SAN MATEO, Calif., Feb. 5, 2020 /PRNewswire/ -- 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."
The company was founded as an e-commerce payment platform to enable alternative payment methods, with a focus on cross-border transactions. As a multinational financial institution, SafetyPay has the mission to encourage payment inclusion to all Latam population by giving access to pay in e-commerce merchants, and enable abroad merchants the opportunity to make cross border sales.
Gustavo Ruíz Moya, CEO of SafetyPay, developed and implemented a business plan with a focus on the positioning of the company for long-term growth, implementing strategic initiatives as consolidating the largest non-card payment network that enables cash payments, bank transfers and crossborder transactions to purchase online, focus on greater scale and penetration in Latin America and Europe, work on developing new cash solutions and establish new agreements with banks, retail networks, PSPs and gateways.
Today, SafetyPay operates the largest network of banks and cash collection points in Latin America, the result of 10+ years effort, with a presence in 17 countries consolidated with 380 bank partners and 180,000 collection points. Our platform has a robust technology and infrastructure that can support growth without significant investments.
Feedzai is the market leader in fighting financial crime with AI. We're coding the future of commerce with today's most advanced risk management platform powered by big data and machine learning. Founded and developed by data scientists and aerospace engineers, Feedzai has one mission: to make banking and commerce safe. With more than 500 employees and 60% year-on-year growth, Feedzai is considered to be the best in class by Aite and one of the most successful AI companies by Forbes. The world's largest banks, processors, and retailers use Feedzai's fraud prevention and anti-money laundering products to safeguard trillions of dollars and manage risk, while improving customer experience.