Signifyd leverages Big Data, Machine Learning and expert manual review to provide a financial guarantee against fraud on approved orders. Nikhita Hyett, General Manager, EMEA, Signifyd, tells us more about the company and her career up to this point.
Tell us a bit more about your business and how it started.
Signifyd, like so many businesses, started in response to an issue that hadn’t yet been addressed: many of us have had our credit card unexpectedly declined. That’s often because a merchant or a bank assumes that an unusual charge is fraudulent. Since retailers take the loss for online fraud, they turn away many legitimate orders and lose a lot of revenue.
In response to this, Signifyd developed an end-to-end Commerce Protection Platform that leverages its Commerce Network of thousands of merchants, to determine whether an order is good or fraudulent. We ensure that retailers don’t turn away good orders – increasing approvals by 6% to 9% – while protecting them from fraud.
How has the business grown since it started and how did you ensure growth?
Since Signifyd was founded in 2011, our growth has come from our innovation – e-commerce is a growing industry, accounting for 20% of total retail sales in 2022 and is set to grow to 24% by 2026. As we’ve grown, so has our merchant network which means we have good insights as to the sector and challenges facing our customers, setting us ahead of the curve, and enabling us to grow in tandem with the industry.
What’s the business’ approach to management?
We are truly global, with offices in Belfast, London, Sao Paulo and across North America. Our goal is to form a diverse and ever-expanding team of experts in e-commerce and security and to become the foremost authority in commerce protection.
What is your company’s vision and goal?
Thinking back on the founding mission of the business, Signifyd’s aim is really simple: to develop and use technology to provide retailers with a seamless payment system while also protecting them from fraud. By offering this balance, we’re aiming to build confidence and trust between consumers and retailers.
What kind of clients and market do you serve?
As the leading commerce protection provider, our focus is very much to support retailers and their customers.
We also serve Payment Service Providers (PSPs), using our vast merchant data network to ensure they are able to properly review, verify and approve transactions.
PSPs serve thousands of merchants, each of which has thousands of transactions happening every second. All transactions must be validated and decisioned appropriately, and while the retail sector sits on mountains of data, PSPs aren’t able to access most of it.
That’s where we come in; to provide holistic visibility across identity and intent for the thousands of merchants any given PSP may have in their portfolio.
What has your career looked like so far?
I actually began my career as a journalist working for national newspapers and magazines including The Guardian, The Observer and The Daily Mirror.
After having my son in 2012, I made the decision to change careers and moved to the retail technology company, Global Blue, where I worked across account management, sales and strategy. I was responsible for some of their largest global accounts, which showed me the importance of customer experience in driving performance. This remains a core belief of mine, and one reason I’m so excited to be joining Signifyd.
In 2018, I left Global Blue and joined Adyen where I worked on account management and strategic partnerships, followed by taking on the MD position at BlueSnap. I’m joining Signifyd as GM and bringing a deep understanding of payment processes, fraud dynamics and the complex landscape of e-commerce in Europe from all of my previous roles and experiences.
How do you equip your staff with skills and knowledge?
I like to work collaboratively with my teams, encouraging them to push the boundaries of what’s possible and challenge the status quo. I believe this is the only way that facilitates true learning and knowledge sharing. I’m always eager and excited to see how the team is leveraging our collective expertise to drive significant value for our customers and partners.
How do you work with other executives within the C-suite to make sure your voice is heard?
I prioritise building strong, collaborative relationships with my fellow executives to ensure that the specific needs and opportunities within the EMEA region are effectively communicated and understood. I work to establish regular communication channels, such as weekly meetings and strategy sessions, where I present data-driven insights and regional updates that highlight the unique aspects of the EMEA market.
Additionally, I leverage cross-functional teams to bring diverse perspectives to the table, which helps reinforce the importance of the EMEA region’s contributions to the global strategy. By aligning our regional goals with the overall corporate objectives and demonstrating how these contribute to the company’s bottom line, I ensure that the voice of the EMEA region is not only heard but is also integral to shaping our global strategy. My approach is to be proactive, prepared and persuasive, while also being receptive to feedback and collaborative in nature. This ensures that we operate on a foundation of mutual respect and shared goals.
How do you ensure different teams in your organisation work together?
Being a global team, working together across geographies is an essential part of Signifyd’s character. With the increased use of tools like Zoom and Teams over the pandemic, it’s never been easier to collaborate across time zones. I am proud to be part of a diverse and talented team that is committed to delivering the best payment solutions for our customers and partners.
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