SafetyPay, one of the leading digital alternative payment platforms providing solutions across Latam and Europe, reached an initial 5-year agreement with Feedzai, the market leader in managing financial crime with AI, to offer an extra layer of protection against fraud risk for SafetyPay customers.
SafetyPay’s platform allows non-card holders and fraud-wary consumers to participate in the online marketplace via bank transfer or cash without sharing their information online. The platform opens the door for e-commerce merchants to tap into a larger consumer base by accepting alternative forms of payment. Meanwhile, Feedzai monitors patterns in payment transaction activity and compares against a customer’s historical data to authenticate transactions. With a shared goal of making banking and commerce safe, the partnership with Feedzai enhances SafetyPay’s security, harnessing AI to protect customers across borders from fraudulent risks in real-time.
“Secure payments have been a core focus for us since SafetyPay was founded more than a decade ago,” said Gustavo Ruiz Moya, CEO, SafetyPay. “We constantly strive to leverage the latest technology to protect our customers – both consumers and merchants – and offer them the best experience when they buy and sell online. Our partnership with Feedzai further solidifies SafetyPay’s commitment to enabling fraud-free transactions.”
The first stage of the partnership will be rolled out in 2020 with Feedzai monitoring SafetyPay transactions in Brazil, Mexico, Peru and Spain, with the opportunity to expand to other markets as SafetyPay scales. SafetyPay currently partners with 380 banks in 17 countries worldwide, across Latin America, Europe and North America.
“We are working hand-in-hand with SafetyPay’s platform to minimize and prevent fraud risk for its customers around the globe, all while providing a frictionless payment experience. Feedzai will monitor transactions for SafetyPay customers and continue to support the company as it expands its reach,” said Nuno Pires, Senior Vice President, LATAM. “We are proud to collaborate with a platform like SafetyPay that has a similar mission in mind – to empower more people to participate in the digital economy with security and ease.”