Global financial technology platform Adyen has announced its partnership with Cover Genius in order to optimise payment experiences for end-customers. Following this announcement, Adyen is now one of the insurtech’s payment processing partners, and it is expected to offer local payment methods in the region of Europe, Asia-Pacific, and the Americas.

The collaboration also aims to optimise the manner in which Cover Genius increases its authorisation rates for online payments and transactions. In addition, both companies will focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the partnership Adyen represents a financial technology platform that provides end-to-end payment capabilities, data-driven insights, and financial tools in a single, secure, and global solution.

Cover Genius is an insurtech that focuses on embedded protection. The company enables collaborators and partners to embed and sell multiple lines of insurance, as well as other types of protection. Adyen was selected in order to implement its fraud and security solution, 3 Domain (3D) Secure, as its technology uses an authentication engine that develops the right balance between convenience and security by leveraging machine learning (ML) to make smart and secure authentication decisions.

In addition, it also focuses on assessing whether a transaction should be authenticated through a streamlined procedure or a more rigorous one, which also in turn boosts conversion. Throughout this partnership, Cover Genius will have the possibility to extend its localised payment methods across several regions with added security, which is set to lead to increased authorisation rates and overall improved customer experiences. At the same time, the company will be enabled to manage the claim process for its collaborators and clients, as well as offer instant payments for approved claims in multiple currencies and languages.

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