Germany-based FinMont has partnered with machine learning-based fraud prevention company Nethone to fight fraud in the travel industry. Through this partnership, FinMont’s global payment ecosystem will integrate with Nethone’s AI-powered tech to support fraud prevention for online payments in the travel industry.

What makes FinMont stand out is that it offers a solution that streamlines both B2C and B2B payments thus minimising reliance on only one payment provider and solving downtime issues. The solution will also aid decision-makers when it comes to analysing their current payment processes and solving inefficiencies. The platform will link up with acquiring banks, payment, fraud, forex, and chargeback providers while also integrating with ERP/CRM systems and other travel-specific distribution channels.

It will be able to support a complete payment ecosystem for the travel industry and help travel merchants use payments as a strategic tool by enhancing payment authorisation and conversion rates while minimising payment costs. Nethone’s fraud prevention systems support detailed profiling of every single user in real-time to stop any risky payments without negatively impacting the user experience of legitimate customers by adding unnecessary friction. Nethone’s solutions were designed to protect businesses against multiple types of online fraud, including account takeover (ATO), chargeback fraud, and BOT attacks.

In the company press release, Nethone officials talked about the partnership with FinMont and highlighted its potential to fight fraud in the travel sector while helping to improve the overall service experience for merchants and their customers. Other recent Nethone developments In March 2023, Nethone partnered with financial software solutions and services provider Ailleron. The goal of this collaboration was to improve retail banking services and further develop KYC offers.

By partnering with Nethone, Ailleron’s cybersecurity, AML (anti-money laundering), and fraud prevention capabilities became more capable. According to Nethone, the partnership came in the context of increasingly sophisticated cybersecurity threats, as cybercriminals are becoming better at adapting their tools and techniques to bypass fraud detection and AML measures. Nethone has received the ISO 27001 certification from the International Organisation for Standardization in February 2023.

By receiving this certification, the company demonstrated its commitment towards protecting the confidential information of its clients, employees, and business partners, as well as improving the security of its fraud detection and prevention products. Nethone offers a proprietary machine-learning-based product designed to protect the entire user journey, from onboarding to post-payment, at the same time helping merchants to holistically understand their end-users. For more information about Nethone, please check out their detailed profile in our dedicated, industry-specific Company Database.

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