GLOBAL FINTECH SERIES | JAN 27, 2020
Payoneer Uses Iguazio to Move From Detection to Prevention of Fraud With Predictive Machine Learning Models Served in Real-Time.
Iguazio, the data science platform for real time machine learning applications, announced that Payoneer, the digital payment platform empowering businesses around the world to grow globally, has selected Iguazio’s platform to provide its 4 million customers with a safer payment experience. By deploying Iguazio, Payoneer moved from a reactive fraud detection method to proactive prevention with real-time machine learning and predictive analytics.
Payoneer overcomes the challenge of detecting fraud within complex networks with sophisticated algorithms tracking multiple parameters, including account creation times and name changes. However, prior to using Iguazio, fraud was detected retroactively, enabling customers to only block users after damage had already been done. Payoneer is now able to take the same sophisticated machine learning models built offline and serve them in real-time against fresh data. This ensures immediate prevention of fraud and money laundering with predictive machine learning models identifying suspicious patterns continuously. The cooperation was facilitated by Belocal, a leading Data and IT solution integrator for mid and enterprise companies.
“We’ve tackled one of our most elusive challenges with real-time predictive models, making fraud attacks almost impossible on Payoneer. With Iguazio’s Data Science Platform, we built a scalable and reliable system which adapts to new threats and enables us to prevent fraud with minimum false positives”.
– Yaron Weiss, VP Corporate Security and Global IT Operations (CISO) at Payoneer
“Payoneer is leading innovation in the industry of digital payments and we are proud to be a part of it. We’re glad to see Payoneer accelerating its ability to develop new machine learning based services, increasing the impact of data science on the business.”
– Asaf Somekh, co-founder and CEO of Iguazio
“Payoneer and Iguazio are a great example of technology innovation applied in real-world use-cases and addressing real market gaps” said Hugo Georlette, CEO, Belocal. “We are eager to continue selling and implementing Iguazio’s Data Science Platform to make business impact across multiple industries.”
Iguazio’s Data Science Platform enables Payoneer to bring its most intelligent data science strategies to life. Designed to provide a simple cloud experience deployed anywhere, it includes a low latency serverless framework, a real-time multi-model data engine and a modern Python eco-system running over Kubernetes.
Earlier today, Iguazio also announced having raised $24M from existing and new investors, including Samsung SDS and Kensington Capital Partners. The new funding will be used to drive future product innovation and support global expansion into new and existing markets.