To help merchants reduce fraud, paytech Worldpay has partnered with payments giant Visa, to enhance the former’s 3D Secure (3DS) solution, 3DS Flex. In addition to mitigating fraud, Worldpay’s 3DS Flex will reduce customer friction, and boost authorisations, improving the customer’s shopping experience.
Worldpay research shows more than half (55 per cent) of US consumers abandon a transaction if it takes multiple tries to complete, demonstrating the importance of ensuring that a valid payment goes through on the first try. 3DS Flex boosts authorisation rates and reduces extra authentication steps while maintaining heightened levels of security.
“Fraud mitigation isn’t just an on or off switch; rather, it’s a balance that requires merchants to understand how security, authentication, authorisation, fraud detection and the impact on the shopping experience work in harmony with one another,” said Cindy Turner, chief product officer at Worldpay.
“For example, false positive declines of good faith purchases and additional steps in the checkout process present serious challenges to fraud mitigation strategies. This is why we partner with card networks like Visa to enhance authorisations – at the end of the day, it helps merchants achieve the highest standards of security while improving the overall customer experience.”
“With 3DS Flex, Worldpay is helping facilitate next-level collaboration between issuers and acquirers on the Visa network,” said Kirk Stuart, SVP and head of enablers, merchants and fintechs at Visa. “This game-changing innovation will help make transactions more secure and improve the customer experience – while also increasing merchant sales, or authorisation rates. This is an exciting development for the payments ecosystem.”
