Source: 41st Parameter
41st Parameter, the leader in securing online relationships, today announced the TrustInsight™ Network - a new crowd-sourced service that determines online consumer trust to empower merchants to increase sales by confidently approving more card-not-present (CNP) transactions.
TrustInsight's TrustScore™ provides a real-time approach to recognizing and transacting with online customers - even if they've never been seen by a particular merchant before. Several top banks, online merchants and credit card associations are participating in the launch of the TrustInsight Network.
TrustInsight employs a revolutionary patent-pending technology that connects consumers, merchants, issuing banks and credit card associations in an online network to build and benefit from trusted relationships. Up to 17 percent of CNP transactions are declined every day, amounting to more than $3B annually. In many cases, these declines are unwarranted and only occur due to lack of information about the customer. The result is that merchants lose sales, card issuers and banks lose transaction fees, and loyal customers miss out on the goods and services they desire.
"TrustInsight reduces the pain felt by merchants, consumers, acquiring banks, card associations and card issuers," said Ori Eisen, founder and chief innovation officer of 41st Parameter. "We have more than nine years of experience in building industry-leading device recognition technology to detect fraud. Now we are leveraging that work, and insights from a growing network of merchants and banks, to salvage billions of dollars of unnecessarily declined transactions. The potential to increase top line revenues is substantial. Sales go up, customers are happier and the cost of investigating and handling suspect transactions is decreased dramatically."
With TrustInsight, every online consumer transaction will carry a TrustScore generated from encrypted data contributed by TrustInsight Network participants. This crowd-sourced TrustScore functions as the standard for eCommerce CNP trust. TrustInsight makes it easier for merchants to confidently process the more than 70% of online orders that come from first time customers. These people are unknown to the merchant but that doesn't mean they can't be trusted. That is the problem TrustInsight solves.