Brightwell Makes Advances in First Half of 2022 to Reduce FinTech Fraud and Empower Global Workers
Because we sit at the intersection of digital banking, money transfers and global P2P, Brightwell is uniquely positioned to support the global market via money transfers, online payment fraud protection and cross-border payments.
ATLANTA (PRWEB)
27 September 2022
Brightwell, a payments technology company that builds financial products to send money securely anywhere in the world, today announced that the company has achieved significant milestones in the first half of 2022 to accelerate growth for its customers. Specifically, over the past six months, Brightwell has made strides in eliminating payment fraud and handling a record volume of payment transactions.
“From the start, Brightwell’s goal was to deliver choice and control over how people send and spend their money, delivered on one unified platform,” said Larry Hipp, CEO of Brightwell. “Because we sit at the intersection of digital banking, remittances and global P2P, Brightwell is uniquely positioned to support the global market via remittance, online payment fraud protection and cross-border payments.”
Securing the payment industry
In 2021, the frequency of payment fraud attacks across FinTech increased by 70%. To help payment platforms protect their bottom line, Brightwell launched Arden, an AI-powered risk detection engine that helps FinTechs protect their cardholders from security fraud. Since launch, Brightwell has successfully reduced fraud attacks down to almost zero, saving almost 2% of revenue year over year.
“Since Brightwell experienced a Bank Identity Number (BIN) attack first hand, we immediately identified a need in the financial industry for a solution to prevent enumeration attempts,” said Ernie Moran, general manager of Arden, Brightwell. “As fraud attacks are a growing threat in the online payments industry, Arden is critical to protecting our customers, enabling workflow automation for our risk team and understanding the cards and balances at risk.”
Management of payments worldwide
Along with Brightwell’s progress with Arden, its flagship product Navigator remains an important source for companies to pay their global workers. In fact, Brightwell managed a record number of transfers in June 2022, a 360% increase from the same period last year. In addition to the increased remittance volume, Brightwell renewed its partnership with one of the world’s largest cruise lines, Norwegian Cruise Line Holdings, and entered into partnerships with notable cruise industry players, including The World and Selectum Blu.
Gives FinTech and sponsor banks the opportunity to increase income
With revenues from international remittances projected to reach $261 billion by 2025, Brightwell launched ReadyRemit, a comprehensive low-to-no coding solution for FinTechs and sponsoring banks that eliminates the complexities of cross-border remittance integration. By implementing Brightwell’s full service and full compliance transfer platform, Fintechs and sponsor banks can expand their capabilities to meet the demands of their global user base while establishing a new revenue stream.
Awards to recognize Brightwell’s innovation
Over the years, Brightwell has been recognized for its thoughtful innovation to meet the needs of a rapidly evolving payments industry. Recently,
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