Feedzai to help Credorax fight merchant fraud
A new partnership between financial services risk management solutions provider Feedzai and Credorax is designed to help merchants better protect themselves against fraud, reports David Penn at Finovate.
Oh stop it
Feedzai CEO Nuno Sebastiao says: “With Feedzai technology backing Credorax, we are helping to keep payments safe, while ensuring real-time processing – which is especially important in a world where digital means now.”
A technology company founded in 2008 that was among the first to transition into a fully-licensed commercial bank, Credorax credits itself as the first bank designed for e-commerce. A specialist in merchant acquiring, the firm has merchant acquiring banking licences in 32 countries in Europe.
Founded in 2008 and headquartered in San Mateo, California, Feedzai uses big data technology to stop payment fraud in real-time, and uses machine learning models to reduce incidents of false alarms.
In April, Feedzai launched OpenML, an open machine learning engine to help data science teams develop tools to combat fraud.
The previous month, the company announced a new head of APAC, Steve Liu, and the opening of a new office in Hong Kong. Feedzai’s platform scores $5 billion in transactions daily, with ten of the largest 25 global banks using the company’s technology.
Feedzai has raised $82 million in funding. The company includes Data Collective, Sapphire Ventures, Citi Ventures, and Oak HC/FT among its investors.
