PayNice Selects Tribe Payments for Risk Monitoring

Payment technology company Tribe Payments has today announced it has been selected by mobile payment platform PayNice to provide risk monitoring solutions. Tribe’s Risk Monitor tool is designed to take in every individual data point of a transaction allowing PayNice to make risk-based decisions in real-time, right down to individual transaction level.

Italian headquartered PayNice aims to connect retailers with their customers by enabling electronic payments to be accepted and managed. PayNice was seeking a risk-monitoring solution that could bring as much relevant data as possible together, to give their merchant customers improved control of their risk exposure and stay ahead of fraudsters.

Tribe’s risk monitoring solution will give PayNice the ability to access real-time transaction data including data from third party PEPs and sanctions information providers. Also included are transaction checks across merchant codes, BIN, country, issuer, account type, transaction value, industry, and a range of other parameters. When combined, this huge wealth of data will give PayNice and its customers the ability to spot trends and respond quickly to changing risk levels.

“PayNice combines artificial intelligence with management tools and electronic payment features. Our goal is to provide those who work in the catering and trade markets with the right tools to keep up with the challenges of today and of the future.” said Simone Vescovi, CEO at PayNice. “To help us deliver a best-in-class payment service, security is everything. We needed a payments technology provider that could provide us with the vital data needed to help us spot any issues sooner, so that we can address them earlier. Tribe’s leading risk monitoring solution provides us with exactly that.”

“We’re seeing growing demand from businesses who want to protect their merchant customers from an ever-growing array of threats,” said Alex Reddish, Managing Director at Tribe Payments. “The reality is that if your fraud management systems don’t keep up with your payments innovation then that innovation is creating risk, not preventing it. PayNice recognised this challenge, and we’re delivering a tailor-made risk solution that is configurable with their needs, customer base and geographies to ensure they can meet this challenge head on.”