Payabl. and Sift Team Up to Revolutionize AI-Driven Fraud Prevention for European Merchants
In the evolving landscape of digital transactions, payabl., a leading European FinTech company, has partnered with Sift, a pioneer in AI-driven fraud prevention, to bolster real-time fraud protection for merchants. This collaboration is particularly significant in light of the alarming rise in payment fraud across the European Economic Area (EEA).
Addressing Payment Fraud in the EEA
According to data from the European Banking Authority (EBA), fraud losses in the EEA soared to €4.3 billion in 2022, with an additional €2.0 billion lost in just the first half of 2023. This stark increase highlights the urgent need for effective solutions in the realm of digital payments.
Enhanced Fraud Protection for Merchants
By integrating Sift’s advanced technology into its payments platform, payabl. is set to deliver:
- Automated fraud checks that operate in real-time.
- A reduction in false positives, allowing for smoother transaction processes.
- Improved approval rates without sacrificing user experience.
This innovative approach ensures that merchants can accept payments securely and flexibly across borders. Sift employs real-time machine learning to evaluate identity trust and minimize risks effectively.
Compliance and Exemptions
The partnership also enhances merchants’ eligibility for Transaction Risk Analysis (TRA) exemptions under European compliance regulations, making it easier for businesses to navigate complex payment landscapes.
Insights from payabl.’s Leadership
Oleg Stefanets, Chief Risk Officer at payabl., emphasized the mission of the company: “At payabl., our goal is to equip merchants with the essential tools to grow without limits while ensuring their businesses remain secure. Through our collaboration with Sift, we are providing top-tier protection that significantly reduces friction for both merchants and their customers. Our merchants can scale confidently, knowing that every transaction is monitored in real time by a system that continuously learns and adapts.”
Conclusion
This partnership between payabl. and Sift marks a significant step forward in combating payment fraud and enhancing the security of digital transactions. For further information, you may visit RegTech Analyst.
By prioritizing fraud prevention and compliance, businesses can focus on growth while maintaining robust security measures. The future of payment solutions is not just about efficiency; it is also about ensuring safety and trust in digital transactions.
