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Checkout.com Uses AI To Boost eCommerce Acceptance Rates
Intelligent Acceptance leverages the company’s global data network to increase acceptance rates, lower fees, and improve merchant’s profits.
Global payments solution provider, Checkout.com, has launched a new feature called Intelligent Acceptance. The system uses an AI-powered optimization engine that can monitor billions of transactional data points, with early beta testing showing a 9.5% average improvement in checkout acceptance rates.
“We believe in abstracting complexity for businesses and empowering them to optimize their payments with ease. Machine learning enables us to […] leverage our expansive global transaction data to provide real-time insights. Meanwhile, an adaptive AI-powered payments engine constantly optimizes acceptance rates, unlocking more revenue, saving time, and offering greater cost controls,” says Meron Colbeci, Chief Product Officer at Checkout.com.
False declines — legitimate transactions mistaken for fraud attempts and subsequently blocked — are a $50.7 billion problem globally. Intelligent Acceptance can route card payments through the system much more smoothly, using continuous adaptation while leveraging Checkout.com’s global network and direct relationships with card acquirers to deliver incremental improvements.
Also Read: A Guide To Digital Payment Methods In The Middle East
Intelligent Acceptance can also drive down a merchant’s costs by dynamically routing transactions to the network with the lowest fees. Furthermore, if a transaction requires 3DS authentication, data can be automatically added to a payment request to ensure compliance.
The launch of Intelligent Acceptance comes as business leaders seek new ways to drive revenue and improve cost efficiencies to reconcile increased expenses. Research conducted by Checkout.com in partnership with Oxford Economics recently revealed that up to 25% of consumers abandoned an online purchase due to too much checkout friction, resulting in significant lost revenue for merchants.
News
NASA Forms New Partnership With Saudi Space Agency
The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.
Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.
Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.
Capturing moments from the joint delegation visit with leaders from the Saudi and American Space Agencies @NASA to @PSU_RUH, along with scenes showcasing the audience's engagement. pic.twitter.com/oB1cFTiRNl
— وكالة الفضاء السعودية (@saudispace) May 14, 2024
The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.
Also Read: Plans Underway For Massive Middle East Autonomous Freight Network
During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.
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