Compliance, risk, and fraud issues and solutions: WePay's Week in Payments
It’s been a busy week for the opinion makers and analysts in the world of payments. Top of mind seemed to be the combined issues of fraud, compliance and thus risk. Let’s start with Payments, Card and Mobile’s article on the vulnerability of e-commerce websites in general (and a set of Magento-based sites in particular). Foregenix, a security firm, did a scan of vulnerabilities on a set of 60,000 e-commerce websites based on the Magento platform and found that 78% of them were at risk. This points to a need for payments providers to do more to mitigate risk for the platforms they serve.
Next up, leading consultancy firm, Accenture, pointed to the issues of KYC (Know Your Customer) and AML (Anti- Money Laundering) compliance in a blog post. These requirements can be challenging and require frequent policy changes and updates. Accenture is recommending looking at managed solutions that can help automate some of these concerns.
Finally, our own Karen Redwood (WePay VP of Global Payments) was interviewed by PYMNTS.COM on the topic of compliance and how managing it intelligently has become a critical part of providing payments services. She said that at Wepay we “take that heavy lifting around compliance and risk and regulatory requirements and handle it for the platform.” That sounds an awful lot like what Accenture was advocating.
In other news, payments got linked to an even hotter tech topic when VentureBeat interviewed Kik CEO, Ted Livingston, who said that payments were likely to be the killer feature for the new wave of chatbots.
Econotimes reported on a CapitalOne and NACPC study that suggests that the reason that blockchain technology hasn’t made many inroads into Fintech yet, despite a great deal of enthusiasm, is simply a lack of technological know-how.
Finally, Ecommerce News in Europe reports on a study that suggests that the main reason for abandoned shopping carts on online e-commerce platforms is simply too much checkout friction around payment choices and options.