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Addressing the Challenges of Online Fraud

Online fraud is a significant issue that inflicts staggering financial damages on businesses, costing an estimated $40 billion annually. Additionally, false declines — legitimate transactions mistakenly flagged as fraudulent — amount to $443 billion in losses each year. These financial implications highlight the urgent need for merchant-friendly solutions to mitigate such risks. One promising advancement in this area is Burbank’s Card-Present over Internet (CPoI) technology, which has the potential to drastically reduce fraud-related losses, thus offering businesses a substantial return on investment.

The Innovation Behind Burbank’s Technology

Justin Pike, the founder of Burbank, articulated the breakthrough nature of their technology, stating: “Burbank’s Card-Present over Internet (CPoI) is the world’s first PCI-certified solution that enables card-present transactions online.” Unlike existing methods that rely on stored credentials or digital wallets, CPoI facilitates a process where consumers tap their physical card to their mobile device and input their PIN, emulating in-store transactions. This innovative approach not only allows for a full liability shift but also significantly diminishes the incidence of fraudulent activity and false declines, which collectively cost merchants exorbitant amounts. The technology integrates seamlessly into existing apps or can be accessed via QR codes, simplifying its deployment for both web and app-based retailers.

Funding and Growth Potential

To bring this groundbreaking technology to the market, Burbank successfully secured £5 million in seed funding, spearheaded by Mouro Capital with contributions from Anthemis, Portfolio Ventures, and others. Such financial backing is crucial for Burbank as it strives to expand its team, enhance technology capabilities, and accelerate the global launch of its platform. This advance allows for tap-and-PIN payments in digital transactions, delivering the same security and user trust typically found in physical stores. Notably, the company’s valuation remains undisclosed, leading to further curiosity about its projected growth trajectory.

With high-profile industry backing, Burbank is poised for rapid scaling. The newly acquired funding will facilitate partnerships with acquirers and payment providers eager to implement this secure payment technology. A milestone was reached during a live demonstration where Burbank executed the very first online card-present transaction—setting a new standard in digital payment processes.

Enabling Consumer Authentication Anywhere, Anytime

Burbank, a Welsh fintech company established in 2021, operates from its headquarters in Cardiff, Wales. Justin Pike, who is at the helm as CEO, has extensive experience in payment innovation, having previously founded MyPinPad, where he played a pivotal role in developing the original technology behind PCI standards known as SPoC and MPoC. He has also been instrumental in pioneering cloud-based solutions for Hardware Security Modules (HSM).

Looking back on the inception of Burbank, Pike shared his inspiration: “The idea emerged from a personal experience and market necessity. During COVID-19, my mother-in-law expressed her discomfort with online shopping, asking why she couldn’t just ‘tap her card on her phone’ like she does in stores. This query, paired with the rising trend of online fraud and ineffective authentication methods, motivated the development of CPoI.” This innovative payment method enables consumers to conduct transactions with heightened security, replicating the familiar card-present experience in a digital environment.

Burbank aims to redefine the landscape of e-commerce by tackling fraud issues and eradicating false positives during online transactions. Their novel CPoI technology bridges the gap between digital and in-store payments, empowering consumers to securely tap their payment card on their mobile device followed by entering their PIN, thereby enhancing both security measures and mitigating fraud risks.

As Pike remarks, “We’re excited to introduce this evolution in payment solutions to the market. Payment experiences ought to be consistent across all platforms. The tap-and-PIN method is globally recognized, and we’re now adapting that process for online transactions. It’s efficient, secure, and scalable — precisely how it should be.”

Through its advanced technology, Burbank is set on a mission to transform online commerce. By decreasing fraud rates and setting higher standards for secure transactions, the company emphasizes delivering frictionless customer experiences while ensuring optimal protection for online shoppers.

Behind Burbank: Blending Convenience and Robust Security

In a landscape where numerous companies strive to enhance online payment security, Burbank stands out as the first to provide a fully PCI-certified card-present online experience, defining it as a unique category. Traditional fraud prevention tools often function as inadequate add-ons to existing flawed systems. On the contrary, CPoI represents a complete rethinking of the online transaction landscape.

Combining unmatched convenience with enhanced security, Burbank’s cutting-edge platform empowers businesses to innovate customer interactions, unlocking new revenue avenues. By integrating user-friendliness with state-of-the-art security features, Burbank’s technology enables businesses to offer exceptional customer experiences, fostering growth and setting new industry benchmarks.

The company’s premier solution, CPoI, allows online channels to facilitate card-present payments for the first time, significantly reducing fraud incidences, processing fees, and chargebacks while also eliminating false positives. This compelling value proposition arises from a technological masterpiece that integrates seamlessly into mobile applications, delivering a simplistic yet secure payment experience with bank-grade security measures and impressive scalability.

Future Outlook: Strategic Growth Through Partnerships

As Burbank looks to the future, Pike indicated plans for global expansion through strategic partnerships with acquirers, payment service providers (PSPs), and payment gateways. Their model centers around enterprise adoption, enabling substantial market infiltration.

Manuel Silva Martinez, a General Partner at Mouro Capital, enthusiastically endorsed the investment, stating: “I’m excited to support Justin and his proficient team in payments. Burbank offers an effortless, seamless integration through a single white-label SDK, which integrates securely into existing technology stacks, accommodating multiple payment schemes on both iOS and Android platforms—exactly what the market requires.”

Furthermore, Ruth Foxe Blader, General Partner at Foxe Capital, commented on the transformative potential of CPoI: “It’s the first protocol to legally shift liability away from the merchant, representing a broadly scalable solution with substantial global demand.”

Harnessing the Power of AI: The legalese decoder Approach

In navigating the complexities surrounding online payments and the legal ramifications of fraud and liability, utilizing tools like AI legalese decoder can be invaluable. This innovative technology helps businesses decode complex legal jargon associated with payment processing and fraud-related agreements, providing clarity and understanding. By ensuring that merchants grasp the legal language in their contracts and obligations concerning CPoI technology, AI legalese decoder not only enhances compliance but also empowers business owners to make informed decisions regarding their payment systems, ultimately fostering industry best practices. Furthermore, as the landscape of digital payments continues to evolve, leveraging such AI-driven solutions will help businesses stay ahead of potential legal issues tied to fraud prevention and customer protections.

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