Financial technology leader FIS(R) (NYSE: FIS) announced today the launch of its Guaranteed Payments solution, becoming the only payments processor to offer a fully integrated solution designed to guarantee merchants increased eCommerce transaction approval rates and eliminate the financial liability of chargebacks due to fraudulent purchases.
According to a recent survey, 9 out of 10 merchants lost revenue through payment fraud in the last year.(1) Fraud accounts for about 1 percent of online transactions, yet merchants routinely reject as much as 9 percent of orders to avoid fraud(2) totaling $443 billion(3) in lost revenue.
This new offering comes during a time when the global eCommerce market continues to rise to record highs, creating the need for increased alignment between revenue assurance and fraud prevention. According to the Worldpay from FIS Global Payments Report, the eCommerce market is predicted to grow 50 percent by 2024.(4)
Currently available across the Signifyd Commerce Network, Guaranteed Payments focuses on maximizing revenue by delivering increased merchant approval rates, providing guaranteed chargeback protection and creating a faster, more seamless integration experience for merchants. This powerful new offering is fully integrated into the Worldpay from FIS platform.
"This rapid growth in eCommerce has increased fraud activity dramatically. Guaranteed Payments brings together two powerful sources of transaction intelligence--the Worldpay data stream produced from processing 40 billion orders annually and the Signifyd Commerce Network of thousands of merchants worldwide," said Vicky Bindra, Chief Product Officer at FIS. "Together, we have a powerful solution currently found nowhere else in the market that has the unique ability to combine fraud protection with increased approvals to enhance payment optimization and the overall user experience."
Guaranteed Payments utilizes machine learning and transaction intelligence to analyze thousands of signals, including identity features such as email addresses and payment credentials to instantly distinguish legitimate orders from fraudulent orders, helping merchants optimize revenue through reduced false fraud declines and instant fulfillment.
"Our recent Consumer Sentiment Survey showed that 38 percent of consumers would not shop with a merchant again if they had one bad online experience, such as a declined or delayed order,'' said Raj Ramanand, CEO and Co-founder at Signifyd. "Merchants using Signifyd experience a 5-9 percent increase in top line conversion on average.(5) With this solution, customer retention works hand in hand with fraud elimination to unlock incredible revenue growth opportunities."
For more information, visit https://www.fisglobal.com/en/products/guaranteed-payments.
FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world's economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500(R) and the Standard & Poor's 500(R) Index. To learn more, visit www.FISglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISglobal).
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 risk for retailers. Its solutions provide the transparency and control that brands need to succeed in the rapidly changing world of commerce. Signifyd, which is the leading provider of payment security and fraud prevention for the Top 1000 Retailers for 2022, is headquartered in San Jose, CA., with locations in Denver, New York, Mexico City, Sao Paulo, Belfast and London.
(1) Worldpay from FIS - Global Payment Risk Mitigation - https://bit.ly/39HdJtd (2) Signifyd Internal Data - https://bit.ly/3y8z4Wz (3) Merchant Risk Council - https://bit.ly/3y8z4Wz (4) Worldpay from FIS - Global Payments Report - https://bit.ly/3sEevhd (5) Signifyd 2021 Data - https://bit.ly/3kXnHsE
View source version on businesswire.com: https://www.businesswire.com/news/home/20220629005164/en/
SOURCE: Fidelity National Information Services
Kim Snider, 904.438.6278 Senior Vice President FIS Global Marketing and Communications email@example.com Mike Cassidy, 650.283.7084 Head of PR & Storytelling Signifyd firstname.lastname@example.org