Adyen, a global financial technology platform, announced a partnership with Cover Genius, an insurtech company specializing in embedded protection solutions. The partnership aims to enhance Cover Genius' payment processing capabilities across multiple continents, including the Americas, Europe and Asia Pacific.

Optimizing Online Transaction Authorization

As part of the partnership, Adyen will be one of Cover Genius' payment processing partners, facilitating the integration of local payment methods with the insurtech company's platform. By leveraging Adyen's expertise in payment processing, Cover Genius seeks to optimize authorization rates for online transactions, thereby improving the overall customer experience.

Cover Genius recognized the need for a fintech partner that could support its various local payment methods on a global scale. By partnering with Adyen, Cover Genius aims to expand its reach and provide secure payment options to its global customers.

3D Secure Solutions: Balancing Security and Convenience

One of the key features of the partnership is the implementation of Adyen's fraud and security solution, 3D Secure, which utilizes machine learning from an authentication engine powered by to assess the risk level of a transaction and determine the appropriate level of authentication required. By balancing security with user convenience, Adyen's 3D Secure solution is designed to increase transaction authorization rates while maintaining a seamless payment experience for customers.

“In an increasingly tough economic climate where Australians want to save as much money as possible, insurers need to portray value through digital experiences and insights to be able to keep it top of mind as a non-discretionary cost. At Adyen, we're seeing insurtechs investing more in digital transformation in order to provide more relevant options for their customers.” Hayley Fisher, Adyen's Regional Manager for Australia and New Zealand, said. “We are excited to partner with Cover Genius to deliver a best-in-class customer experience and improve business operations.”