SafetyPay signs five-year deal with Feedzai

Digital alternative payment platform SafetyPay has formed a five-year agreement with Feedzai to help protect its users.

The deal sees SafetyPay implement Feedzai’s AI-powered ant-fraud technology to add extra security on its platform. Initially, Feedzai will monitor all transactions on SafetyPay in Brazil, Mexico, Peru and Spain, with the opportunity to expand into other markets.

SafetyPay platform enables consumers to complete online payments through a bank transfer or cash without needing to share their online information. The platform supports local and cross-border transactions and sends real-time confirmations.

Feedzai monitors payment transaction activity and compares against a customer’s historical data to authenticate transactions. Its solution can be used for account opening, counter transaction fraud and anti-money laundering.

SafetyPay CEO Gustavo Ruiz Moya said, “Secure payments have been a core focus for us since SafetyPay was founded more than a decade ago.

“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.”

SafetyPay currently partners with 380 banks in 17 countries across Europe, Latin America and North America.

Last year, Feedzai formed a partnership with North American Bancard to help the credit card company improve its fraud and risk management capabilities.

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