Ravelin today announces that its industry-first 3D Secure 2.2 ("3DS2") solution has been certified by global payments body EMVCo and approved by payment schemes including Visa.
Ravelin is the first fraud vendor to offer such a complete risk management solution with the latest authentication capability for large merchants and payment service providers.
The arrival of PSD2 in 2021 introduces a huge risk for merchants as authentication is now ‘on by default’ for online transactions, meaning they could lose business because of poor authentication experiences provided by payment providers. Ravelin’s new additional authentication service gives online merchants the ability to fully manage the end-to-end payment journey for customers for the first time.
Ravelin helps merchants take advantage of 'exemption' from authentication that PSD2 permits for low-risk transactions too. This means merchants can maximise their acceptance rates by avoiding asking certain customers for authentication completely or make it a smoother experience when authentication is required. Ravelin also provides intelligence about how different issuing banks view transactions and are adapting to PSD2 to customise risk and authentication processes for each bank, meaning that every payment request has the best chance of success.
Martin Sweeney, CEO of Ravelin said: “Ravelin is helping merchants to navigate the new realities of online trading under PSD2. Good fraud detection remains vital but the focus shifts from blocking bad transactions to approving good ones with the least friction possible by limiting authentication barriers. Ravelin’s 3DS server and related capabilities will give merchants operating at scale a single platform for risk analysis and authentication for the first time.”
Payment service providers can also benefit from Ravelin 3DS2 as it provides a fully integrated, highly optimised, authentication service for their merchants to use. This will provide a top-tier capability for payment gateways that can be delivered at a fraction of the time it would take to develop in house.
Ravelin’s authentication services are built on top of its core enterprise risk management product suite that is used by leading ecommerce players such as Deliveroo, Glovo, Just Eat, Trouva and Free Now. The suite uses a core set of machine-learning models that build a risk score for every transaction and customer, merchants can additionally use Ravelin to manage authentication, stop account takeovers, manage refund abuse or look into potential fraud in their supplier network. This reflects the growing complexity and variety of tactics used by fraudsters to attack popular online retailers and marketplaces.