Riskified Partners with Plaid to Enhance Risk Protection for ACH Bank Payments
October 23 2023 - 11:00AM
Business Wire
Riskified’s integration with Plaid protects
financial institutions, online merchants, marketplaces, and trading
platforms from fraud and risk of insufficient funds
Riskified (NYSE: RSKD), a leader in ecommerce fraud and risk
intelligence, today announced a partnership and integration with
Plaid, the data network powering the digital financial ecosystem.
This partnership empowers online merchants, marketplaces, and
trading platforms to approve ACH (Automatic Clearing House)
payments with unmatched confidence, safeguarding against fraud and
the risk of insufficient funds.
While ACH transactions have conventionally been employed for
direct deposits and routine debit withdrawals, their utility has
extended to various ecommerce transactions including
cryptocurrency, marketplaces, and high-value purchases of precious
metals, artwork, and gift cards. Notably, ACH volumes witnessed an
increase of $1 trillion in 2022, marking the tenth successive year
of growth, as highlighted by National Automated Clearinghouse
Association (NACHA) statistics.
The integration between the two companies enhances Riskified’s
existing ACH protection capability to shift fraud liability and
protect against ACH ‘insufficient funds’ returns. Riskified’s
platform complements Plaid’s Signal offering, a transaction risk
scoring engine that furnishes merchants with new data attributes to
better assess the return risk of transactions.
"While ACH transactions play a pivotal role in the payments
landscape, ensuring the integrity of these transactions can be
challenging,” said Kevin Sprake, Vice President of Global Channel
Partnerships at Riskified. “In collaborating with Plaid,
Riskified’s existing ACH protection capability is further improved
with enriched data and enhanced accuracy, equipping merchants with
more confidence to embrace ACH payments. Riskified remains
dedicated to pioneering innovative approaches to promote ecommerce
growth."
Riskified's award-winning machine learning platform protects
hundreds of leading ecommerce enterprises from card-not-present
fraud and has increased payment acceptance rates for over a decade.
The platform has been precisely calibrated to support bank
payments, harnessing Riskified's vast global merchant network that
encompasses more than 2.5 billion historical transactions, to
accurately discern the key data attributes driving each
purchase.
“Innovation around risk and fraud assessment is rapidly
expanding the use cases for ACH,” said Tamara Romanek, Head of
Partnerships at Plaid. “Using Riskified’s guarantee solution for
protection against fraud and insufficient funds allows merchants to
confidently approve ACH payments for more use cases, while Plaid
Signal provides greater intelligence to assess the risk of a
transaction to unlock an instant ACH experience. ”
In uniting Riskified's offering with Plaid's dynamic platform,
the stage is set to enable more merchants to offer secure, seamless
ACH transactions for the expanding digital economy.
Learn more about how Riskified and Plaid are helping ecommerce
enterprises unleash growth.
About Riskified
Riskified (NYSE:RSKD) empowers businesses to grow ecommerce
revenues and profit by mitigating risk. An unrivaled network of
merchant brands partner with Riskified for guaranteed protection
against chargebacks, to fight fraud and policy abuse at scale, and
to improve customer retention. Developed and managed by the largest
team of ecommerce risk analysts, data scientists, and researchers,
Riskified’s AI-powered fraud and risk intelligence platform
analyzes the individual behind each interaction to provide
real-time decisions and robust identity-based insights. Learn more
at Riskified.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231023431199/en/
Aileen McNelis PR for Riskified amcnelis@nexttechcomms.com
Cristina Dinozo Sr. Director of Communications
press@riskified.com
Chett Mandel Head of Investor Relations ir@riskified.com
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