Spreedly and Forter have furthered their collaboration, aiming to offer a comprehensive solution for businesses to enhance transaction efficiency and fraud prevention. This partnership integrates Forter’s capabilities in fraud prevention with Spreedly’s open payments platform, providing merchants with increased authorization rates and better insights into their financial operations. By leveraging this joint effort, businesses can gain improved visibility and control over their payment workflows, potentially enhancing customer satisfaction and business performance.
Previously, Spreedly and Forter operated independently but aimed for similar goals within the payment processing and fraud prevention industries. Forter has consistently focused on reducing fraudulent activities while maximizing transaction approvals. Spreedly, on the other hand, has emphasized creating an open and accessible payment platform. By combining these strengths, the partnership allows both companies to offer a more unified and efficient service to their clients, improving both security and transaction success rates.
What Benefits Do Businesses Gain From This Partnership?
Businesses using the integrated services of Spreedly and Forter benefit from reduced payment friction and increased bank authorizations. The partnership allows for the strategic application of 3D Secure (3DS) protocols, enhancing compliance with regulations such as the Revised Payment Services Directive (PSD2). Additionally, the correct use of network tokens optimizes authorization performance, thus minimizing disruptions and improving conversion rates.
How Do Data Analytics Play a Role in This Collaboration?
Data analytics, vital in this collaboration, allows accounts receivable teams to anticipate and manage potential payment issues proactively. By identifying patterns in customer payment behaviors, businesses can address potential delays or disputes before they impact cash flow. This proactive approach can lead to smoother financial operations and increased revenue retention.
“Our expanded partnership allows us to further our connectivity with Forter’s identity intelligence to boost merchant transaction success,” stated Peter Dougherty, President of Spreedly. Matt Nelson, Forter’s Chief Revenue Officer, added: “Our deepened partnership with Spreedly means we can deliver improved fraud and payments results to even more businesses around the world.”
The use of generative artificial intelligence and data analytics has allowed companies like Forter to maintain a balance between retaining genuine customers and eliminating fraudulent activities. According to Doriel Abrahams, Forter’s Head of Risk in the U.S., teaching AI models to think strategically about fraud prevention is fundamental in keeping transactional integrity intact.
The collaboration between Spreedly and Forter represents a strategic step towards creating a more robust and integrated payment processing solution. By combining their strengths, both companies aim to streamline payment processes, enhance fraud prevention, and improve overall transaction success. Businesses stand to benefit greatly from these advancements, which offer them comprehensive tools to stay competitive in the ever-evolving financial landscape.
