ReD, an international supplier of payment card fraud prevention and value-added transaction services has extended its relationship with euroConex, a pan-European payment processor to financial institutions and retailers, to include payment gateway services.
ReD completed the integration of its payment gateway service, the ReD1 Gateway, in May. The ReD1 Gateway is now providing merchants access to the extensive multi-currency payment-processing platform. As a result, euroConex and ReD are able to offer merchants one single point of integration for payment processing and fraud screening services.
Commenting on the new contract, Carl Clump, CEO at ReD, said "euroConex has reacted to the rise in online and mail order/telephone order card fraud by offering its European client base this integrated approach based on our service offering. By supplementing our fraud screening processes with card present and card-not-present payment processing, euroConex has sent out a clear message to European merchants that through its new effective integrated service, euroConex is significantly reducing the risks for the merchant and this is likely to lead to significant reductions in charge backs and associated costs."
Jonathan O'Connor, Head of eBusiness at euroConex, said a close relationship had developed between the two companies and the enhanced payment processing capabilities of the ReD1 Gateway will help to expand euroConex's European customer base. "Our relationship with ReD allows us to include high-risk Card Not Present (CNP) transactions as part of our pan-European sales strategy and also enables us to provide a value-added service to our existing Internet merchant base."
Crucially, the contract also provides the Dublin-based credit card acquirer with access to the latest technology developed by the leading provider of fraud management. Jonathan O'Connor said: "ReD provides merchants with invaluable decision criteria based on fraud rules and patterns, and/or historical charge-back profiles. In terms of risk management, they're the leaders in the field. We have identified extensive synergies and partnership opportunities between the two companies, and this latest contract gives us even greater access to ReD's value-added expertise of fraud management."