Galileo Financial Technologies has expanded its Galileo Payment Risk Platform with a partnership with DataVisor, which works in fraud and risk management, to offer more fraud solutions, a press release said.
Payment card fraud transactions will likely rise 20% and hit $38.5 billion by 2027. Fraudsters, especially since the pandemic started, have been using more sophisticated technologies.
Galileo’s platform targets the payment ecosystem, combining its fraud analytics knowledge with the AI technology from DataVisor, and its end-to-end fraud and risk management. The platform’s expanded capabilities will include support for debit and credit transactions, ACH and provisioning for protecting clients against payment fraud.
Partnering with DataVisor, Galileo’s new platform will offer machine learning-powered tech to help out with fraud and cut down on losses proactively.
DataVisor research shows that 75% of businesses surveyed thought it was important to develop better fraud detection processes.
“The new Galileo Payment Risk Platform was built to anticipate clients’ needs and meet the evolving demands of today’s payment risk environment. It’s highly flexible and customizable to align with businesses’ needs, risk tolerance and customer preferences,” said David Feuer, Chief Product Officer at Galileo. “Through our evolving Galileo Payment Risk Platform, we continue to invest in protecting our clients with automated fraud mitigation technology that delivers rapid responses, intelligent decisioning and tailored solutions through flexible APIs.”
In July, Galileo CEO Derek White told Karen Webster that embedded finance will likely lead to mass changes.
Read more: Galileo CEO: Embedded Finance Gives Rise to Better B2B ‘Brand Experience’
PYMNTS wrote that money movement has been seeing some attitude changes, including that money movement should be barely noticeable, such as how ride-hailing sees “invisible” payments almost instantaneously.
White said this change could occur in B2B too and drastically change things there.
He said the ecosystem is reshaping itself at home, on websites and anywhere that digital and physical channels have blended, with social media engineering much of it.
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