- Nuvei (NVEI) has launched a risk management model underpinned by cutting-edge machine learning technology for its Instant Bank Transfer product in North America
- A pioneering algorithm has been integrated into a new risk engine for the extremely popular account-to-account payment method
- This will help determine the risk level that a transaction is fraudulent and augment existing levels of security
- Nuvei provides payment technology solutions such as mobile payments, online payments, and in-store payments to merchants and partners
- Nuvei Corporation (NVEI) was down 5.96 per cent, trading at C$51.74 per share at 11:28 am ET
Nuvei (NVEI) launched a risk management model underpinned by cutting-edge machine learning technology for its Instant Bank Transfer product in North America.
A pioneering algorithm has been integrated into a new risk engine for the extremely popular account-to-account payment method. The engine analyses account age, transaction value, and balance usage. This will help determine the risk level that a transaction is fraudulent and augment existing levels of security.
Benefits of processing vast amounts of data with no latency in this way include:
- Improves customer retention by reducing legitimate consumer transaction declines
- Higher acquisition as the model makes smarter decisions on accepting payments from new customers
- Reduces risk and increases confidence with the acceptance or rejection of transactions
- Reduces cost by minimizing financial penalties associated with fraudulent activity
By using this decision engine, merchants will see improvements as high as 30% in detecting fraudulent transactions, including friendly fraud. Nuvei expects this score to improve as the model auto-improves its ability to identify bad actors as it processes more data and identifies deeper relationships.
Philip Fayer, Chair and CEO of Nuvei Corporation commented on the announcement.
“We’re really excited to bring this new solution to our merchants to help accelerate their business. This is only the beginning and we can’t wait to announce other game-changing innovations in the near future.”
Nuvei provides payment technology solutions such as mobile payments, online payments, and in-store payments to merchants and partners. The company’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services.
Nuvei Corporation (NVEI) was down 5.96 per cent, trading at C$51.74 per share at 11:28 am ET.
