WorldPay, a global leader in payment processing, risk management and alternative payments provision, today announced that it has extended its relationship with Kobo, a global leader in eReading, to implement RiskGuardian, a high specification risk management solution.
Kobo, which had already successfully implemented WorldPay's Payment Gateway and acquiring services, required an expert partner to ensure they were protected against fraudulent transactions and resulting chargebacks as the company continues to expand into the US market.
Kobo offers more than 3.5- million eBooks, magazines and newspapers to millions of Readers in 190 countries. The company recently announced that it has grown its user base to 14.5-million, with 15% of its Q1 growth coming from the US. The company needed to ensure its transactions were secure.
Following a competitive review process and based on its existing relationship, Kobo selected WorldPay to develop a pilot program providing fraud screening services via RiskGuardian. WorldPay brings to Kobo its vast global expertise in the payments market and because the solution could bolt-on to Kobo's internal processing service with no additional development, the implementation moved forward quickly.
The WorldPay RiskGuardian platform performs security checks at a number of points during an individual eCommerce transaction, allowing for fast and accurate identity verification that is vital in helping online retailers to combat fraud and increase profits.
"At Kobo we're focused on bringing the best eReading experience to our customers around the world," said Greg Twinney, Chief Operating Officer, Kobo. "Working with WorldPay enables us to focus on what we do best and gives us - as well as our customers - the confidence that transactions are secure and that we avoid risk of fraudulent online transactions."
Shane Happach, Chief Commercial Officer, eCommerce at WorldPay, comments: "Merchants that process large numbers of payments or operate in 'higher risk' sectors need to maximise the balance between the detection of fraudulent payments and acceptance of legitimate transactions. At the same time, merchants want to minimise the cost of the risk management processes and tools used to do so, especially when resources are tight. Establishing the right balance between cost and loss is not easy. RiskGuardian is designed to help merchants do just that and tackle fraudsters head on. Every transaction will go through 200+ fraud checks, tailored around a business on a bespoke basis. WorldPay will work with Kobo via RiskGuardian to ensure maximum levels of legitimate transactions are accepted and fraudulent sales and chargebacks are minimised."