Artificial Intelligence makes transactions via PicPay even safer
Partnership with the risk management specialist Feedzai allows the digital wallet to use machine learning to analyse financial transactions
As one of the main trends of the new economy, AI has proved to be a great ally in monitoring financial risks in digital environments, even as its potential is still being explored. PicPay, the largest payment application in Brazil with more than 10 million users – has recently sealed a partnership with Feedzai, becoming a pioneer in the use of AI within a robust security system.
Through this partnership, the application will use machine learning, a method of data processing in the field of AI, to analyse thousands of transactions per second to prevent fraud and financial crimes. In addition, the tool speeds up the processing of payments, meeting the expectations of users for swift operations.
“PicPay sees artificial intelligence as the future and has taken a step forward by including it in its processes. Our focus is on the security of transactions made via the app and for this we have partnered with Feedzai, a leading technology company at the forefront of AI in the market”, said Diogo Roberte, cofounder of PicPay, also highlighting performance gains and operational efficiency.
“Innovative forms of payment offer great advantages for the consumer, who can now transact and buy instantly and anywhere. It is vital that all of these people are protected in real time. Artificial intelligence is the only technology capable of coupling security with user experience”, says Nuno Pires, Senior Vice President of Feedzai.
Feedzai products are used by large financial institutions, such as Citi, Lloyds Banking Group, First Data and many others.
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About PicPay
PicPay is the pioneering mobile payment application in Brazil, being a complete ecosystem with elements of social networks. Created in 2012, the app lets users pay friends, establishments and accounts via their mobile phone, instantly and without fees, moving and paying money on a secure, agile, simple and user-friendly platform. PicPay is revolutionising the way people relate to money by believing that behind every payment there is a unique experience.
About Feedzai
Feedzai is the market leader in fighting fraud with AI. We’re coding the future of commerce with today’s most advanced risk management platform powered by big data and machine learning. Founded and developed by data scientists and aerospace engineers, Feedzai has one mission: to make banking and commerce safe. The world’s largest banks, processors, and retailers use Feedzai’s fraud prevention and anti-money laundering products to manage risk, while improving customer experience.
For more information, visit www.picpay.com and www.feedzai.com.
PicPay – GBR Communication
Bruno Dantas | +55 11 3047 2404
Feedzai
Igor Carvalho | +351 916 755 906