With an increasing trend of businesses taking ‘card not present’ payments online, MYOB has partnered with The ai Corporation to deliver an industry-leading payment gateway that actively works to detect and protect against fraudulent activities.
Every year, millions of dollars are lost to fraud, causing retailers and other business owners to spend an increasing amount of time and money in improving their defences.
But a new partnership between the FCA-approved expert in payments, fraud and risk management, The ai Corporation and MYOB means there’s now a world-class solution providing 1.2 million customers with more security than ever.
MYOB PayBy payment solutions and services, which will be protected by The ai Corporation’s machine-learning technology, help Australian and New Zealand businesses and their suppliers get paid faster and have more control of their sales process.
The payments solution enables users to customise, send and track invoices as well as accept credit card payments, while ai’s solution provides easy access to mainstream and alternative payment methods, ensuring maximum sales conversion and payment acceptance, while simultaneously mitigating risk exposure.
The ai Corporation’s risk management engine, RiskNet® lies at the heart of the technology, utilising defined rules and a wealth of data to determine which transactions are most likely fraudulent.
This system allows business owners to take a proactive approach to verifying card-not-present transactions, potentially saving thousands of dollars along the way.
“We are delighted to be partnering with Australia’s leading accounting software provider,” said Dr Mark Goldspink, chief executive of ai.
“Our new payment gateway and fraud prevention system is suitable for companies of all sizes, from SMEs to multi-national corporations. aiGateway™ is fully compliant with Australia and New Zealand’s national regulations, while maintaining international acquirer access.
“The platform uses state-of-the-art technology, which delivers a user experience that is reliable, easy to use, and complementary to day-to-day transactional needs.”
MYOB chief operating officer, Andrew Birch said the move to embed The ai Corporation’s technology will “enhance [MYOB’s] leadership across Australia and New Zealand in the payments market”.
“The ai platform is proven technology that will give our customers more choice and will further help MYOB to protect our customers from cyber-attacks,” said Birch.
For more information on fraud detection and prevention, visit the MYOB PayBy website and watch the video.