Adyen, a global financial technology platform, has unveiled
its partnership with Cover Genius, an insurtech company specializing in
embedded protection solutions. This collaboration aims to enhance the payment
processing capabilities of Cover Genius across multiple continents, including
the Americas, Europe, and the Asia-Pacific region.
Optimizing Online Transaction Authorization
As part of the partnership, Adyen will serve as one of Cover
Genius’s payment processing partners, facilitating the integration of local
payment methods into the insurtech company’s platform. By leveraging Adyen’s
expertise in payment processing, Cover Genius seeks to optimize its
authorization rates for online transactions, thereby improving the overall
customer experience.
Cover Genius identified the need for a financial technology
partner capable of supporting its diverse range of local payment methods on a
global scale. Through its collaboration with Adyen, Cover Genius aims to expand
its reach and offer secure payment options to customers worldwide.
Adyen and Cover Genius Team up to Enhance Payment Experiences for End-Customers [Sydney]https://t.co/5lg9fyc2uN
— PaymentsNews.com (@paymentsnews) May 9, 2024
3D Secure Solution: Balancing Security and Convenience
One of the key features of the partnership is the
implementation of Adyen’s fraud and security solution, known as 3D Secure. This
technology utilizes an authentication engine powered by machine learning to
assess transaction risk levels and determine the appropriate level of
authentication needed. By striking a balance between security and user
convenience, Adyen’s 3D Secure solution aims to boost transaction authorization
rates while maintaining a seamless payment experience for customers.
“As Australians look to make savings wherever possible in an
increasingly challenging economic climate, insurers need to portray value
through digital experiences and leverage insights, if they’re to remain top of
mind as a non-discretionary cost. At Adyen, we are seeing increased investment
from insurtechs in digital transformation to offer more relevant choices to
their customers,” said Hayley Fisher, Adyen Country Manager, Australia and New
Zealand. “We’re thrilled to work with Cover Genius in providing the
best-in-class customer experience and improving business operations.”
This article was written by Tareq Sikder at www.financemagnates.com.
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