Fiserv Integrates E-Commerce Solutions Into Its Portfolio in Mexico

Rhea-AI Summary

Fiserv has announced the integration of Vesta's fraud prevention solution into its e-commerce payment gateway in Mexico. This partnership aims to reduce fraud-related chargeback risks for online merchants. The Vesta platform offers a 'Zero Chargeback Guarantee' and aims to enhance transaction approval rates, addressing the growing concern of Card Not Present (CNP) fraud, which cost retailers $35.5 billion globally in 2020. With a goal to reach over 30,000 Mexican businesses, this initiative underscores Fiserv's commitment to providing advanced technology solutions for enhanced online security.

Positive

• Integration of Vesta's fraud prevention platform enhances e-commerce security.
• Offers a 'Zero Chargeback Guarantee' to mitigate transaction risks.
• Targets over 30,000 Mexican businesses to expand service outreach.

Negative

• None.

MEXICO CITY, July 21, 2021 /PRNewswire/ -- Fiserv Inc., a leading global provider of payments and financial services technology, today announced the integration of a cutting-edge fraud prevention solution into its e-commerce payment gateway to reduce the fraud-related chargeback risk for Mexico's online commerce.

The Vesta fraud prevention platform helps secure online payment transactions, reduces the decline rate, and includes a "Zero Chargeback Guarantee."

"We celebrate partnering with a security expert such as Vesta for fraud prevention in online payments, and we're proud that Fiserv is the first player in the Mexican market to integrate this kind of solution. Thanks to the joint efforts between Fiserv and Vesta, we're able to offer an alternative that mitigates fraud exposure for Mexico's merchants offering e-commerce, and, at the same time, reduce the chargeback risk related to those transactions," stated Sergio Villarruel, Sales and Marketing Director for Fiserv in México.

"Fiserv is a global leader for payments, just like Vesta is the global leader for solutions that aim to prevent and reduce fraud exposure," said Oscar Bello, General Manager for Vesta Americas. "As a first step, we aim to offer our solution to more than 30,000 business enterprises in Mexico".

Bello adds: "Our models adapt to new threats and are continuously updated. Our approval rate is one of the best of its kind and we also offer a "Zero Chargeback Guarantee" that provides coverage for the transactions processed by this solution."

Cybercriminals are increasingly modernized with sophisticated mechanisms to intercept user payments and wreak havoc, hence the importance of introducing to the market a solution that detects anomalies in transactions, reduces transaction decline rates and represents a lower cost for fraud detection for Mexican e-commerce.

According to Vesta, Card Not Present (CNP) fraud resulted in nearly $35.5 billion dollars in losses worldwide in 2020, and an amount estimated to triple in the next four years. Vesta also points out that for each dollar lost to fraud, retailers spend three times the amount in prevention efforts.

With this partnership, Fiserv reaffirms its mission to deliver superior value to clients through leading technology and strategic agreements that benefit businesses. Starting today, Fiserv and Vesta start a new chapter to provide a better e-commerce customer experience in Mexico with more fraud protection and fewer declines.

In a world that moves faster than ever, Fiserv helps clients provide solutions that keep up with how people live and work today – financial services at life's speed. Learn more about Fiserv in fiserv.com/es-mx.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and is among FORTUNE Magazine World's Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news

About Vesta

Vesta is the only instant, end-to-end transaction guarantee platform for online purchases, delivering unparalleled approval rates, a better customer experience and eliminating fraud for leading brands in telco, e-commerce, travel, and financial services. Using machine learning backed by 25 years of transactional data history, Vesta increases approvals of legitimate sales for its customers, while eliminating chargebacks and other forms of digital fraud, driving the true cost of fraud to zero and transferring 100% of the liability for fraud, including chargeback processing, so customers can focus on increasing sales. The company is headquartered in Portland, OR, with offices in Atlanta, Miami, Ireland, Mexico, and Singapore. For more information visit www.vesta.io.

View original content:https://www.prnewswire.com/news-releases/fiserv-integrates-e-commerce-solutions-into-its-portfolio-in-mexico-301338924.html

SOURCE Vesta; Fiserv Inc.

FAQ

What is FISV's recent partnership announcement about?

Fiserv has integrated Vesta's fraud prevention solution into its e-commerce payment gateway in Mexico.

How does Vesta's solution benefit FISV's clients?

It reduces fraud-related chargeback risks and improves transaction approval rates.

What is the projected impact of Card Not Present fraud?

CNP fraud is estimated to triple globally, highlighting the need for enhanced fraud prevention.

How many businesses in Mexico does FISV plan to reach with the new solution?

Fiserv aims to provide services to over 30,000 business enterprises in Mexico.