Take control with transaction rulesets

19 June 2017

The global volume of financial transactions is enormous. Payments fly between countries, involving many currencies and payment methods, at all hours of the day, for a huge range of products and services. Every minute, millions of transactions are being authorized and settled, and realizing how much stands to be gained or lost with each payment makes the global scope appear staggering.

Transaction rulsets

Just processing each transaction, quickly and reliably, is difficult enough. But then what? Have the merchant and their payment service provider stored enough transaction-related information to enable effective sales analysis and risk management? If so, are they capable of understanding the implications of the available data points, and of taking the right actions?

Convert insights into actions

Imagine the ultimate sales analysis and risk management tool, enabling deep understanding and full control of payment transactions. Discover actionable insights that can be deployed instantly, at the time the transaction occurs. By focusing on the critical moment of transaction authorization, we enable merchants and their payment service providers to take action before it’s too late.

Create transaction rulesets

Thanks to our vision of simplifying the complexities behind the numerous processes and activities involved in payments, we offer a comprehensive approach to the automation of analysis and decisions. Our transaction-centric approach produces a stream of normalised transactions, to which you can apply various rulesets. As soon as the ruleset is triggered, at the moment the payment is initiated, you will be provided with immediate knowledge, allowing for an action to be taken instantly. Those actions can be of two types: tagging or blocking.

Tag significant transactions

We use tags on a daily basis for social bookmarking, when reading the news, or while streaming music. The flexible labelling systems of these services help us tame a sea of information, providing structure and revealing the big picture. In payments, tagging transactions enables you to identify repeat customers, spot suspicious behaviour, or simply filter out specific scenarios for review or action.

In the Dimebox platform, tagging is a way of enhancing the metadata of every transaction in an automated manner. Payment service providers and merchants can each create their own tags and rulesets, for different purposes, without interfering with one another.

Alice registers on Bob's e-commerce website, and purchases goods for $20,000 with a Canadian credit card. Alice lives in New Zealand, and Bob's business is based in Ukraine. Thanks to the rulesets that Bob has set up, the transaction is assigned multiple relevant tags: "new customer", "high value", and "international sale".

Bob's payment service provider has different rulesets configured. Because the merchant being based in Ukraine differs from the customer living in New Zealand and the credit card being issued in Canada, the transaction is tagged as "suspicious" for the PSP, who will subsequently investigate it.

While Bob is focused on growing his sales, his PSP is more concerned with risk management. While both parties have tagged the same transaction simultaneously, with different tags representing conflicting viewpoints, the transaction proceeds normally for Alice at this stage.

Block unwelcome transactions

Fraud prevention is a major challenge for the payments industry, consuming substantial time and resources. Stopping fraudulent behaviour by customers or merchants is a difficult mission, demanding instantaneous control. Blocking specific transactions in real time is the ultimate form of such control.

Knowing when and where fraud is most likely to occur gives you the power to stop it before it happens. People can work together with machines to estimate and act on fraud risk, with the machines quickly handling the number crunching that would otherwise waste valuable time, and the people adding their experience and judgment to the mix. This effective division of labour enables you to focus attention on other areas of your business, such as revenue optimisation.

Alice made several more similar purchases from Bob. Her transactions, tagged as “suspicious”, caught the attention of the PSP’s fraud analyst, who decided that Alice’s transactions represented an unacceptable fraud risk. The fraud analyst decided to change the tagging ruleset into a blocking ruleset. From now on, Alice won't be able to purchase from Bob's website.

Master your transactions

Real-time transaction rulesets enable instantaneous categorization and control. Tagging transactions can provide sales insights, as well as highlighting suspicious behaviour. The parties involved in a transaction can simultaneously tag it in different ways, without interfering with one another. Blocking transactions can limit the damage from attempted fraud.

Dimebox offers you all of this power, within an intuitive user interface. Rulesets, which are defined by simply pointing and clicking on parameters worded in plain English, can easily be created and edited by merchants or PSPs, without any prior experience in risk management or computer programming.

Have we piqued your curiosity? Sign up for a demo to see transaction rulesets in action, or subscribe to our newsletter to stay up-to-date with our latest innovations in transaction control.