MINNEAPOLIS--(BUSINESS WIRE)--Digital River, an experienced global commerce enabler for fast-growing brands, today announced its Smart Automatic Renewal Service was named a 2021 SIIA CODiE Award finalist in the Artificial Intelligence Driven Technology Solution Category. Finalists represent the best products, technologies, and services in software, information and business technology.
Digital River’s Smart Automatic Renewal Service helps brands selling subscriptions maximize revenue with a suite of intelligent tools designed to automatically optimize the subscription renewal process. These include:
- Dynamic Retry Logic – Identifies the best time to resubmit transactions as authorization rates can vary by country, day of the week and even time of day.
- Intelligent Transaction Routing – Our extensive local acquiring network and global banking connections have become even more powerful through state-of-the-art machine learning models that power Processor & Merchant ID (MID) recommendations to maximize authorization rates.
Using machine learning (ML), Digital River’s Smart Automatic Renewal Service reduces involuntary churn and common payment processing issues that prevent customers from successfully renewing their subscriptions. The ML program analyzes individual attributes of each renewing subscription to determine the best day and time to submit an authorization request, as well as which payment processor is best suited to support that request. This means Digital River clients directly benefit from the ML models that are continuously trained using data from millions of historical transactions and A/B testing to recommend the most optimal choices for a successful authorization. Through this new service, Digital River clients worldwide are seeing recovery rate improvements up to 24%.
Acknowledged as the premier awards program for the software and information industries for over 35 years, the SIIA CODiE Awards are produced by the Software & Information Industry Association (SIIA), the principal trade association for the software, education, media and digital content industries. Digital River was honored as one of 153 finalists across the 43 business technology categories, including two categories in response to COVID-19.
“The 2021 CODiE Award finalists continued to innovate, pivot and grow to develop truly remarkable products throughout an historically challenging year. These finalists maintain the vital legacy of the CODiEs in spotlighting the best and most impactful apps, services and products serving the business tech market. Congratulations to this year's finalists on this well-deserved recognition,” said Jeff Joseph, SIIA President.
“It’s an incredible honor to be a finalist for an award that is recognized industry-wide for excellence,” said Eric Christensen, chief payments officer for Digital River. “Our work with machine learning is an opportunity for us to offer our clients something that is truly impactful to their bottom line. With our Smart Automatic Renewal Service, our clients are reducing the unintended churn that is costly to the merchant, and also frustrating for the consumer who wanted that transaction to seamlessly renew.”
The SIIA CODiE Awards are the industry's only peer-recognized awards program. Business technology leaders including senior executives, analysts, media, consultants and investors evaluate assigned products during the first-round review. Their scores determine the SIIA CODiE Award finalists which accounts for 80% of the overall score. SIIA members then vote on the finalist products and the scores from both rounds are tabulated to select the winners. In light of the COVID-19 pandemic, Business Technology category winners will be announced during an online winner announcement celebration June 22, 2021.
Details about each finalist are listed at https://history.siia.net/codie/2021-Finalists
About the SIIA CODiE™ Awards
The SIIA CODiE Awards is the only peer-reviewed program to showcase business and education technology’s finest products and services. Since 1986, thousands of products, services and solutions have been recognized for achieving excellence. For more information, visit siia.net/CODiE.
About Software and Information Industry Association (SIIA)
SIIA is the only professional organization connecting more than 700 data, financial information, education technology, specialized content and publishing, and health technology companies. Our diverse members manage the global financial markets, develop software that solves today’s challenges through technology, provide critical information that helps inform global businesses large and small, and innovate for better health care and personal wellness outcomes.
About Digital River
With more than 25 years' experience, Digital River has mastered the ins and outs of global commerce. Established and fast-growing brands alike rely on our flexible, API-powered solutions to sell direct to their customers, whether they live around the corner or around the world. Our modular platform, global expertise, and advanced partner ecosystem lets brands focus on creating seamless buyer experiences, while we work behind the scenes to manage orders and fulfillment, process payments, mitigate fraud, and handle taxes and compliance on your behalf. Brands benefit from our Global Seller Services, expertly designed to help brands accelerate global expansion, grow revenue, and protect their business from risk.
Digital River is headquartered in Minneapolis with offices across the U.S., Asia, Europe and South America. For more details, visit DigitalRiver.com.
Digital River is a registered trademark of Digital River, Inc. All other company and product names are trademarks, registrations or copyrights of their respective owners.
Twitter Tags: #ecommerce, #D2C, @DigitalRiverInc
Click to Tweet: Machine learning advancement for optimized billing nets @DigitalRiverInc recognition as a finalist in prestigious @CODiEAwards, honoring excellence in software.