Breaking News
Mastercard and Ravelin Partner to Reduce Fraud and Create Frictionless Checkout in Digital Quick Commerce
During the pandemic, online grocery orders rose by more than 50% and are expected to rise further this year, according to McKinsey research. More than ever, people make day-to-day purchases online, choosing quick commerce merchants that offer speed and convenience. As people open new accounts and make faster purchases, merchants are challenged to verify identities and manage evolving fraud threats in real time.
To meet these needs, Mastercard and Ravelin, a leading machine learning fraud platform, have joined forces to deliver an enhanced fraud solution. Incorporating digital identity verification capabilities from Ekata and real-time fraud insights from Ethoca, Ravelin will help merchants validate a consumer’s identity without adding friction to the process.
“We all want secure and seamless experiences,” said Chris Reid, executive vice president of Identity Solutions at Mastercard. “Ravelin shares our longstanding commitment to building and reinforcing trust in the digital economy. By bringing our capabilities together, we can help quick commerce merchants better assess fraud before a payment is authorized, improving the checkout experience.”
During a user’s first transaction, Ravelin will draw on Ekata’s transaction risk API to verify the user’s identity. Ekata then provides a risk score, enabling businesses to make more accurate decisions. Post-transaction, Ravelin will help merchants deflect fraud and prevent chargebacks with Ethoca Alerts and Ethoca Consumer Clarity.
“Mastercard is dedicated to bringing best-in-class insights and solutions to merchants worldwide,” said Martin Sweeney, CEO at Ravelin. “We are thrilled to partner with Mastercard to enhance our platform and help merchants strengthen their fraud detection capabilities.”
- EXCLUSIVE: “Getting the Message” – Raj Soni and Egill Ingólfsson, Meniga and Michal Panowicz, BCG in ‘The Fintech Magazine’ Read more
- Embedded Finance & Virtual Cards: payabl.’s Breno Oliveira on Building Smarter B2B Payments Read more
- The Tech Capital Expands Global Reach with Launch of LATAM Finance Forum Read more
- How Are Build-vs-Buy Decisions Shaping the Future of Payments? | Volante’s Nihit Ahuja and NatWest’s Lee McNabb Read more
- Why Customers Trust Bueno | Felix Hughes, Director at Bueno Read more