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Image credits: Fraudio

WiPay, the Caribbean’s online payment facilitator, has chosen Amsterdam-based Fraudios’ technology as an intelligent solution for fraud management. The partnership announcement comes as the company develops its user base and enters new markets.

Aldwyn Wayne, CEO at WiPay, says “As a technology leader in the space, we accept that innovative technology brings new opportunities as well as threats. Cybersecurity has always been at the forefront of all WiPay’s solutions. Fraudio adds a layer of protection for our customers and our customers’ customers. This investment is just another of the proactive steps that WiPay has taken to ensure the safety of our platform.“

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Fraudio: What you need to know

Fraudio is a fintech startup that focuses on helping companies in the payment ecosystem prevent payment fraud and financial crime through AI, machine learning, and multi-dataset network effects. 

João Moura and Nathan Trousdell, founders of Fraudio, spent two years building a cloud-native centralised AI and machine learning payment fraud detection solution. 

According to the founders, Fraudio’s solution can be used by payment service providers (PSPs), acquirers, issuers, processors, card schemes, and even large merchants who run their checkout or gateway.

Furthermore, Fraudio provides products that can be accessed from a single platform – payment fraud detection, merchant-initiated fraud detection (for PSPs and acquirers), and money laundering detection.  

Besides WiPay, Fraudio works with customers including Viva Wallet, Borgun, Novalnet, PagueloFacil, and other undisclosed customers in Europe, North America, Latin America, and Asia.

Gadi Erel, VP of Sales at Fraudio, says, “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: What you need to know

Aldwyn Wayne founded WiPay  in 2016 after facing challenges with digital payments and the lack of ‘financial inclusion’ for the majority of persons in the Caribbean.. 

Based out of Port-of-Spain, WiPay developed an inclusive platform that is secure, flexible, and simple to use. The platform allows anything connected to the Internet to move money quickly, safely, and easily for the ‘Banked’ and the ‘Unbanked’. 

WiPay can be integrated with existing legacy systems to bring payments over the Internet to any industry.

WiPay is currently regarded as the premiere alternative payments company in the region that includes Trinidad and Tobago, Jamaica, Guyana, Saint Lucia, Barbados, and Grenada. 

John Mollenthiel, the Chief Strategy Officer of WiPay, says, “Of all the technologies that we researched, Fraudio took fraud prevention a whole step further by employing artificial intelligence. Any technology that WiPay invests in is assessed on at least four components: functionality, scalability, adherence to industry standards, and future roadmap. Fraudio checked all the boxes. Their use of artificial intelligence to detect fraud by both consumers and merchants offered a level of sophistication that we had not seen with other fraud prevention solutions.” 

“Our merchant and consumer footprints are growing rapidly, so investing in a technology that could learn and move beyond human limitations, is a demonstration of WiPay’s commitment to protecting its customers,” he adds.

Fintech Files Powered by AWS

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