Fraugster and IXOPAY partner to provide AI fraud prevention
IXOPAY are a leading payment orchestration platform that enables independent, flexible and global payment processing.
By partnering with Berlin-based Fraugster, IXOPAY will be able to give online merchants easy access to a range of fraud prevention, compliance and revenue uplift solutions via a single API.
With its accurate fraud prevention solutions, Fraugster enables merchants to intelligently manage the impact of fraud to minimise the costs of fraud, maximise revenue and improve customer experience.
"Payments are a mission-critical part of any business,” said IXOPAY CEO Nathalie Siegl.
“Our goal is to give clients a streamlined experience and access to the best options available, from the best payments processing options per country to industry-leading risk management. Partnering with Fraugster is an organic step; their advanced AI technology provides unparalleled fraud protection without adding complexity or sacrificing user experience," she added.
IXOPAY and Fraugster’s partnership to meet the needs of the growing e-commerce industry
As the e-commerce industry has rapidly grown in recent years, merchants now need more flexibility from their payment and fraud prevention partners. There is also now the demand for merchants to access new solutions as their businesses expand into new regions and payment methods.
The global e-commerce market is growing due to high internet penetration, the decline in internet prices, the increasing number of smartphones, product localisation and advancement in technology.
Additionally, many retailers across the world were forced to shut under restrictions brought by the COVID-19 pandemic, forcing customers to shop online for non-essential goods. According to a UNCTAD report, restrictions induced by COVID-19 increased online retail sales’ share of total retail sales from 16% to 19% in 2020.
It also highlighted that online retail sales grew markedly in several countries, with the Republic of Korea reporting the highest share at 25.9% in 2020, up from 20.8% the year before.
Supporting BNPL providers, online marketplaces and iGaming companies
To support the growing demands, IXOPAY and Fraugster will enhance the pairs solutions available to a range of merchants and payment companies.
For BNPL providers that are addressing complex fraud cases such as Synthetic Identity Fraud, IXOPAY and Fraugster will provide access to device intelligence and linking analysis to mitigate this risk.
"We are delighted to be partnering with IXOPAY who share our belief that the industry needs to unite against fraud, and provide more flexible and scalable solutions to customers,” said Fraugster Co-CEO, Christian Mangold.
He added: “Too many merchants I speak with tell me that they have multiple integrations with different vendors to cover risk, fraud and compliance topics. This creates complexity and drives up costs. It should not be that way. Our customers will be able to simplify things by picking and choosing from multiple solutions, including full chargeback protection, via one integration."
This partnership will also boost fraud prevention in online Marketplaces and iGaming companies as now they will be able to go live faster without historical data and benefit from full chargeback protection via a no-code integration.