Solution uses machine learning at scale to protect real-time digital transactions
BANGALORE, India and MUMBAI, India, Feb. 7, 2023 /PRNewswire/ -- Fraud management has become a massive headache for banks and fintechs worldwide. As digital payments become more popular, projected to grow 12%, reaching US$ 14.8 trillion by 2027, payment frauds are also expected to rise.
India follows the international trend. UPI transactions increased by 91% last year. Meanwhile, complaints on the NCRP rose by 34% between Q1 and Q2, 2022.
Pismo, all-in-one, cloud-native financial services platform, has worked with Drona Pay, cloud-native risk-scoring platform for next-gen lending and payments, to integrate both solutions. Both collaborate to increase real-time protection against fraud, scams and laundering in payments and lending.
"With fraudsters becoming more sophisticated, ML and proprietary data sets from Drona Pay are a perfect fit for Pismo's next-gen platform. When integrated, banks and fintechs can speed up their go-to-market strategies, knowing that their digital transactions are highly secured," says Vishal Dalal, CEO (North America, EMEA, and APAC) at Pismo.
Founded in 2021, Drona Pay delivers real-time protection using ML and alternate data sets to defend institutions against ever-increasing fraud in payments and lending. The platform protects BNPL, Realtime payments (UPI, App, Wallet etc.), credit and debit card transactions from frauds, scams, laundering and delinquency. The company has received investments from Varanium Capital, Credit Saison and fintech veterans Kunal Shah, Jitendra Gupta, and Amrish Rau.
"New age risk scoring platforms need to be cloud-native, leverage alternate data and adopt ML to help banks and fintechs solve emerging challenges. Reducing delinquency in new-to-credit (NtC)/thin files, managing risk in new merchant categories, preventing laundering and minimising phishing attacks in real-time payments, are the new-age challenges that Drona Pay is tuned to handle. Our strategic partnership will help customers leverage Pismo's breadth and global presence with Drona Pay's niche skills in risk scoring," adds Satish Kashyap, CEO & Co-Founder at Drona Pay.
Founded in 2016 in Brazil, Pismo raised US$ 108 million in 2021 in a series B round led by Softbank, Amazon and Accel. Pismo provides next-generation technology to help banks, fintechs, and non-financial institutions offer best-in-class financial products for their global customers. It has global operations with offices in Sao Paulo (Brazil), Bristol (UK), Austin (USA), Singapore, and Bangalore (India). With more than 450 employees, Pismo manages 69 million accounts, processing US$ 195 billion in annual transactions.
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