Tink Launches Risk Engine to Revolutionize Instant Payments Security
Open banking platform Tink has taken a major stride towards enhancing the security of instant payment transactions with the launch of their advanced rules-based risk engine, according to Finextra. Named «Risk Signals,» this groundbreaking tool is designed to shield merchants from potential fraud risks when operating on instant payment rails.
Tink’s new offering aims to eliminate the long-standing dilemma that businesses face when balancing the need for speedy checkouts and the imperative to reduce payment fraud risks. Risk Signals enables swift assessment of transactions in mere seconds, even as the payer proceeds through the payment process.
The core strength of Risk Signals lies in its ability to harness account, balance, and transaction data shared with valid consent from the payer. Leveraging this data, the engine makes highly accurate risk assessments in the background, effectively minimizing the threat of fraudulent activities. This revolutionary technology is particularly valuable in markets without real-time settlement capabilities.
Risk Signals is comprised of a versatile suite of risk checks, which Tink can tailor to individual banks and markets. These checks encompass live balance assessments, transaction history evaluations, and velocity checks, all of which contribute to a robust security framework.
The product is set to make its debut in Europe, with an initial rollout in Germany. Leading payment service provider Adyen has already adopted Risk Signals, illustrating its potential and effectiveness. Dirk Jan Meijers, payment partnerships lead, Europe, Adyen, shared his perspective, stating, «By leveraging the real-time risk analysis during payment processes, Adyen can offer a payment option that not only ensures security and reliability but also aligns perfectly with both merchants’ and shoppers’ expectations.»
Tom Pope, Senior Vice President of Payments and Platforms at Tink, echoed the sentiments of Tink’s partners, emphasizing the significance of Risk Signals. He noted, «Risk Signals is an ideal fit for businesses looking to offer a secure and fast payment method, especially in markets without real-time settlement, like Germany. With Tink’s Risk Signals, you no longer need to compromise between a fast checkout and reducing risk.»
Tink’s launch of Risk Signals represents a major step forward in the realm of instant payments security. By combining speed and security, this innovative risk engine promises to reshape the landscape of online payments, offering both businesses and consumers the peace of mind they deserve.