Fintech PR
Checkout.com launches Intelligent Acceptance, an AI-powered optimization engine that boosts acceptance rates and increases merchant revenue
- Intelligent Acceptance leverages Checkout.com’s global data network and deep domain expertise to increase acceptance rates, lower transaction fees and operational complexity
- False declines are a critical issue for online businesses globally, costing them $51 billion in 2022, a 150% increase in three years
- Early users include Klarna, Ant Group, NordVPN, Reach and Sunday. These businesses reported average increases in acceptance rates that unlocked three-quarters of a billion dollars of revenue in beta alone
LONDON, June 27, 2023 /PRNewswire/ — Checkout.com, the global payments solution provider, today launches Intelligent Acceptance, its latest product to help merchants optimise acceptance rates and grow revenues.
Intelligent Acceptance is an AI-powered optimization engine, trained on billions of transactional data points from Checkout.com’s global network and insights from the business’ domain expertise after a decade at the forefront of the digital economy. The new product has so far achieved meaningful results for merchants during beta testing, enabling transactions that created c.$750 million of new revenue, and increasing the acceptance rates by up to 9.5 percentage points for over 30 merchants including the likes of Klarna, Ant Group, NordVPN, Reach and Sunday.
“Since going live with Intelligent Acceptance, the authorization rate of payments processed on Checkout.com’s rails has increased by nearly 10%. In a game where small improvements drive big impact, this performance improvement is colossal for our business and, crucially, for our client’s bottom line”, said Melissa Pottenger, Head of Key Partnerships at Reach.
“We fundamentally believe in abstracting complexity for businesses and empowering them to optimise their payments with ease. Machine learning enables us to offer this to our merchants for the first time at scale. Merchants alone lack sufficient data to effectively train an AI algorithm, whereas we can leverage our expansive global transaction data to provide real-time insights. That’s why we’ve built an adaptive AI-powered payments engine to constantly optimise acceptance rates – unlocking more revenue, saving merchants time and offering greater cost controls”, said Meron Colbeci, Chief Product Officer at Checkout.com.
Using machine learning and billions of data points to create a solution for businesses
Intelligent Acceptance optimises across the complete payment flow, including pre-processing aspects like messaging & routing and post-processing with adaptive retries. Merchants also have complete control over which stage of the transaction journey is improved and the criteria that Intelligent Acceptance optimises for, including; maximising acceptance rates, lowering transaction costs, or both. Through continuous live adjustments, learning from performance data across Checkout.com’s global network and direct relationships with issuers, schemes and regulators, Intelligent Acceptance continually unlocks new optimizations to deliver incremental performance improvements.
Optimization examples
- Acceptance: Network Tokens can offer better acceptance rates, lower interchange fees and a more secure way to share card information. However, not all issuers adopt this credential-sharing method at the same time. Intelligent Acceptance only utilises Network Tokens if the issuer supports them and the predicted cost is lower, or chance of success is higher, than PAN credentials. Additionally, Intelligent Acceptance will automatically format, amend or add SCA, ISO data and more to ensure payments are formatted to scheme and issuer’s preferences.
- Cost: Intelligent acceptance can also be used to drive down costs by dynamically routing transactions to the network with the lowest fees, in markets where multiple debit, local or global payment networks are available – such as the US.
- Compliance: Intelligent Acceptance instantly identifies if a transaction requires 3DS authentication, and if it has not been triggered in the initial payment request, available 3DS authentication data is automatically added to the payment request to ensure the transaction is compliant.
“Klarna benefits from the improved authorization rates thanks to the adjustments made in the background, which would otherwise result in lost volume. On top of that, Intelligence Acceptance helps to minimise extra payment costs applied by schemes due to the same transaction being processed in a manner which does not fit in issuer preference. Improved acceptance rate resulting in better customer experience, and reduced payment fees are main benefits of the tool”, said Tomer Turbovich, Senior Engineering Manager & Money Movements account group lead at Klarna, a leading online payments provider.
False declines are a $50.7 billion problem for businesses
The launch comes at a time when business leaders seek to drive new revenue and make cost efficiencies across their businesses to reconcile increased operating expenses. Intelligent Acceptance can reduce the number of incorrectly declined transactions through continuous testing, but can be configured to lower transaction fees and reduce operational overheads. Research conducted by Checkout.com alongside Oxford Economics found that $50.7 billion was lost in 2022 due to false declines, where a customer with enough funds in their account has a purchase declined. As a result, close to 25%[1] of consumers abandoned a purchase due to too much friction, resulting in significant lost revenue for merchants.
“Any friction in the payment process can have a detrimental impact on the adoption of the products we offer as we reimagine the consumer experience inside a restaurant. Reducing the likelihood of an early adopting customer having a bad first impression of Sunday is paramount to our success – Checkout.com is reducing the likelihood of this happening”, said Daniel Hosking, VP of Payments at Sunday.
Intelligent Acceptance is the latest solution from Checkout.com’s Payments Plus offering. It follows on from recent launches of Authentication enhancements, customisable virtual and physical cards with Issuing, Fraud Detection Pro to help merchants combat fraud and optimise their revenues and Integrated Platforms, a fully flexible solution to support marketplaces and payfacs in an evolving digital economy.
To learn more about Checkout.com Intelligent Acceptance, visit our website.
- Read the full Klarna, Reach and Sunday case studies here.
- Intelligent Acceptance is now available for all merchants globally.
About Checkout.com
Checkout.com is a global payments solution provider that helps businesses and their communities thrive in the digital economy. Purpose-built with performance, scalability and speed in mind, its modular payments platform is ideal for enterprise businesses looking to seamlessly integrate better payment solutions. Checkout.com is trusted by global businesses like Sony, Wise, GE Healthcare and Shein. With a global team spread across 19 offices worldwide, it offers innovative solutions that flex to your needs, valuable insights that help you get smart about your payments’ performance, and expertise you can count on as you navigate the complexities of an ever-shifting world. Find out more at www.checkout.com.
[1] “EU Strong Customer Authentication (SCA) Mandate Won’t Eliminate Fraud or Need for Fraud Detection“, Payments Journal
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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