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.
Adyen Launches Direct-To-Merchant Payment Service
Adyen, the payments platform, has launched a new payment service that is powered by open banking.
In a press release, the company said it launched an alternative to card payments that takes advantage of the European Union’s Payment Service Directive (PSD2) requirement for banks to create APIs for third parties to initiate payments on behalf of consumers. Adyen said it is one of the early adopters to launch a PSD2 API payment method that provides direct APIs into leading U.K. banks. The company said it now delivers access to more than 90 percent of consumer accounts in the U.K.
“Adyen constantly strives to innovate and simplify the payments process for consumers and merchants,” said Myles Dawson, U.K. Managing Director of Adyen, in the press release. “Bank transfers between consumers and merchants are already extremely popular in mainland Europe because they offer greater fraud protection without adding friction to the payment process. We are excited to be the first payments provider to offer a fully-compliant, direct payment solution in the UK and it has been great to work with the Open Banking Implementation Entity to bring these benefits to consumers and merchants.”
The new payment service is being launched in the U.K. first, with plans for it to be rolled out into other European markets in the future. Open banking payments are authenticated between consumers and their banks, which means merchants can avoid chargebacks that are generated because of fraud or because the funds couldn’t be captured. The service works similar to other online banking methods in that a customer selects the payment type during checkout and is then redirected to their bank’s online banking environment to confirm the payment. The bank uses the customer’s preferred method of authentication, whether it is face ID, touch ID or an online banking password which enables the funds to be sent directly from the consumer. Ayden handles the payment flow between the bank and the merchant.
“It is exciting to see another great example of open banking powering innovation and leading to new services which ultimately help drive efficiencies in payments,” said Imran Gulamhuseinwala, OBE, trustee of the Open Banking Implementation Entity, in the press release. “Using Open Banking, Adyen is a great example of how consumers and organisations can benefit from increased collaboration and secure data sharing between financial institutions.”