Capital Ones partnership with FinTech giants (10/2024)
Financial services giant Capital One has formed a strategic alliance with payment titans Stripe and Adyen to combat the ever-growing threat of e-commerce fraud.
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First and foremost, this collaboration marks a significant shift in the traditionally competitive relationship between incumbents and FinTechs, highlighting the importance of collective efforts in tackling industry-wide challenges.
Capital Ones innovative solution, Direct Data Share, is an open-source API that facilitates real-time transaction data sharing. By partnering with Stripe and Adyen, Capital One can now act as a data clearinghouse, identifying fraudulent activities across all their payment rails.
This means that if a fraudulent IP address is detected through Stripe, it can be used to prevent fraud for transactions happening at Adyen, and vice versa. Win-win
The benefits of this partnership are multifold. Merchants can expect enhanced fraud detection without incurring extra fees, while also experiencing fewer false declines. Capital One reports that collaborating with these FinTech giants has already resulted in the approval of over a billion dollars worth of transactions that would have otherwise been declined.
Looking at the big picture, as global e-commerce fraud losses are projected to reach a staggering $343 billion by 2027, this partnership couldnt have come at a time. By pooling resources and expertise, Capital One, Stripe, and Adyen are setting a powerful precedent for the entire FinTech and finance industry.
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