DirectID has announced that it has signed PayShield as a customer.
PayShield will be utilising DirectID to help their merchants reduce fraud and offer dispute management in their ecommerce solutions.
PayShield utilise AI driven tools to reduce fraud and boost conversions for its customers working in ecommerce.
DirectID’s solution will display to a user that the account details that have been offered to them correctly match the users bank account.
DirectID has connections with over 13,000 banks across 65 countries across the world. DirectID is currently utilised by over thirty major companies globally, including Best Egg, RBS, Standard Life Aberdeen and Xe.
Speaking on the agreement, DirectID CEO, James Varga, commented:
Verifying that bank account details match those on file is one of the simplest and most effective use-cases for Open Banking. We have seen many of our customers use this simple solution to help them reduce fraud and error rates, and remove any potential criminality from the process. I’m delighted that PayShield will also be benefiting from our Bank Account Verification solution.
Bruce Parker, Co-Founder at PayShield said:
Ecommerce has at times struggled with fraud, but by using a tool like bank account verification, it is possible to mitigate against much of this risk. I’m delighted to be working with DirectID to help us offer a better experience to our customers and ensure there is minimal risk of fraud.
PayShield is committed to providing industry-transforming fraud and chargeback management solutions that protect eCommerce merchants from Card-Not-Present (CNP) fraud whilst maximising online revenue. PayShield’s AI-based fraud prevention platform uses rule-based and machine learning techniques to detect and respond in real-time to deliver guaranteed fraud protection, instant chargeback reduction and immediate revenue recovery for merchants and partners worldwide.
Find out more information on PayShield at https://payshield.ai/