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PayU Taps Feedzai To Protect Its LATAM Payment Networks

network security

Online payment tech company PayU is teaming up with cyber-fraud prevention firm Feedzai to beef up its network protections in a key global market, the companies announced on Wednesday (July 29).

PayU, which provides a digital payment platform for merchants and other retailers around the world, plans to roll out Feedzai’s transaction monitoring system in its Latin America markets, including Brazil, Mexico, Colombia, Argentina, Chile, Peru and Panama.

The move comes after a successful initial launch of the new system in Europe, the Middle East and Africa by PayU, which was founded in the Netherlands in 2002.

Gyorgy Tomso, COO of PayU in Latin America, Europe, the Middle East and Africa, said the partnership builds on capabilities that data scientists at PayU have been developing for some time now, using machine learning models to help improve the experience for the shops, stores and other merchants that use the company’s online payment technology and to reduce financial risk as well.

PayU’s various online platforms currently process over 6 million transactions “and generate billions of data points” daily, Tomso said in the press release announcing the move.

“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,” Tomso said. “Using complex ML models, our data scientists leverage this data for prescriptive analytics to improve customer experiences and reduce financial risks.”

The partnership with Feedzai comes seven months after PayU acquired a majority, $185 million stake in PaySense.

“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,” said Nuno Sebastiao, chairman and CEO of Feedzai, in the same press release. “PayU and Feedzai share a common vision of a world without financial borders in which commerce is both safe and friction-free.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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