Nethone has partnered with FinMont, a specialised payment orchestration platform for travel merchants. FinMont will leverage the Nethone fraud prevention services for its clients and partners. It has built the Nethone solution into its platform as a key component. This potentially adds all FinMonts customers and partners to the Nethone customer base if they choose to leverage the service, which is charged for on a cost-per-inquiry basis.
FinMont was founded in 2022 as a spin-out of the Hahn Air innovation lab. Dr Suby Valluri, CEO and the co-founders of Hahn Air, Nico Gormsen and Hans Nolte, founded it. Its unique platform offers a payment orchestration platform for B2C and B2B payments. It enables its customers to leverage multiple payment providers and automation that helps prevent fraud and increases the efficiency of the end-to-end payment process.
Hubert Rachwalski, CEO of Nethone, added, “The team at Nethone is excited to be working with the founders of FinMont as they launch their global proposition for the travel industry. Our combined solution provides an exciting offer for the travel sector, which is focused on fighting fraud while helping to improve the overall service experience for merchants and their customers.
“We are pleased to be able to integrate our award-winning fraud prevention solution across FinMont’s systems. We are confident that our experience in the travel industry will prove invaluable in achieving this goal.”
Enterprise Times asked Nethone why FinMont selected Nethone. The response was, “FinMont chose Nethone due to its award-winning user profiling and anti-fraud solutions. The trusted service and overall satisfaction we have built up in the payments industry also played a part in the decision.”
ET also asked whether this is a partnership between the two firms of the addition of FinMont as a customer?
Suby Valluri, CEO of FinMont replied, “In fact, we partner with you (Nethone) to connect your fraud prevention platform into our eco-system so that our clients can choose to use you instantly. We are not the merchants to use it for ourselves.”
Those travel merchants can now leverage Nethone’s AI-powered technology to prevent fraud. The Nethone system slots into FinMont payment management platform that orchestrates the entire payment cycle for travel merchants. It includes:
- Payment service providers
- Fraud solutions
- FX Solutions, such as banks
- ERP/CRM applications
- POS Terminals
- Travel distribution channels
- B2B Wallets
- Alternative payment methods
Travel merchants can also automate the chargeback process; coupled with the Nethone fraud detection system, the platform can help reduce what is sometimes known as friendly fraud. The Nethone solution profiles every user in real-time, using AI to determine where the transaction and payment are legitimate. The fraud detection and prevention solution helps prevent multiple types of online fraud, such as account takeover (ATO), chargeback fraud, BOT attacks and more. Importantly, it achieves this without impairing or degrading the customer experience.
Valluri, commented, “We are delighted to be partnering with Nethone and incorporating their cutting-edge service into our global eco-system. They are true market leaders and offer an advanced AI solution that will ensure our partners and customers remain safe from fraud at all times. As part of our global strategy, we will be integrating with leading acquirers, payment, fraud and other providers to offer a truly unique solution to the travel industry.”
Enterprise Times: What does this mean
Another partner and customer for Nethone, one that brings a wide range of entities from the travel industry as customers. It is a deal that is a win-win for Nethone. It adds more paying customers and data to improve its fraud detection solutions for the wider travel industry.
This partnership benefits FinMont customers and the existing Nethone travel portfolio, including brands such as Azul, eSky.com, LOT, BlaBlacar, and eDestinos. It should also help Nethone win more business in the sector, with its greater understanding of fraud across the travel industry and how to prevent it.