Worldpay Unveils Fraud Tool at Money20/20 with Capital One

In an exclusive interview with FinTech Magazine at Money20/20, Worldpay's Chief Product Officer Cindy Turner unveiled details of a new partnership with Capital One aimed at revolutionising fraud detection across its merchant network.

Partnership Innovation 

The collaboration will see all Capital One cardholders automatically enrolled in Worldpay's fraud site programme, marking a significant step forward in reducing false positives in transaction declines. 

Cindy says the initiative will “benefit consumers by eliminating friction associated with false declines” while simultaneously supporting merchants and card issuers. 

“The thing I love most about payments is how complicated the value chain is,” Cindy explains. 

“Every single partner out there is either a channel partner of ours or a vendor - we compete in some places, we partner in others. The partnership component is really what makes payments possible.”

This approach aligns with Worldpay's open ecosystem strategy, as Cindy continues: “When we find partners and tools that are really best in class, we want to offer them as part of our overall solution. 

“We're guided by our merchant choice, so we're really standing behind the merchant and whatever it is that they need, bringing it to them in a way that's easy to consume.”

New Chapter of Growth 

Eight months into its journey as an independent company, Worldpay continues to demonstrate significant market presence, processing US$2.3tn in total payment volume and handling 12% of the global economy. 

However, Cindy emphasises that independence has brought renewed energy to the organisation: “We're really like a big startup, operating at scale but with the energy and talent of a brand new entity. 

“We're orienting the entire organisation around doing the right thing for customers, building great talent and people and then acting like an owner - really running this business like it's our own.”

The company's focus on innovation through partnership appears to be paying dividends.

As Cindy concludes: “In payments, the partnership component is really what makes it possible. One of the things I was most excited about when I joined Worldpay last year is we're really inherently an open ecosystem company, so we partner really well up and down the value chain.”

How Worldpay became a leader in payments tech

Worldpay has a winding history that spans several decades across both sides of the Atlantic.

Back in 1971, American finserv player Fifth Third Bank boldly formed Midwest Payment Systems (MPS), a provider of electronic funds transfer (EFT) services to financial institutions.

Fast forward more than 30 years, the still-growing MPS became Fifth Third Processing Solutions and continued to expand its services. 

In 2009, the business was spun off from parent company Fifth Third Bancorp and launched as a joint venture between Advent International and Fifth Third Bank.

For more on the story of Worldpay, follow the link here. 

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