Financial crime-fighting RegTech Featurespace has been picked by Play Digital, the new FinTech created by Santander, Galicia and BBVA, to protect its new payments platform MODO from fraud.
The new payment platform is free to use and facilitates QR code payments and transfers between customers via smartphone, without requesting the bank identification number.
“Cash is no longer king, and we want to give banking customers the freedom and convenience to make payments more easily,” said Rafael Soto, CEO of MODO. “Keeping these customers safe from fraudsters is a vital part of the transition to online payments and Featurespace’s solution proved the best in class for preventing such activity.”
Martina King, CEO of Featurespace, added, “The adoption of instant payments across Latin America is growing considerably and the pandemic has accelerated this. We have seen various initiatives from central banks across Latin America, such as PIX in Brazil and CoDi in Mexico, which are catering for this demand. MODO and its participating banks are at the forefront of instant payments innovation, while also demonstrating that fraud prevention and customer protection is a top priority.”
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