Open banking platform Tink has introduced a rules-based risk engine designed to safeguard merchants from fraud during instant payment processes.
Tink’s new feature, Risk Signals, enables businesses to avoid choosing between quick checkouts and minimizing risk. It assesses transactions in seconds as the payer navigates the payment process. By utilizing account, balance, and transaction data shared with valid consent from the payer, the engine makes more precise risk evaluations to reduce fraud, with these checks occurring seamlessly in the background during checkout. Thanks to Tink’s extensive bank connectivity across Europe, it offers a secure, rapid, and high-converting payment solution, particularly in regions lacking real-time settlements.
Risk Signals includes a customizable suite of risk checks tailored to specific banks and markets, featuring live balances, transaction history, and velocity checks. The rollout will start in Germany, where major payment service provider Adyen is already implementing the solution.
Dirk Jan Meijers, payment partnerships lead for Europe at Adyen, stated that leveraging real-time risk analysis during payment processes allows for a payment option that ensures both security and reliability, meeting the expectations of merchants and shoppers alike.
Tom Pope, SVP of payments and platforms at Tink, emphasized that Risk Signals is perfectly suited for businesses seeking a secure and efficient payment method, particularly in markets without real-time settlement, such as Germany. With Tink’s Risk Signals, businesses can optimize the balance between a fast checkout process and risk reduction.
For further information about developments in payments, visit NextGen Nordics on April 23, 2024.