Tech

Risk and Northern Help KIKO Milano Boost Cart Conversion Under PSD2 by Optimizing TRA (Transit Risk Analysis) –

Risk, Ltd. (NYSE: RSKD), a friction-free eCommerce-enabled fraud management platform, and Axerve, a leading Italian-based payment hub that has developed a platform for organizing payments worldwide, has launched an expanded strategic partnership for machine learning solutions Offer Riskified, including PSD2 Optimize, to Axerve’s customer portfolio. One of the first Axerve clients to implement PSD2 Optimize, KIKO Milano, saw almost 99% exemption from orders from Strong Customer Authentication (SCA) using Transaction Risk Analysis (TRA), with an increase of more than 10% at approved rates for transactions.

Since compliance with European Union PSD2 regulations, the SCA requirements for merchants have added complexity. PSD2 Optimization enables merchants to minimize the effect of European Union PSD2 regulations on eCommerce by leveraging TRA exemptions to provide a secure and secure payment experience for legitimate users and low risk orders, and to secure 3D Secure payments (3DS) to be applied only when necessary. At a time when e-commerce continues to grow, ensuring tear-free solutions is critical to enhancing the consumer shopping experience and the merchant collection experience.

PSD2: customer experience double-edged sword

Axerve works with over 100,000 customers worldwide, and their ultimate goal is to simplify complex check – out processes for their clients, while guaranteeing high standards of security. With the advent of PSD2, e-commerce merchants across Europe immediately felt its effect on the customer journey: friction with the checkout flow led to shoppers abandoning their carts, negatively impacting conversion rates. KIKO Milano, in particular, received a high number of support tickets from customers complaining that they were unable to complete their purchase. Challenging almost 70% of orders with 3DS, with a high reduction rate, they realized they needed a tool to optimize their checkout process and protect revenue – while ensuring full compliance with the regulation. ensure.

The Risk Approach: optimizing less friction

To help merchants overcome the challenges imposed by PSD2, Axerve Optimized introduced PSD2 Risk as part of its payment processing platform: Axerve Guaranteed Payments. KIKO Milano, a long – time Axerve client, has historically been at the forefront of investing in new solutions to enhance the customer experience and was looking for a fraud prevention solution to reduce fraud costs and increase conversion rates.

“When PSD2 went live, Axerve informed us that our rejection transaction rate was rapidly increasing, and our customer care team also informed us that the number of tickets opened by customers was quadrupling,” he said. said Diego Morgandi, Director of eCommerce at KIKO Milano. “We were delighted to hear about the Riskified solution from Axerve, and wanted to test it immediately. The benefits of Optimize PSD2 were immediately realized. We have seen a reduction in failed transactions that have increased the approval rate and allowed us to provide our customers with a truly frictionless checkout experience. This partnership is critical to our success. ”

In an environment as complex as the payments ecosystem, flexibility and innovation are critical to meeting the growing need for protection in the entire payment process and to make it as tear – free, seamless as possible and secure and compliant. Riskified solutions help eCommerce merchants safely allow more orders, increase revenue, expand into new markets, and deliver a better customer experience. Thanks to the partnership with Axerve, eCommerce merchants from various industries in Europe can take advantage of Optimize RiskDified PSD2 solution to leverage exemptions and ensure a seamless payment experience for their customers.

“As a partner for our clients in the world of payments, we are always committed to offering the most innovative solutions that allow us to guarantee the best possible authorization rate for our clients,” he said. Alessandro Bocca, CEO of Axerve. “The initial stage of PSD2 adoption was difficult as the system and industry were not equipped for the challenge, both in the management of the authentication part and also on the issuer side to manage exemptions which resulted in high conversion losses. The challenge of the SCA, and of fraud management in general, is now an opportunity after being able to partner with Riskified, the best in class fraud prevention. ”

“When PSD2 was introduced, we knew our merchants and partners needed an immediate solution. They had to comply with the regulation and apply 3D-secure exemptions and at the same time, leverage exemptions to enhance their customer experience. In order for a seller to maximize exemptions, he must conduct a transaction risk analysis and identify those orders that are low risk. And this is exactly the potential of Riskified as we have been perfecting this over the last decade, ”he said Naama Ofek General, Chief Operating Officer at Risk. “At the end of the day, the goal of everyone involved is to provide our merchants with higher conversion rates and a smooth customer experience, and this partnership is a testament to our mission and potential.”

About Risk

Riskified empowers businesses to realize the full potential of eCommerce by making it safe, accessible and unrestricted. We have built a next generation eCommerce risk management platform that allows online merchants to build trusting relationships with their consumers. By leveraging machine learning that utilizes a global merchant network, our platform recognizes the person behind all online interactions, helping merchants – our customers – eliminate risk and uncertainty from their business. We drive higher sales and reduce fraud and other operating costs for our merchants and strive to provide better consumer experiences, compared to the performance of our merchants before we are shipped.

About Axerve

As part of Fabrick’s Fintech ecosystem, Axerve represents over 100,000 active customers, as a business development partner helping them to understand, anticipate and address market needs thanks to technological and innovative solutions for the point of sale and eCommerce. Axerve supports them nationally and internationally and in each single market, integrates value – added services to meet the needs of physical and online stores with a personalized user experience, offering over 250 payment methods. The offer is one platform to accept any type of payment, from all physical and digital channels, in a clear, simple and secure way, through physical and digital gateways such as POS, eCommerce solutions, Cashin machines, applications and value-. additional services; with the aim of answering all questions in the area of ​​payment acceptance, offering new solutions (in-store, mobile and digital) tailored to the specific needs of customers. Axerve Ecommerce Solutions has strong leadership in online payment management services in all product sectors. www.axerve.com/ ga

About KIKO Milano

Percassi founded and founded KIKO MILANO in 1997. It is a professional Italian cosmetics brand with a range of cutting-edge makeup, face and body treatments.

Safe and effective products of the highest quality, created to meet the beauty needs of women of any age.

Find your own beauty – this is how KIKO summarizes its beauty vision. Through its incredibly wide and diverse range of products, KIKO allows everyone to express their own personality. A variety of unique colors, effects and emotions on the market to suit your style, skin tone, skin type and specific tastes, at every stage of your life.

KIKO’s identity is rooted in the values ​​of “Made in Italy” as the world’s capital of fashion, art and design. As craftsmen of original textures, colors and evolution of beauty, we offer quality formulas with guaranteed performance, for a perfect fusion of quality and creativity.

Risk and Northern Help KIKO Milano Boost Cart Conversion Under PSD2 by Optimizing TRA (Transit Risk Analysis) –

Source link Risk and Northern Help KIKO Milano Boost Cart Conversion Under PSD2 by Optimizing TRA (Transit Risk Analysis) –

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