Top takeaways from Money20/20 Amsterdam 2023
Sift recently had the pleasure of participating in this year’s Money20/20 Europe conference in Amsterdam, one of the largest and most influential shows in fintech.
Money20/20 is home to the industry’s boldest and brightest global leaders and challengers. From tech giants to fast-growing startups, the conference brings the diverse industry of fintech together to prepare for what’s coming next in the payments ecosystem. This year, over 8,000 attendees from more than 90 countries convened to access knowledge, trends, expert insights, and ideas for future innovations. Read on to discover some of the top insights from the Sift team that were discussed at the conference.
Sift launches expanded partner program
One of the biggest highlights of the conference for the Sift team was launching the expansion of the Sift Partner Program. Building on Sift’s existing partnerships with industry leaders such as Checkout.com, Jumio, and Primer, the extended program is designed to speed up the time-to-success and time-to-revenue for partners.
Sift now offers a single, unified program that supports multiple business models and all partner types to remove the complexities of partner onboarding and integration. The program equips partners with the training, enablement, marketing, and certifications needed to foster engagement, build community, and drive growth.
“Our customers have a clear need for a solution that allows them to scale their risk decisioning efforts, and they naturally seek our counsel on the best path forward,” said Gabriel Le Roux, Co-founder of Primer, a no-code automation platform for payments and commerce. “Working with Sift has been a fluid and straightforward process. The fraud decisioning capabilities found in the platform—in combination with our own—have allowed us to provide more sophisticated, end-to-end payments and commerce journeys to our merchants.”
Learn more about the Sift Partner Program.
The future of payment orchestration
Payment orchestration bubbled up as one of the most widely discussed topics at Money20/20 Europe. As more and more everyday transactions move online, the payments engine has become the most critical piece of infrastructure across industries. With more businesses patchworking their payment infrastructure together with various tools and solutions, the orchestration between them is becoming more fragmented and fragile.
Although it’s common for fast-growing businesses to add new toolsets, over time, fraud systems will likely get bogged down by redundant internal tools and vendor solutions. The lack of interoperability becomes a significant challenge for optimization, leading to incomplete reporting, latency implications, and inefficiency due to toggling between too many tools.
In order to reduce fragmentation for payment orchestration and create more seamless processes, businesses need to prioritize automation. By consolidating tools and integrating the data between them automatically, businesses can reduce the amount of manual effort required for day-to-day operations.
With our roots in solving the specific needs of digital-native companies, Sift is uniquely set up to simplify the payment orchestration process. The platform is designed to integrate with existing technology in a single, user-friendly portal. Sift Workflows, for example, are fully customizable for business’ unique processes and needs, making it easy to make risk-based decisions based on reliable data in real time.
Discover the different types of fraud solutions and how their capabilities stack up against each other in our Evaluation guide for online fraud solutions.
Fighting first-party fraud
Persistent first-party fraud has come up as a buzzworthy topic at nearly every conference Sift has attended recently, and Money20/20 was no exception. Many of these discussions at the conference centered around the recent Visa compelling evidence update and how it’s impacting businesses. The updates are designed to make it easier for merchants to combat rising chargebacks—a problem that’s expected to cost merchants over $100 billion this year.
Visa’s new guidelines are intended to allow merchants to win more illegitimate disputes and reduce the number of overall chargebacks by providing evidence of previous legitimate transactions. Merchants’ ability to deliver this information, however, will depend on the tools, technology, and resources at their disposal. It’s now more important than ever to have a comprehensive fraud prevention and dispute management program in place that allows risk teams to run transaction history, view relevant data, and identify suspicious activity in order to submit compelling evidence quickly and easily.
For more fraud insights from the Sift team, visit our Fraud Intelligence Center.
The post Top takeaways from Money20/20 Amsterdam 2023 appeared first on Sift Blog.
*** This is a Security Bloggers Network syndicated blog from Sift Blog authored by Kathryn Schneider. Read the original post at: https://blog.sift.com/top-takeaways-from-money20-20-amsterdam-2023/?utm_source=rss&utm_medium=rss&utm_campaign=top-takeaways-from-money20-20-amsterdam-2023
