SAN JOSE, Calif.--(BUSINESS WIRE)--Signifyd, the market leader in ecommerce fraud protection, has announced it will be DNA Payments’ exclusive integrated fraud protection technology, signaling Signifyd’s expanding role in serving as the fraud solution provider for future-focused payment service providers.
“DNA Payments’ selection of Signifyd as a fraud solution for its customers demonstrates the market’s confidence in Signifyd’s commerce protection technology,” Signifyd CEO and Co-founder Raj Ramanand said. “This partnership means that thousands of additional merchants will be able to immediately unlock revenue that they’ve been leaving behind with outdated fraud solutions.”
The partnership amplifies the two partners’ transaction intelligence, providing through DNA a precise measure of the level of risk involved with each order and a recommendation to ship it or not depending on that risk. The high-quality decisions mean DNA’s merchant customers are passing cleaner transaction traffic on to their banks, which is one key to keeping their authorisation rates high.
DNA Payments’ deeper intelligence and reliable decisioning provide the payment service provider with a distinct competitive advantage when merchants have an abundance of choices when selecting a payment service provider.
“The powerful partnership joins one of the world’s fastest-growing payment companies with the industry leader in ecommerce fraud protection. This pairing brings together two powerful sources of transaction intelligence — the DNA data stream produced from processing £900 million in orders a month and Signifyd’s network of thousands of merchants worldwide. Together, the intelligence is unmatched,” said Mark Whybrow, head of ecommerce sales for DNA Payments.
Signifyd’s fraud protection technology has helped thousands of merchants avoid chargebacks, dramatically reduce false declines and eliminate manual review, while demonstrating the ability to increase the number of approved orders by an average of 5% to 9%.
Together Signifyd and DNA Payments are tackling one of ecommerce’s most nettlesome balancing acts in a new and innovative way. Merchants and their technology partners must provide a seamless buying journey while protecting the enterprise from fraud. While fraud accounted for about 2% of online transactions in 2021, according to an analysis of Signifyd data, merchants routinely reject 14% of orders, many in an overzealous attempt to avoid fraud, according to 451 Research.
The fear of fraud sets off a downward spiral. Global payments consultancy CMSPI estimates that 20% of declines in Europe are false declines, meaning a lost sale and possibly a lost customer for life. Add to that the money spent to acquire those disappointed customers in the first place and the spending it will take to replace the lost customers and the costs continue to mount.
Signifyd’s fraud protection technology avoids detrimental legacy payment practices by relying on machine learning and a vast amount of transaction intelligence to understand the identity and intent behind each order. The solution relies on transaction intelligence from Signifyd’s Commerce Network, a network of thousands of merchants and gateways worldwide.
That intelligence, coupled with dynamic machine learning models, means that Signifyd’s technology can sort legitimate from fraudulent orders instantly, ensuring that order fulfillment is not delayed by lengthy reviews.
Adding the precision and speed of Signifyd’s technology to DNA Payments’ own intelligence from its 65,000 customers is a significant step into the future of payments.
About DNA Payments
DNA Payments Limited, founded by Arif Babayev and Nurlan Zhagiparov, is one of the largest independent, fully vertically integrated omnichannel payments companies in the UK and EU. DNA Payments Group includes an in-house Gateway, which services large corporates and medium-sized businesses and a number of ISOs, providing services to SME customers. It is also one of the largest PaaS and SaaS services providers to multinational Acquirers and Banks. DNA Payments currently processes over £900m a month and has over 100k terminals servicing over 65k customers across UK and EU.
With headquarters in London and several hubs across the United Kingdom, DNA Payments Limited is authorised and regulated by the Financial Conduct Authority to provide payment services under the Payment Services Regulations 2017.
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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 for retailers. Signifyd’s customers appear on the Fortune 1000 and Digital Commerce 360 Top 1000 lists. It was named the 2022 leading provider of payment security and fraud prevention to the Top 1000 Retailers by Digital Commerce 360. Signifyd is headquartered in San Jose, CA, with locations in Denver, New York, Mexico City, São Paulo, Belfast and London.