In the push to make payments faster, platform and solutions providers are ratcheting up their payments processing infrastructure with new technologies and innovations. But in the rush to get faster, bad actors have found fertile ground for committing fraud. That’s’ a problem that several platform providers are looking to resolve as they seek to offer faster and more efficient payment features to their customers.
In the latest Payments Powering Platforms Tracker™ powered by WePay, PYMNTS explores the latest developments in the space, including how platform providers are working to make payments both faster and safer.
One area of focus for cyberfraud is B2B payments, in particular, and for good reason — 90 percent of surveyed businesses in a recent survey said they had been targeted by fraudsters in the past year.
At least part of the reason for that, according to David Endler, co-founder and president of SpyCloud, is the recent rise in account takeovers. In an interview with PYMNTS, Endler noted that consumers and companies both share responsibility for curbing this flood of stolen account credentials.
Consumers, he said, should be careful not to reuse or replicate passwords for multiple online accounts, and use credit monitoring services to watch for any unusual activity. Meanwhile, for companies hoping to protect their customers’ accounts, Endler suggested two-factor authentication or the elimination of passwords entirely.
When it comes to foiling fraudsters, some providers are putting their faith in biometrics. That includes payments solutions provider WEX, which recently debuted DriverDash, a mobile-first transaction authorization service for fleet drivers. The solution is designed to authenticate drivers using biometrics and enables them to complete a fuel transaction via mobile device — all from within their vehicles. The solution is live at Exxon and Mobil fueling stations in the U.S., the company said, and it plans to add the capability to more service stations in the future.
Elsewhere in the space, FinTech Centtrip is hoping to give a boost to vendor payments with a new B2B offering. In a recent interview with PYMNTS, Founder and CEO Brian Jamieson said the new platform is designed to help quickly move money across its network, enabling corporate clients to make real-time payments to member platforms.
For more on these stories and the rest of the latest headlines from around the space, check out the Tracker’s News and Trends section.
Boosting the performance and safety of payments platforms isn’t just a priority among for-profit companies — charities and nonprofits also increasingly rely on these tools to raise funds, communicate with donors and organize volunteers. But while multinational charities and other large organizations typically turn to a large team of employees to handle the hassles of fundraising, small community-based nonprofits like school organizations or parent-teacher associations may not always have the luxury.
That is beginning to change. Payments-embedded online platforms, like nonprofit fundraising platform SchoolAuction.net, are looking to provide small nonprofits with a new set of solutions to make fundraising efforts more efficient and to help them bring in more funding for their cause.
In the latest Payments Powering Platforms Tracker feature story, PYMNTS caught up with Roger Devine, co-founder of SchoolAuction.net, to discuss how online platforms and digital payments tools can fit the specific needs of small charities and other organizations. To read the full feature story, along with the latest Payments Powering Platforms headlines and trends, and rankings of more than 100 industry providers, download the Payments Powering Platforms Tracker™.
About the Tracker
The Payments Powering Platforms Tracker™, powered by WePay, serves as a monthly framework for the space, providing coverage of the most recent news and trends, along with a provider directory highlighting the key players contributing across the payments-integrated platform ecosystem.