From AI to Instant Settlements: Boosting Acceptance, Fighting Fraud, Maximizing Revenue!

Financial Integrator sat down with Remo Giovanni Abbondandolo, General Manager for MENA at Checkout.com, which is at the forefront of the digital payments revolution, offering a diverse range of payment methods tailored to global and regional needs. Supporting over 145 currencies, its technology helps businesses boost acceptance rates, combat fraud, and optimize revenue. With innovations like AI-powered Intelligent Acceptance and Flow, Checkout.com enhances transaction efficiency while maintaining compliance with regulatory standards. The company is also addressing the growing demand for cross-border payments in MENA, where e-commerce is surging.

What range of payment methods does Checkout.com offer to meet diverse customer needs, and how do these solutions address varying preferences and requirements?

Checkout.com processes payments for thousands of companies that shape the digital economy. Our global digital payments network supports over 145 currencies and delivers high performance payment solutions across the world, processing billions of transactions annually. With flexible and scalable technology, we help enterprise merchants boost acceptance rates, reduce processing costs, combat fraud, and turn payments into a major revenue driver.

Our global suite of connected payment methods enhances payment performance and makes it easy for customers to shop how they prefer, wherever they are. By partnering with us, merchants can access these tools to drive loyalty and conversions across markets. In addition to popular payment methods like major credit and debit cards and digital wallets such as Apple Pay and Google Pay, we provide a variety of region- and country-specific solutions. In the MENA region, this includes local options like Mada in KSA, KNET in Kuwait, Benefit in Bahrain, Qpay in Qatar, Omannet in Oman and wallets such as STC Pay. We also support alternative payment methods tailored to diverse use cases, such as Tabby and Tamara for Buy Now Pay Later (BNPL) options.

Our extensive range of options gives businesses the flexibility to implement payment methods that align with their target markets and specific needs. Leveraging our local expertise and global reach, our partners can expand more easily by facilitating cross-border transactions and enhancing customer experiences. By meeting customers where they are and supporting their preferred payment methods, we help businesses thrive in the digital economy. Whether enabling seamless cross-border transactions for global brands or empowering merchants to serve niche markets, our solutions are designed to adapt to evolving demands while ensuring top-tier payment performance and compliance.

Can you share insights on the innovations Checkout.com is implementing to enhance convenience, personalization, and overall user experience for end-users?

At Checkout.com, we’re constantly innovating to enhance convenience, personalization, and user experience for end-users. For example, our AI-powered Intelligent Acceptance tool is setting a new standard in payment performance by analyzing real-time data to maximize transaction approval rates. Running millions of optimizations per day, it has helped customers unlock $9bn in additional revenue, using AI trained on billions of transaction data points originating from the entire Checkout.com merchant portfolio.

In addition, Flow, our customizable payment interface, further simplifies the payments process for merchants by dynamically presenting the most relevant payment methods based on user preferences, market demands, and regulatory requirements. It has built-in optimizations that aim to streamline the payment experience for consumers. This flexibility enables businesses to seamlessly expand into new markets while adhering to compliance standards such as PCI, GDPR, and card scheme regulations.

We also prioritize user experience by designing intuitive, mobile-optimized payment flows that ensure accessibility across devices. Our real-time fraud detection systems have prevented over $2 billion in fraudulent activity, ensuring the highest level of trust for both merchants and consumers.

Checkout.com also launched the Checkout Business Account last year, designed to help businesses optimize cash flow management and reduce the time and cost of money in transit. For merchants, faster access to cash is critical, hence the company provides same-day settlements before receiving funds from Visa or Mastercard. Further rollouts are anticipated in 2025, including competitive yields on balances and seamless expense management.

By combining advanced technology with user-first design, Checkout.com helps businesses deliver payment experiences that are not just fast and secure but also personalized to meet the evolving expectations of today’s customers worldwide.

What factors are driving the increasing demand for cross-border payments, and how does Checkout.com address the complexities associated with this growing requirement?

The rising demand for cross-border payments is driven by key trends highlighted in our “State of Digital Commerce in MENA 2024” report. E-commerce growth has dramatically reshaped the region, with the number of daily digital shoppers in MENA surging by 80% since 2020. Saudi Arabia leads this digital transformation with an impressive 180% growth in consumers shopping online at least once a week, followed by the UAE and Kuwait, which have each seen a 140% increase. As consumer trust in online transactions grows, preferences are shifting rapidly – cash-on-delivery usage has halved since 2020, dropping to just 10% in the UAE and Saudi Arabia.

These evolving consumer behaviors underline the demand for secure, seamless, and efficient payment experiences. The report also reveals strong preferences for cross-border shopping, particularly in Qatar and Kuwait, where 41% and 40% of respondents, respectively, cited cross-border shopping as a key motivator for e-commerce. Saudi Arabia remains at the forefront of this trend, driven by its status as the largest regional market for cross-border transactions.

These trends underscore the vast opportunities for merchants to capitalize on the economically resilient MENA market while catering to its diverse consumer preferences. However, the varied shopping behaviors across sectors and regions add layers of complexity to meeting customer needs in an increasingly globalized landscape.

At Checkout.com, we simplify these challenges with a comprehensive portfolio of innovative products and services, bolstered by deep regional expertise. Our localized acquiring solutions optimize transaction efficiency by reducing costs and enhancing approval rates, all while improving payment performance, supported by a strong network of partnerships across the region.

How are advanced payment solutions, such as AFT’s, enhancing the ecommerce experience for businesses and consumers?

Advanced payment solutions like Account Fund Transfers (AFTs) are revolutionizing e-commerce by addressing inefficiencies in traditional payment systems and unlocking new opportunities for businesses and consumers.

For businesses, AFTs enable faster cash flow by reducing settlement times from days to seconds, enhancing liquidity and operational efficiency. This real-time processing allows companies to reinvest funds quickly, scale operations, and expand into new markets. Beyond e-commerce, AFTs are transforming industries such as remittance, enabling seamless cross-border transfers that are faster and more cost-effective. They are also supporting the rapid growth of digital wallets by allowing instant top-ups, meeting the demands of a digital-first economy. The innovative partnership between Visa, Checkout.com, and Stake serves as a strong example of how AFTs can facilitate seamless global transactions, simplifying cross-border payments and reducing costs.

For consumers, AFTs provide the speed, convenience, and security required in today’s fast-paced digital world. Whether it’s transferring funds, topping up wallets, or making purchases, AFTs ensure instant, reliable transactions. As seen in the UAE real estate sector, AFTs also enable global users to access opportunities previously hindered by traditional payment complexities, offering seamless and secure investment capabilities.

By combining speed, efficiency, and security, AFTs transform how businesses and consumers interact with digital payment systems, fostering trust, innovation, and growth across a variety of use cases in the global economy.

What is Checkout.com’s perspective on the future of the payment industry over the next 5-10 years, particularly in the context of the MENA region’s evolving digital economy?

At Checkout.com, we envision the future of payments as one characterized by seamless, secure, and efficient transactions, driven by continuous innovation and evolving consumer expectations. Our commitment is to provide businesses and consumers with cutting-edge payment solutions that simplify and enhance the digital economy.

We are focused on empowering businesses with advanced solutions like Account Fund Transfers (AFTs), which improve cash flow by enabling faster, more predictable settlements. AFTs help businesses streamline operations, reduce costs, and expand into new markets, providing a clear advantage in an increasingly globalized economy. By optimizing payment performance, we enable merchants to enhance approval rates, minimize payment failures, and maximize revenue potential.

For consumers, we ensure instant, frictionless transactions that meet the demands of a fast-paced digital world. With real-time processing and advanced fraud detection, we deliver a seamless and secure experience that fosters trust in digital commerce platforms.

At Checkout.com, flexibility, agility, and performance are at the core of everything we do. Our localized acquiring solutions and deep regional expertise enable us to optimize transaction efficiency, enhance approval rates, and support merchants in their growth. As we continue to innovate, we remain dedicated to shaping the future of payments and driving the digital economy forward with secure, efficient, and customer-centric solutions that improve payment performance across the board.