Online payment facilitator WiPay has bolstered its fraud prevention efforts through a partnership with fraud management platform Fraudio.
The company will gain an extra layer for protection as it looks to expand its user base and enter new markets.
WiPay chief strategy officer John Mollenthiel explained the team settled for Fraudio due to its AI capabilities. The tool leverages AI to identify fraud incidents from consumers and merchants, which according to Mollenthiel, was to a higher level of sophistication than other fraud prevention tools.
Fraudio VP of sales Gadi Erel said, “When we built our company we dreamed of democratising fraud prevention. WiPay is democratising payments and is leading innovation in a region that has been underserved for too long. We are extremely proud of our collaboration with WiPay and being able to provide their customers with the opportunity to operate a healthy business and help the Caribbean thrive.”
WiPay, which is based in the Caribbean, offers an online payment processing solution. It provides consumers with peer-to-peer payments. The company is looking to launch a WiPay debit card, savings account and loan service.
Businesses can also leverage WiPay for their payment management. Its features include ePOS, bulk business payments, business-to-business transfers, and an all-in-one e-commerce solution to monitor payments.
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