Feedzai Enters Brazilian Marketplace
Machine Learning Company Signs on Visa and Mastercard Payment Provider in Brazil to Make Commerce Safe
SAN MATEO, Calif., Oct. 20, 2014 /PRNewswire/ -- Feedzai, a data science company that uses real-time, machine-based learning to analyze big data to make commerce safe, today announced it has signed a new customer in Brazil which is licensed by both Visa and MasterCard to accredit merchants. Feedzai will provide the Brazilian payments service provider and marketplace with the use of its software to detect and prevent fraud for all Visa and Mastercard transactions nationwide.
Brazil is Latin America's top e-commerce market. The Brazilian cards and payments industry grew at a CAGR of 8.97 percent between 2008-2012 to reach a transaction value of $1.8 trillion BRL ($917.1 billion US) at the end of 2012. Continued growth is expected in the marketplace, as prepaid and EMV cards, as well as mobile payments continue to make traction in the marketplace.
Feedzai's new customer in Brazil can handle more than 10,000 transactions per second, and is continuing to grow at a rapid pace. Feedzai Fraud Prevention That Learns™ technology fuses big data and machine learning to allow analysts to analyze data in real-time in order to detect merchant underwriting and transaction processing risks earlier. The software will help them to improve customer service by providing clear scoring explanations that provide for expedited reviews, reduce chargebacks and works on any channel – in-store, online or on mobile.
"As the 2nd largest card market in the world, Brazil poses many opportunities in the payments space, especially because Brazilians are demanding new and better ways to buy or sell both domestically and across borders," said Nuno Sebastiao, Chief Executive Officer of Feedzai. "The fraud status quo is changing quickly, particularly with growth of ecommerce where we see that for many of our merchants for every $5, nearly $1 is involved in a cross-border transaction. Nimble payment service providers like the ones we serve in Brazil can innovate rapidly to safeguard all commerce as this market evolves."
Feedzai Fraud Prevention That Learns™ software uses big data, including mobile and social data streams, to create deep learning profiles for each customer, merchant, location or POS device, product, with up to a three-year history of data behind it. This data helps acquirers, issuers and retailers mitigate risk, guard every transaction and preserve the customer experience
To learn more about Feedzai, visit www.feedzai.com.
About Feedzai
Feedzai is a data science company that uses real-time, machine-based learning to help payment providers, banks and retailers prevent fraud in omnichannel commerce. Feedzai is a global company, with US headquarters in San Mateo and is backed by SAP Ventures, big data investment firm Data Collective, and other international investors. Companies that rely on Feedzai include Coca-Cola, Logica, Vodafone, Ericsson, SIBs Payment Solutions, Horizon Wind Energy, and Servebase Credit Card Solutions. For additional information, visit http://www.feedzai.com.
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SOURCE Feedzai
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