Vesta, a pioneer in guaranteed payment and fraud technologies, has partnered with CredibanCo, a 48-year-old leading electronic payments company in Colombia, to launch Vsafe in the Colombian market.
Vsafe is a secure payment solution that combines unparalleled accuracy in fraud detection with a zero-fraud-liability guarantee. The solution enables e-commerce companies to boost their revenues through increased electronic transaction approvals while eliminating the risk of loss due to fraud.
The e-commerce industry in Colombia is growing steadily at a rate of about 25%, and experts anticipate the industry will maintain double-digit growth for the next two years. However, one of the biggest challenges for this sector, especially for merchants, is the potential for fraud. According to merchant data, the fraud rate is approximately 0.2%, which represents about $61 million in losses.
“We’re excited about the opportunity to help support CredibanCo’s effort to accelerate the growth of e-commerce in Colombia,” said Ron Hynes, CEO of Vesta. “Our cutting-edge capabilities enable us to bring unmatched accuracy to approvals and fraud protection, which is why we can guarantee every approved card-not-present transaction. Our solution eliminates the fear and the cost of fraud by offering a zero-risk and zero-liability guarantee to merchants.”
“At CredibanCo, we were seeking to promote an easy and fast integration of an electronic payments solution that would enable online merchants to realize the benefits of greater fraud prevention and increased transaction acceptance,” said Gustavo Leaño, president of CredibanCo. “After thorough analysis of merchant and consumer data, we determined that Vesta’s Vsafe would be an optimal solution.”
“Opening up the country’s e-commerce market and offering protection to merchants will pave the way for a new generation of entrepreneurs in Colombia,” said Rodrigo Naranjo, Vesta’s chief growth officer and general manager, Latin America. “We look forward to serving as a catalyst to grow the entire industry.”