Fintech PR

Checkout.com launches Intelligent Acceptance, an AI-powered optimization engine that boosts acceptance rates and increases merchant revenue

Published

1 year ago

June 27, 2023

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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Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

4 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.

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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html

Fintech PR

China Telecom Gulf Officially Launches in Saudi Arabia for Business

Published

5 hours ago

November 23, 2024

CISION (PR Newswire)

china-telecom-gulf-officially-launches-in-saudi-arabia-for-business

HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company (STC), Bank of China, Huawei, and others attended to witness this momentous occasion.

In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.

Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.

China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.

During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.

The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.

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View original content:https://www.prnewswire.co.uk/news-releases/china-telecom-gulf-officially-launches-in-saudi-arabia-for-business-302314765.html

Fintech PR

Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

Published

20 hours ago

November 23, 2024

CISION (PR Newswire)

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SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

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