Galileo Financial Technologies has teamed up with fraud management solutions provider Datavisor to bolster its payment risk mitigation platform.

As part of the alliance, Galileo’s expertise in fraud analytics and payments has been integrated with DataVisor’s artificial intelligence (AI) technology as well as fraud and risk management offerings.

The integration has boosted the capability of the Galileo Payment Risk Platform, which will now be able to facilitate debit and credit card payments, automated clearing house (ACH) transactions, in addition to provisioning or onboarding to safeguard customers against various types of payments fraud.

The expanded Galileo Payment Risk Platform is also capable of offering open-API integration as well as an AI-based risk management solution to detect fraud patterns and minimise fraud losses, among others.  

It is estimated that payment card fraud transactions will soar 20% to $38.5bn by 2027 amid use of modern techniques by fraudsters.

Galileo Financial Technologies chief product officer David Feuer said: “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 customisable to align with businesses’ needs, risk tolerance and customer preferences.

“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.”

A new report from DataVisor revealed that 75% of businesses give importance to improved fraud detection techniques.

DataVisor co-founder and CEO Yinglian Xie said: “As fraud remains a big concern for businesses, our partnership showcases our common commitment for business and customer protection.”

In June this year, banking app and digital wallet Flyp tapped Sofi Technologies-owned Galileo to drive its gamified mobile banking tool.