At Forter, innovation isn’t just a buzzword – it’s the cornerstone of everything we do. We’re constantly developing new capabilities to improve digital commerce experiences, and we are excited for you to join us and explore what’s New at Forter for April 2024!
Boosting Payment Conversion
Everyone knows that conversion is king in digital commerce. By improving your completion rate, you’re serving customers more effectively and maximizing profitability along the way.
The way you manage payments can make a significant impact on conversions — effective management can reduce false declines by over 50%. That’s why we’re excited to launch two new enhancements to our Payment Optimization solution: Tokenization and Issuer Optimization.
- Tokenization: Tokenization substitutes a sensitive data element (like a credit card number) with a non-sensitive data element. Forter now provides a holistic tokenization offering, which includes PCI tokenization, network tokenization, and account updater, to help merchants secure their payment card data and minimize PCI DSS compliance burdens while improving payment performance and protecting revenue from expired/re-issued cards. Our processor-agnostic approach to tokenization allows enterprises to leverage tokenization across multiple processors to increase flexibility and employ a true multiprocessor strategy.
- Issuer Optimization: Our research shows that more than 40% of issuer fraud declines are legitimate customers. Often, issuers decline these customers because they don’t have sufficient data to accurately assess if the purchase is legitimate. By utilizing Forter to send additional identity and transaction insights to banks and card networks, merchants can help banks make smarter risk decisions – allowing them to approve more genuine customers and maximize conversion rates. Forter has strategic partnerships with leading issuers, and today, we’re announcing expanded partnerships with Discover® Global Network, leveraging their Discover® Enhanced Decisioning, and Mastercard, leveraging their Merchant Trust Assessment solution through Identity Check Insights, to cover more transactions.
Increasing Policy Visibility & Control
Policy abuse is a growing problem resulting in over $89 billion in losses annually. However, businesses are often unaware of the scale of their abuse problem and are, therefore, unable to effectively block serial abusers without negatively impacting trustworthy customers.
Merchants are in a tough place – overly strict policies create poor customer experiences, but overly generous policies negatively affect overall revenue and profit. To help solve this problem, we’re enhancing Next-Generation Abuse Prevention through new Alerts for Policy Builder.
- Next-Generation Abuse Prevention: In January, we launched our next-generation Abuse Prevention solution. Abuse Prevention identifies and stops abuse at both checkout and post-purchase to protect revenue and deliver a quality experience for trusted customers. This newly launched solution includes Policy Builder, a powerful self-service capability to create, modify, simulate, and publish custom abuse policies directly within the Forter portal.
- Alerts for Policy Builder: Today, we’re enhancing our Abuse Prevention solution with Alerts for Policy Builder. With Alerts, companies configure thresholds for performance changes to trigger email alerts. Alerts provide additional visibility and control, helping customers quickly take action to prevent loss and maximize revenue.
AI Insights
While artificial intelligence (AI) plays a significant role in our Trust Platform – from making accurate fraud decisions to optimizing payments and stopping abusers – generative AI creates new opportunities to help fraud and payment experts gain insight, save time, and positively impact their business.
To aid these advancements, we are launching our first generative AI capability as part of Forter Data Studio: AI Insights.
- AI Insights [Beta]: With this innovative new capability, AI Insights will provide easily accessible, actionable insights for companies to better understand their customers, fraud patterns, and payment trends. Leveraging a GenAI model on top of Forter Data Studio, users can ask business questions and the model will build relevant custom dashboards instantly – increasing productivity and unlocking insights while ensuring data remains secure.
Accelerating Time to Value
Digital commerce leaders have heavily invested in their infrastructure – from commerce platforms to customer data and analytics to new digital payment capabilities. And partners that easily connect into these systems, with pre-built integrations and approved-partner relationships, help companies accelerate and increase their impacts.
To further our commitment to helping accelerate time to value, we are launching several enhancements to our integrations with key partners, including:
- AWS Advanced Technology Partner Status: Forter is now listed in the AWS Marketplace and officially part of the Independent Software Vendor (ISV) Accelerate Program, making it easy for enterprises to integrate Forter’s solutions into their existing tech stacks. In addition, eligible AWS customers can use their AWS committed spend, also referred to as Enterprise Discount Program (EDP), to purchase Forter in the marketplace.
- commercetools Plugin: Accelerating time to value with seamless integration, commercetools merchants can efficiently streamline return fraud and policy decisions at checkout with Forter. The plugin is fully customizable and supports merchants’ specific checkout flows, payment methods, and storefront setups, ensuring tailored integration for each unique requirement. This partnership enhances Forter’s capabilities in the composable commerce ecosystem, with commercetools joining SAP, Salesforce, and Shopify as the latest commerce platform partners.
- Shopify Integration Enhancements: Unlocking additional value for Shopify customers, these integration enhancements offer the ability to support Forter’s Next-Generation Abuse Prevention solution, including creating policies with Shopify-specific actions in Policy Builder.
- Developer Integration Enhancements: By reducing implementation timelines, enhanced developer integrations simplify the process of identifying and troubleshooting integration issues with an updated, self-service tool for integration tests and API request logs.
“At Forter, we see identity as the common thread that connects payments, fraud and abuse. In looking at our April release, every one of these innovations was inspired by both these core principles and feedback directly from our customers. It’s a privilege to partner with some of the most successful brands on the planet, and it motivates our team every day.”
— Eran Vanounou, Chief Technology Officer