Tribe Payments links with PayNice for real-time risk monitoring

Tribe Payments has confirmed it has been selected by mobile payment platform PayNice to bolster risk monitoring solutions. 

Following the collaboration, the firm outlined that its Risk Monitor tool focuses on every individual data point of a transaction, which enables PayNice to make risk-based decisions in real-time.

Simone Vescovi, CEO at PayNice, commented: “PayNice combines artificial intelligence with management tools and electronic payment features. Our goal is to provide those who work in the catering and trade markets with the right tools to keep up with the challenges of today and of the future.

“To help us deliver a best-in-class payment service, security is everything. We needed a payments technology provider that could provide us with the vital data needed to help us spot any issues sooner, so that we can address them earlier. Tribe’s leading risk monitoring solution provides us with exactly that.”

Furthermore, the risk monitoring solution will enable PayNice the ability to access real-time transaction data including data from third party PEPs and sanctions information providers. 

As well as this, transaction checks across merchant codes, BIN, country, issuer, account type, transaction value, industry, and a range of other parameters. When combined, this huge wealth of data will give PayNice and its customers the ability to spot trends and respond quickly to changing risk levels.

“We’re seeing growing demand from businesses who want to protect their merchant customers from an ever-growing array of threats,” added Alex Reddish, Managing Director at Tribe Payments. 

“The reality is that if your fraud management systems don’t keep up with your payments innovation then that innovation is creating risk, not preventing it. PayNice recognised this challenge, and we’re delivering a tailor-made risk solution that is configurable with their needs, customer base and geographies to ensure they can meet this challenge head on.”