”
said Vicky Bindra, Chief Product Officer at FIS. “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.”
Guaranteed Payments utilizes machine learning and transaction
intelligence to analyze thousands of signals, including identity
features such as email addresses and payment credentials to
instantly distinguish legitimate orders from fraudulent orders,
helping merchants optimize revenue through reduced false fraud
declines and instant fulfillment.
“Our recent Consumer Sentiment Survey showed that 38 percent of
consumers would not shop with a merchant again if they had one bad
online experience, such as a declined or delayed order,’’ said Raj
Ramanand, CEO and Co-founder at Signifyd. “Merchants using Signifyd
experience a 5-9 percent increase in top line conversion on
average.5 With this solution, customer retention works hand in hand
with fraud elimination to unlock incredible revenue growth
opportunities.”
For more information, visit
https://www.fisglobal.com/en/products/guaranteed-payments.
About FIS
FIS is a leading provider of technology solutions for financial
institutions and businesses of all sizes and across any industry
globally. We enable the movement of commerce by unlocking the
financial technology that powers the world’s economy. Our employees
are dedicated to advancing the way the world pays, banks and
invests through our trusted innovation, system performance and
flexible architecture. We help our clients use technology in
innovative ways to solve business-critical challenges and deliver
superior experiences for their customers. Headquartered in
Jacksonville, Florida, FIS is a member of the Fortune 500® and the
Standard & Poor’s 500® Index. To learn more, visit
www.FISglobal.com. Follow FIS on Facebook, LinkedIn and Twitter
(@FISglobal).
About Signifyd
Signifyd provides an end-to-end Commerce Protection Platform
that leverages its Commerce Network to maximize conversion,
automate customer experience and eliminate fraud and consumer abuse
risk for retailers. Its solutions provide the transparency and
control that brands need to succeed in the rapidly changing world
of commerce. Signifyd, which is the leading provider of payment
security and fraud prevention for the Top 1000 Retailers for 2022,
is headquartered in San Jose, CA., with locations in Denver, New
York, Mexico City, São Paulo, Belfast and London.
1 Worldpay from FIS – Global Payment Risk Mitigation -
https://bit.ly/39HdJtd 2 Signifyd Internal Data -
https://bit.ly/3y8z4Wz 3 Merchant Risk Council -
https://bit.ly/3y8z4Wz 4 Worldpay from FIS – Global Payments Report
- https://bit.ly/3sEevhd 5 Signifyd 2021 Data -
https://bit.ly/3kXnHsE
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220629005164/en/
Kim Snider, 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
Mike Cassidy, 650.283.7084 Head of PR & Storytelling
Signifyd mike.cassidy@signifyd.com
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