Payment platform Nuvei Corporation has launched a new risk management model for its Instant Bank Transfer product in North America, featuring ‘cutting-edge machine learning technology’.
Nuvei notes that the new risk management model is a ‘pioneering algorithm’ that has been integrated into a new risk engine for its account-to-account payment method.
The engine will analyze account age, transaction value, and balance usage to define the risk probability that a transaction is fraudulent and augment existing levels of security, with no impact on consumer experience or businesses’ existing single integration with Nuvei.
“We’re really excited to bring this new solution to our merchants to help accelerate their business. We continue to invest in our AI and data management,” commented Philip Fayer, Chair and CEO of Nuvei.
By extracting ‘complex’ patterns, the machine learning model improves the identification of fraudulent activity and reduces false positives where legitimate transactions are declined.
Nuvei adds the engine will also help to enhance customer retention as legitimate consumers are less likely to have transactions declined, increase acquisitions made as smarter decisions on new customer payments are made, reduce risk and improve confidence when transactions are accepted or rejected, and lower costs as financial penalties associated with the fraudulent activity are minimized.
According to the payments platform, merchants will see ‘improvements as high as 30% in the detection of fraudulent transactions’, a score which is expected to keep improving thanks to the model’s design that auto-improves as more data is processed and deeper relationships are identified.
Fayer continued: “We are constantly innovating our products to develop features that reduce fraud and maximize revenue for our customers through customized solutions that meet their exact needs.
“This is only the beginning and we can’t wait to announce other game-changing innovations in the near future.”
