PayU, a leading financial services provider in global growth markets and Feedzai, a leading risk management platform, announced today a partnership expansion that will enable PayU to augment its fraud prevention capabilities in Latin America in addition to the EMEA region.
Following the successful implementation of Feedzai’s transaction monitoring solution in Europe, Middle East, and Africa, PayU will start implementing the same core technology in Brazil, Mexico, Colombia, Argentina, Chile, Peru, and Panama to proactively detect and prevent fraudulent suspicious activities.
“PayU is continuously developing cutting edge AI/ML based products and services and partnering with Feedzai enhances our capabilities to offer secure, seamless transactions to our customers”, says Gyorgy Tomso, COO of PayU EMEA and Latam regions. “Our online platforms process over six million transactions and generate billions of data points every day. Using complex ML models, our data scientists leverage this data for prescriptive analytics to improve customer experiences and reduce financial risks. Feedzai’s market-leading risk management has already proven a great addition in EMEA, so we’re excited to continue this success in Latin America.”
Machine learning is fundamentally changing the Payments industry while providing market leaders with a future-proof framework capable of delivering fast, reliable, and seamless financial services.
“Feedzai’s technology enables PayU to protect its important merchant customer base by leveraging years of experience in combining advanced machine learning techniques with real-time data processing”, says Nuno Sebastiao, Chairman and CEO of Feedzai. “PayU and Feedzai share a common vision of a world without financial borders in which commerce is both safe and friction-free.”
The goal of the new project is to provide a centralized fraud prevention and detection system for PayU LATAM while aiming at global standardization of processes.