DATA SHEET: Fraud for Telco
Provenir: Application Fraud for Telcos
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Flexible. Smart. Strategic. Instant decisioning technology that underpins your business goals.
Whether you’re looking for global expansion and new product lines, or hyper-personalization and maximized portfolio performance, our dynamic, strategy-friendly decisioning platform can help. Enable real-time approvals, inclusive services, customer growth, and more innovative product offerings – without the hassle of legacy technology, vendor reliance, limited data access, hard-coded rules, inaccurate models, and extensive build times. Discover why Provenir is the easiest decision you can make.
Whether you’re looking for global expansion and new product lines, or hyper-personalization and maximized portfolio performance, our dynamic, strategy-friendly decisioning platform can help. Enable real-time approvals, inclusive services, customer growth, and more innovative product offerings – without the hassle of legacy technology, vendor reliance, limited data access, hard-coded rules, inaccurate models, and extensive build times.
Discover why Provenir is the easiest decision you can make.
What is a decision engine and how does it help your business processes?
In 2022, 4.6% of all global digital transactions were potentially fraudulent. And there was an increase of nearly 40% in cases of true identity fraud in financial services (from 2019-2022). What can you do to keep up with increasingly sophisticated fraudsters and their continually evolving threats? Invest in sophisticated decisioning solutions that enable you to consolidate disparate data sources into a single stream of usable data that can ensure more accurate fraud risk decisions. See how Provenir’s AI-Powered Decisioning Platform offers you optimized data orchestration in one truly holistic solution.
In the dynamic landscape of financial services, strategy-driven decisioning across identity, fraud, and credit is a pivotal driver in shaping a business’s future success. Join the financial service leaders who are meeting strategic goals, managing risk, and maximizing customer value with Provenir. Discover the holistic decisioning difference in the datasheet.
Are you struggling to stay ahead of the competition? Discover how to take your credit risk strategy to the next level with Provenir’s AI-Powered Data and Decisioning Platform. From the agile, business-user-friendly, low-code user interface to powerful automation and data integration technology, Provenir gives your team the tools it needs to get ahead, and stay ahead, of the competition.
The merchant onboarding process sits at the crux of the payments segment, its efficacy the basis for or deterrent of growth for organizations in this soon-to-be $2-trillion industry. Rapidly evolving, the global payments industry faces challenges and opportunities brought on by regulatory changes, macroeconomic trends, and fintech’s foray into the payments business.
As payments organizations navigate the circumstances of the industry none are immune from the digital transformation that is sweeping financial services as a whole. Customers and merchants grow accustomed to speedier, more convenient service, turning payments providers to digital infrastructure improvements to gain advantages in speed and flexibility. Meanwhile, up and coming startups are bursting onto the scene with unprecedented agility.
“The transformation and disruption of the merchant services business is playing out right in front of our eyes – and in real time. I would characterize it as co-opetition on steroids right now as hardware, software, payments, processing services and new platforms all converge, consolidate and collide to reshape the merchant services supply chain in entirely new ways.”
– Karen Webster, President of PYMNTS.com
This guide to faster merchant onboarding explores foundational themes within merchant onboarding while offering the resources to dive deeper into topics of interest such as:
Merchant acquisition is plagued by the same age-old challenges around regulations, trends, and competition that reflect the payments industry at large. However, where the industry dynamic once danced between the competitive margins negotiated by large retailers and the compliance headaches brought on by smaller merchants, the spectrum has spread to include the burgeoning marketplace economy. This is a world where everyone is a merchant, rendering merchant onboarding volume and transactional volume simultaneously opportunistic and challenging. A segment of innovative payments firms is navigating the risk and compliance gap that the marketplace economy has introduced.
Some of the biggest disruptors in the payments segment have excelled with five-minute onboarding times in the face of an industry that traditionally accepted a 3-5 day, even up to weeks-long, merchant onboarding process. Shrinking onboarding cycles that automate compliance coupled with advanced analytical capabilities are contributing to simpler-than-ever merchant experience as processors and facilitators are able to handle the astounding volume.
The nature of each transaction and associated risk will determine its responsibility with regard to various global KYC statutes. For example, payments facilitators face regulatory requirements on either side of the decoupled transaction. They are subject to regulations as they charge customers, and again when they disburse funds to merchants. In some scenarios, payments providers are assuming additional risk on behalf of merchants and so KYC processes are integrated into complex credit risk workflows. Intricacy only increases when companies are engaging in cross-border activity or operating in particularly regulated industries.
While the KYC/AML component of the merchant onboarding process used to be highly manual, today’s foremost payments firms are adopting advanced automation technologies to support:
Like every corner of the payments universe, transaction monitoring and AML/CFT compliance are being propelled forward by technological progression. In fact, three movements have most significantly impacted AML/CFT monitoring:
Historically, AML exposure data has been centralized to a select group of firms – packaged and commercialized for global use. However, around the time we gained the ‘Big Data’ buzzword, payments firms gained accessibility to a whole slew of untapped data. Pair the variety and volume of data that has become available with enhanced analytical capabilities, and compliance professionals now hold the reigns when it comes to powerful, data-centric AML/CFT insight.
In this era of automation, transaction monitoring strategies have to acknowledge the need for efficient data aggregation — the ability to analyze data is no longer enough. Web crawling technologies and copious APIs have opened up the world of data, and forward-thinking companies are capitalizing on its availability.
Sir Arthur Conan Doyle, Adventures of Sherlock Holmes
In the meta-story, processing power has seen exponential uplift since the day we put an abacus in a museum. Let’s be precise: We have seen a 1-trillionfold increase in processing power over the course of 60 years.
In parallel to improved computing performance, we have also experienced a shift from primarily bare metal environments to cloud or hybrid infrastructures which introduce new opportunities.
Machine learning is the future. Machine learning is here. It’s everywhere and for good reason. But, it’s not new. Machine learning in theory and application has a long history in academia and computer science. Now, it’s making its way into the mainstream of, well, everything – financial services notwithstanding.
Payments firms are familiar with machine learning techniques in transaction monitoring and data sciences are only becoming more predictive with time. Many firms are exploring ensemble models like Random Forest and Gradient Boosting to increase stability and accuracy in predictive analytics.
Provenir’s unified risk analytics and decisioning Platform can automatically gather data from multiple systems and bureaus, standardize and analyze it to drive a decision. With Provenir, you can complete KYC, AML and other compliance processes in minutes, offering clients quick onboarding while improving compliance at lower cost.