Alternative payment solutions provider SafetyPay has signed a five-year agreement with Feedzai to protect its customers against fraud.

Under the agreement, Feedzai will leverage AI to improve SafetyPay’s security by offering an additional layer of real-time protection.

The move will enable consumers to avail alternative payment methods through SafetyPay’s platform safely.

The platform allows customers to make e-commerce purchases via bank transfer or cash without sharing personal information.

On the other hand, it provides e-commerce merchants the opportunity to cater to a larger customer base.

Currently, SafetyPay counts 380 banks in 17 countries as its partners.

SafetyPay CEO Gustavo Ruiz Moya said: “Secure payments have been a core focus for us since SafetyPay was founded more than a decade ago.

“We constantly strive to leverage the latest technology to protect our customers – both consumers and merchants – and offer them the best experience when they buy and sell online.

“Our partnership with Feedzai further solidifies SafetyPay’s commitment to enabling fraud-free transactions.”

In the first stage of the partnership, Feedzai will start monitoring SafetyPay transactions in Brazil, Mexico, Peru and Spain this year.

The scope of partnership may be expanded to other nations.

Feedzai is a data science company that focuses on combating financial crimes with AI. The company assesses patterns in a particular payment and compares it against the customer’s historical data to authenticate transactions.