IdentityMind Global Partners with ONPEX to offer Risk-Managed Payment Platform for e-Commerce and FinTech Companies

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Closely integrating payments and fraud prevention, the partnership will prepare online merchants for the rising CNP fraud rates due to EMV adoption and the expansion of FinTech payment models.

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Online merchants, Payments, and FinTech companies need fraud prevention that can augment their sales and provide cross border payments, while still maintaining low chargebacks and operational expenses.

IdentityMind Global, pioneer in digital identities for risk management and digital commerce, announced today a partnership with award-winning ONPEX, The Online Payment Exchange. The partnership will offer ONPEX and IdentityMind Global clients a single integration to manage credit card payments, fraud prevention, risk management, and anti-money laundering compliance.

For years, IdentityMind technology has provided fraud prevention solutions that incorporate real-time and historical payment data (e.g. authorization codes, chargeback reason codes, CVV and AVS results) as part of the heuristics and behavioral analysis at the forefront of the transaction evaluation. This has proven fundamental to detecting payment fraud, and the tighter the integration between the payment life cycle and risk assessment, the better the results.

To enhance its service offering, IdentityMind has chosen ONPEX as a key partner. ONPEX’ global, white-label cloud payment solution powers hundreds of merchants, PSPs, ISOs, banks and acquirers in over 90 countries. It combines card processing with alternative payment methods on one omni-channel Platform as a Service (PaaS) and helps accelerate international expansion and grow businesses. Now, these businesses will also benefit from IdentityMind Global’s security solutions.

“The adoption of EMV is visibly increasing rates of Card Not Present (CNP) fraud, and it’s going to get much worse before it ever gets better,” said Garrett Gafke, IdentityMind Global President and CEO. “Online merchants, Payments, and FinTech companies need fraud prevention that can augment their sales and provide cross border payments, while still maintaining low chargebacks and operational expenses. Our clients see manual review rates between 3% and 5%, and decline rates between 1-3%- numbers that are far below industry averages.”

“We are excited to partner with ONPEX, a solid, and award-winning white-label payment platform that focuses on simple, automated and transparent payments. ONPEX will help us deliver integrated payments into our Risk Management Platform", said Gafke.

“Online merchants continually demand more sophisticated and integrated payment and risk management services”, said Christoph Tutsch, CEO of ONPEX. “IdentityMind is presenting the market with an innovative level of integration between payments and fraud prevention that will benefit our clients and merchants greatly. We are excited to be working closely with them as partners in this endeavor."

In addition to the benefits above, with this new partnership, IdentityMind clients will now be able to integrate both payments and fraud within the same interface, reducing the cost and complexity of operationalizing both payments and fraud prevention.

IdentityMind Global payment services are immediately available for online merchants and FinTech Companies worldwide.

About IdentityMind Global
IdentityMind Global™ pioneered digital identities for e-Commerce. Their on-demand platform provides identity-based payments, risk management, fraud prevention and anti-money laundering services for Acquiring Banks, Payment Processors, Gateways, Payment Service Providers (PSP/ISO/MSP,IPSP), Digital Currency Exchanges, Financial Institutions (Banks, Money Service Businesses (MSBs), Money Transmitters, Online Lenders) and e-Commerce Merchants.

The IdentityMind™ platform provides real-time risk management using patent-pending Electronic DNA (eDNA™) technology to track the different entities (consumers, merchants, cardholders, payment wallets, alternative payment methods, etc.) involved in every transaction. These entities are tracked over time to build payment reputations, which are used to evaluate fraud, merchant account applications, consumer account origination, identity verification services, potential money laundering, and more. These reputations are shared during analysis so everyone can benefit from the “network effect” while protecting the privacy of all entities involved. For more information, visit http://www.identitymindglobal.com.

About ONPEX
ONPEX is a global, white-label cloud payment solution combining local and cross-border card processing and international alternative payment methods on one omni-channel Platform as a Service (PaaS). ONPEX solutions accelerate international expansion and the development of banks, PSPs, ISOs and developers and offer the flexibility they need to grow globally in the payment business. ONPEX has connectivity to hundreds of acquirers, alternative payment methods and payment related solutions internationally and operates entities in Europe, North America and Asia.

For more information about ONPEX, please visit http://www.onpex.com

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Geo Coelho
@IdentityMind
since: 02/2012
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