IdentityMind Global, an on-demand provider of identity-based payments, risk management, fraud prevention and anti-money laundering services, announced Thursday (March 3) the launch of a new partnership that will aim to prepare merchants to combat the rising instances of card-not-present (CNP) fraud.
In collaboration with The Online Payment Exchange (ONPEX), a global white-label cloud payment solutions provider, the companies are offering their clients access to a new risk-managed payment platform. The platform, designed for eCommerce and FinTech companies, will provide a single integration for managing card payments, fraud prevention, risk management and anti-money laundering compliance.
“Online merchants continually demand more sophisticated and integrated payment and risk management services,” Christoph Tutsch, CEO of ONPEX, said in a press release. “IdentityMind is presenting the market with an innovative level of integration between payments and fraud prevention that will benefit our clients and merchants greatly. We are excited to be working closely with them as partners in this endeavor.”
IdentityMind’s fraud prevention solutions, which integrate real-time and historical payment data, will be combined with the the ONPEX solution that is utilized by hundreds of merchants, PSPs, ISOs, banks and acquirers across more than 90 countries, the companies confirmed.
Businesses that currently use ONPEX’s solution, an omnichannel Platform-as-a-Service (PaaS) offering that brings together card processing with alternative payment methods, will now also have access to IdentityMind Global’s security solutions.
“The adoption of EMV is visibly increasing rates of CNP fraud, and it’s going to get much worse before it ever gets better,” Garrett Gafke, IdentityMind Global president and CEO, explained. “Online merchants, payments and FinTech companies need fraud prevention that can augment their sales and provide cross-border payments, while still maintaining low chargebacks and operational expenses. Our clients see manual review rates between 3 percent and 5 percent and decline rates between 1–3 percent — numbers that are far below industry averages.”
“We are excited to partner with ONPEX, a solid and award-winning white-label payment platform that focuses on simple, automated and transparent payments. ONPEX will help us deliver integrated payments into our Risk Management Platform,” Gafke added.