Worldpay Expands Fraud Prevention Capabilities With Ravelin Acquisition
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Worldpay announced that it had reached an agreement to buy Ravelin, a company that used AI to stop fraud. The firm explained that Ravelin was based in London, UK, and helped online businesses stay safe. The deal was expected to close in the first part of the year.
According to Worldpay, this purchase would add new tools to its payment services and help businesses grow safely. Charles Drucker, the Chief Executive Officer of Worldpay, said that online businesses needed strong AI tools to fight fraud. He believed Ravelin’s technology and knowledge would improve the company’s services.
Worldpay Expands Fraud Protection With Ravelin To Strengthen Online Security
Ravelin provided tools that helped businesses find and stop fraud, including fake payments, stolen accounts, and fake refunds. It also helped check if customers were real using 3D Secure. The company said that its cloud-based AI platform would also help Worldpay approve more payments.
Martin Sweeney, the co-founder and Chief Executive Officer of Ravelin, believed that Worldpay’s large network and experience would help Ravelin grow and reach more businesses.
He pointed out that Worldpay handled about $2.5 trillion in payments and over 50 billion transactions in 2014, which would support Ravelin’s goal of stopping online fraud.
Grant Shipway, a senior risk manager at River Island, a UK clothing store, explained that Ravelin’s system helped stop fraud. He said the system gave a clear view of each payment and the person behind it. This helped the store prevent fraud while giving honest customers a good experience.
Worldpay Balances Security And Customer Experience
Shipway noted that customer fraud was a serious problem but stopping it should not harm real customers. He believed that businesses needed to balance security with customer experience.
Sunny Thakkar, who leads fraud and security products at Worldpay, explained that businesses needed to build trust in their payment systems. He stated that companies that managed risk well and kept their customers safe would earn their trust and loyalty.
Thakkar pointed out that it was important to stop bad actors without making it hard for real customers to shop.
Worldpay described itself as a leader in payment technology and shared that it helped businesses handle payments online and in stores worldwide. It stated that it processed more than 50 billion transactions every year across 146 countries and 135 currencies.
Ravelin presented itself as a trusted fraud prevention company that used AI to help businesses stay safe. It shared that it had experience stopping fraud and focused on helping companies grow in the digital world.
