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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.