In recent years, technology has disrupted almost all the sectors, and the payment and card industry is no different. The emergence of Fintech, new technologies, and the ever-evolving regulatory landscape along with the increased customer expectation has led to the development of an open and collaborative payment ecosystem. Understanding the requirements of today’s payment landscape, Pieter van der Does and Arnout Schuijff, along with a group of entrepreneurs led the foundation of Adyen in 2006 with an aim to reinvent payments for the global economy. Adyen focuses on building a modern infrastructure directly connected to card networks and local payment methods across the world, allowing for a unified commerce and providing shopper data insights to merchants. The modus operandi of Adyen is that it involves the benefits of all merchants. The company takes pride in building an ethical business and drives sustainable growth for the merchants as well as believes in working as a team–across boundaries and time zones.
Through its platform, Adyen allows merchants to accept payments in a single system, facilitating revenue growth online, on mobile devices and at the point of sale (POS). The platform also provides data-rich insights to merchants to help them in learning the customer behavior. It helps in recognizing shoppers across channels as all the data collected from all sales channels, and geographies get stored in the same system, making it easy to support customer journeys anywhere in the world.
We are highly focused on transforming the online and in-store payment experience
Not only is this, but the additional benefits that the merchants get with the platform are a detailed view of the payment flow, gaining an insight into the factors which affect the success or failure of the transactions. "Merchants around the world turn to Adyen for a simpler, more powerful payments platform. We are highly focused on transforming the online and in-store payment experience. Our robust growth points to the strength of our unified commerce solution,” says Pieter van der Does, co-founder and CEO of Adyen.
Besides, there are two prominent features of the platform that set Adyen apart from its competitors, and these are RevenueAccelerate and RevenueProtect. RevenueAccelerate is a suite of data-driven tools that work in the background of every payment to deliver the best results. It uses real-time machine learning to automatically test and optimize every single transaction. While RevenueProtect, Adyen’s built-in risk management solution helps in identifying loyal shoppers and minimizing fraud. The solution uses a smart fraud system that combines rule-based components with the latest in machine learning.
There are many high-profile customers, like Uber, Etsy, eBay and many more that trust Adyen for their powering growth. In one such instance, Westwing Home & Living approached Adyen to block fraudsters. Westwing, a market leader in online home furnishing in 15 markets worldwide, was looking for a solution that can distinguish between fraudsters and legitimate shoppers, so it could recognize and block bad transactions while not disturbing the good ones. “Adyen has been an excellent partner in our work to combat fraud. RevenueProtect's ShopperDNA has transformed risk management for us. The ability to view shoppers in real-time has enabled us to fight fraud without blocking our genuine customers. As a result, our risk refusal rates are down to 0.2 percent, which means that the overall risk refusals were reduced by approx 98 percent,” mentions Shejn Tahirsylaj, Senior Payment & Project Manager at Westwing.
In the future, Adyen aims to enhance its services and hope to serve as many clients as it could. Recently, the company has expanded its unified commerce offering to Canada. With this expansion, Adyen strengthens its global footprint, which already extends across North America, Europe, Latin America, and the Asia Pacific.