Payments platform Nuvei has released a new offering that provides risk management through machine learning for its USA clientele.
The new solution is part of Nuvei’s Instant Bank Transfer product available in North America. Businesses using the engine can now establish the risk level of transactions by analysing factors such as account age, transaction value and balance usage, with the added ability to amend security measures when needed.
Philip Fayer, Nuvei Chair and CEO, commented: “We’re really excited to bring this new solution to our merchants to help accelerate their business. We continue to invest in our AI and data management.”
Patterns collected by the machine learning model help it identify fraudulent activity and differentiate it from legitimate transactions. According to Nuvei, this will bring improvements in several fields including customer retention, customer acquisition, cost efficiency and regulatory compliance.
The company claims that from day one of its launch, the decision engine can help merchants increase their successful fraud detection rates by as much as 30%. This score is expected to go even higher, as the risk management model’s task is to assimilate more data so that it can auto-adjust itself for improved results, Nuvei stated.
Fayer added: “We are constantly innovating our products to develop features that reduce fraud and maximise revenue for our customers through customised solutions that meet their exact needs. This is only the beginning, and we can’t wait to announce other game-changing innovations in the near future.”
Nuvei has reassured clients that the new solution will not interfere with the consumer experience nor with businesses’ existing single integration with the company.