article thumbnail

What is a BIN in Payment Processing

Clearly Payments

This routing allows the processor to request authorization for the transaction from the issuing bank, which then approves or denies it based on factors like available funds and fraud checks. Security and Fraud Detection : The BIN can provide valuable data points that help prevent fraud.

Process 104
article thumbnail

The Ultimate Guide to Ecommerce Payment Solutions

Stax

Theyre easy to integrate and set up, with the host taking care of data security measures, including PCI compliance and fraud protection. Businesses using self-hosted gateways must handle data security measures and comply with industry standards like PCI DSS. This token is used in place of the actual payment data.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Ultimate Guide to Online Payment Processing

Stax

Encryption and transfer of payment information The payment gateway that underpins your checkout page will now encrypt the customers payment details as stipulated by industry data security regulations like PCI DSS (Payment Card Industry Data Security Standard) before transferring the data to your payment processor.

article thumbnail

Banking on Intelligence: The Global Sprint to AI Maturity in Finance

Finextra

On the risk and operations side, common uses include fraud detection, anti-money-laundering pattern detection, credit risk scoring and trading optimization. finance leaders cite fraud and risk management as areas in which they use AI. Fraud detection, compliance and customer service are prime areas of focus.

AI 69
article thumbnail

What Are AI Agents? A Practical Guide for Accounting Teams

FloQast

Agents work exceptionally well with reporting, strategic decision-making and forecasting because they can: Analyze historical data Review market trends Consider economic indicators All this data can then be used to provide accurate reports, forecasts and insights that key stakeholders can use for decision-making. tax professionals.

AI 52
article thumbnail

The Fintech Times – Edition 59

The Fintech Times

While the potential benefits appear endless, these advancements also present challenges, including tougher regulatory requirements, ethical considerations and the need for advanced data security measures. And as AI takes on more responsibility, whos accountable when things go wrong? These are the challenges that cant be ignored.

FinTech 59
article thumbnail

The Anatomy of a Credit Card Transaction

Clearly Payments

Tokenization : Converts sensitive card data into a unique token, reducing the risk of data breaches. 3D Secure Authentication : Adds an additional verification step for online transactions, such as a one-time password (OTP) or biometric authentication. Geolocation and behavioral analytics enhance fraud detection.