As part of an expanded fraud detection partnership, Vesta’s Payment Guarantee and Payment Protect will be integrated into the Mastercard Payment Gateway Services (MPGS) platform and will be made available to MPGS customers in the APAC region in the second half of the year, the companies said in a Friday (May 12) press release.
“Through this first-of-its-kind solution combining the scale and reach of MPGS with Vesta’s unrivaled fraud protection powers in a single integration, merchants can enjoy the peace of mind — and extra time in their day — that comes from knowing that their eCommerce transactions are fully protected from fraud and financial risk,” Sandeep Malhotra, executive vice president of products and innovation for Asia Pacific at Mastercard, said in the release.
PYMNTS research has found that more than seven in 10 businesses report needing additional digital fraud solutions.
These businesses seek to remain hypervigilant as fraudsters and scammers increasingly search organizational perimeters for cracks and weaknesses, according to “The Overlooked Importance of Securing Incoming Payments,” the January edition of the “B2B Payments Fraud Tracker®,” a PYMNTS and nsKnox collaboration.
Vesta’s Payment Protect is a risk-scoring solution, and with the Vesta Payment Guarantee, Vesta will absorb the full cost of any fraudulent transaction that is approved by its risk-scoring engine and makes it through the checkout process, according to the press release.
These solutions will be available on an opt-in basis to customers of MPGS, which is an omnichannel payments platform that enables merchants of any size to expand into global markets and process payments in more than 170 currencies and more than 30 payment methods online, in-person or in-app, the release said.
“We are excited to enable all MPGS customers and their businesses to focus on what matters — growing sales without the fear of fraud,” Shabab Muhaddes, senior vice president and general manager of APAC at Vesta, said in the release.
Delivering a frictionless customer experience is one of the top reasons why companies are increasingly investing in fraud prevention, Steinmetz said at the time.