Checkout.com improves its merchant authentication solution

British fintech Checkout.com has announced updates to its authentication product to prevent fraudulent incidents and increase revenue.

The cloud-based payment service provider says the move will improve security on the fintech’s already robust platform, as well as provide merchants with an “evolving toolkit of products and features to help users.

Headquartered in London, Checkout.com is one of the world’s most successful fintech startups, and the improvement comes at a time when 25% of e-commerce companies around the world is experiencing a significant increase in fraud and chargebacks.

This results in poor customer experience and lost revenue for merchants and is further exacerbated by increasingly active regulatory requirements for European Strong Customer Authentication (SCA), maturing issuer preferences and adapting consumer behaviour.

ML Authentication serves Checkout.com vendors

According to reports, the Authentication solution allows merchants to control their customer journeys, using either rule-based or dynamic machine learning (ML) strategies.

The solution’s capabilities include continuous testing. Enriched authentication requests are possible to meet changing compliance requirements and issuer preferences. As part of the fintech’s continued commitment to developing solutions that benefit the broader payments ecosystem, the authentication product can be used completely standalone, with any acquirer globally – or as part of the complete Checkout.com suite of products.

The intent, such as managers and partners, is to serve as a pragmatic payment partner for our merchants and further support them to maximize their revenue.

Leading fintechs such as Klarna are currently using Checkout’s stand-alone authentication product to streamline their 3DS strategy through a single vendor that gives them greater visibility into performance and where they can optimize their setup. They say that using the solution’s smart optimizations has enabled many to achieve higher approval rates, reduce friction for their customers and ensure that authentication requests are compliant.

“Checkout.com’s authentication solution has helped us progress with our authentication strategy,” explains Gali Heichal, Global Head of Payments Partnerships at Klarna. “Leveraging Checkout.com’s solution has allowed us to reduce friction for our merchants and customers.”

Speaking about the changes, Rami Josef, Product Director at Checkout.com, added: “The enhancements we’ve made to authentication are designed to arm merchants with the tools and services as they manage an ever-evolving set of regulatory and compliance requirements. .”

He added, “A key introduction is our stand-alone option where merchants can centralize and manage payment authentication across all their payment providers at scale, 24/7, and worldwide. Most importantly – maximize their revenue.”