At Razorpay, the metric that we obsess most over is payment Success Rate for our businesses even though it involves solving some of the hardest problems in the foundational payments infrastructure. Pushing forward our commitment to offer industry best cards SR, we are excited to announce Razorpay ACS and Risk Engine Suite, a new-age card processing platform for banks that increases authentication success rates to ~95%, enables up to 99.99% uptime and supports the new-age authentication methods such as biometric authentication.
Our Risk Engine enables Risk based authentication by detecting suspicious transaction markers based on comprehensive customer, merchant and device parameters, ensuring that banks customers are safe from fraudulent payments.
With Razorpay ACS, Razorpay will bring businesses and banks closer, streamlining the hops that a card payment has to go through and enabling us to hyper optimize the SR for businesses and banks as well as reduce fraud with end-to-end visibility of the payment. It really is the best of both worlds.
Let’s dive into the payment challenges from the perspectives of banks, businesses, and customers, and uncover the solutions that address them.
The Card Payment Challenge: Balancing Success and Security
While card reward programs make them attractive for larger transactions, the complex journey of a card payment through multiple systems can lead to friction. OTP failures, page timeouts, and other authentication issues contribute to a staggering 80% of card payment failures in India. This not only impacts revenue but also damages customer trust. Furthermore, the rise in online fraud necessitates a robust security framework to protect businesses and customers.
Razorpay ACS & Risk Engine: A Comprehensive Solution
Razorpay understands the critical need for high payment success rates and robust fraud prevention. Our ACS and Risk Engine suite is a cutting-edge card processing platform designed to address these challenges, offering banks and businesses a powerful combination of enhanced authentication and intelligent risk management.
Razorpay ACS: Streamlining Authentication for Higher Success
Razorpay ACS acts as a new-age card processing platform that streamlines the authentication process, minimizing friction and maximizing success rates. Here’s how it empowers businesses:
- Increased Authentication Success Rates: Razorpay ACS optimizes the authentication flow, achieving up to 95% success rates and minimizing drop-offs due to technical glitches or OTP issues.
- Enhanced Uptime: With 99.99% uptime, Razorpay ACS ensures consistent availability, minimizing disruptions and maximizing transaction opportunities.
- Support for New-Age Authentication: Beyond traditional OTPs, Razorpay ACS supports modern authentication methods like biometric verification, offering customers a more seamless and secure experience.
- Faster Integration: Compared to traditional ACS integrations that can take months, Razorpay ACS integrates in just weeks, allowing banks to quickly deploy and benefit from the platform.
- Smart OTP Routing: Razorpay ACS intelligently routes OTPs through various channels like WhatsApp, SMS, push IVR, and email, selecting the most reliable channel to minimize delivery failures.
Razorpay Risk Engine: Intelligent Fraud Prevention
The integrated Risk Engine complements the ACS by providing intelligent fraud detection and prevention. It analyzes a multitude of parameters, including:
- Customer Behavior: Analyzing past transaction patterns to identify anomalies.
- Merchant Data: Assessing the risk profile of the merchant.
- Device Information: Detecting suspicious device usage.
By analyzing these factors, the Risk Engine enables risk-based authentication. Low-risk transactions proceed smoothly, while high-risk transactions are subjected to additional security measures, ensuring a balance between security and user experience.
Benefits for Businesses and Banks
Razorpay ACS and Risk Engine offer a win-win solution for both businesses and banks:
- Increased Revenue: Higher authentication success rates translate directly to increased transaction volume and revenue.
- Improved Customer Experience: Seamless authentication and reduced friction lead to happier, more loyal customers.
- Reduced Fraud: The Risk Engine’s intelligent fraud detection minimizes financial losses and protects both businesses and customers.
- Simplified Integration: Faster integration allows banks to quickly deploy and benefit from the platform.
- Data-Driven Insights: Comprehensive dashboards provide valuable insights into transaction performance, enabling businesses to optimize their payment processes.
Enhancing the Customer Experience with Add-ons
Razorpay ACS also offers a suite of add-on features designed to further enhance the customer experience:
- Card Activation on OTP Page: 5% – 7% worth of card payments get declined every month due to card activation errors. Eliminate card activation errors by allowing customers to activate their cards directly on the OTP page.
- EMI Options on OTP Page: Boost average order value by offering EMI options directly within the authentication flow.
- Pay with Rewards: Delight your most loyal customers by allowing them to redeem their rewards right on the OTP page and building reinforce your card as the preferred method of payment.
Conclusion
Our ACS brings the businesses and issuing banks closer, reducing the overall failures and increases card SR, improving the customer experience – A win for businesses, win for banks and a win for our customers. With Razorpay ACS, you’re in good hands for the present and are prepared for the future.
