Elo
90% Fraud Reduction and Seamless Migration for 35+ Issuers
Industry:
Card Network and Payments Hub
Region:
Latin America
Solution:
Transaction Fraud
About Elo:
Elo is a major player in the Brazilian credit card market, offering consumers and merchants a competitive alternative for payment solutions. In 2011, Banco do Brasil, Bradesco and CAIXA Econômica Federal joined forces to create Elo, offering debit and credit cards. Since then, the company has continued to grow, offering financial services including credit, debit, prepaid and voucher card network processing. The company attributes its success to strategic partnerships, innovation and a focus on financial inclusion.
Background:
Elo is a Brazilian payments technology company that offers a range of payment solutions for businesses and consumers. Founded by three banks in Brazil, Elo quickly became a popular payment method for online purchases in Brazil, which is home to one of Latin America’s largest e-commerce markets. Benefiting from pro-innovation regulations in Brazil, Elo offers more than just credit and debit cards, having expanded into new areas, such as onboarding and anti-fraud solutions, which can even be used by partners for Pix – the instant payments scheme in Brazil. With a growing market share, Elo needed a technology partner to implement a fraud prevention system that would scale with high transaction volume and incorporate the latest, highest security standards for its customers.
The Challenge:
Elo was evolving its solutions to expand into new markets and segments. As a connector of buyers and sellers, the growing company needed to ensure a smooth customer experience with the highest levels of security. This meant enabling customers to make payments safely, securely and seamlessly using Elo products. They saw the importance of finding the right partner who could elevate their payment capabilities in a highly competitive market. The company was looking for a new solution that offered greater customization and flexibility to manage its fraud prevention business. For Elo, payment methods and security represent all areas connected to capture solutions, such as point-ofsale devices, e-commerce and digital payment solutions such as click-to-pay, QR code, Apple Pay and Google Pay. This includes transaction processing, authorization systems, settlement systems and anti-fraud systems.
