LOQR and Fraudio Announce Strategic Partnership
The collaboration aims to convey the gist of the joint go-to-market approach for both the merchant onboarding and fraud monitoring for acquirers.
Portugal-based “Journeys-as-a-Service” provider LOQR teamed with Netherlands-based payment fraud detection & anti-money laundering (AML) solution provider Fraudio to tackle the elimination of payment fraud and money laundering for payment service providers, payment facilitators, and merchant acquirers. This strategic partnership aims to solve these companies’ pain points with an end-to-end solution covering both the acquisition and setup of new merchants and the continuous monitoring of their merchant portfolio to reduce risk, operational costs, and losses from merchant-initiated fraud. The partnership will leverage and combine innovative AI with ML techniques from LOQR for the onboarding journey with those from Fraudio for fraud and money-laundering detection.
Since the onboarding processes for opening a merchant account are typically intense and put the merchant under heavy scrutiny with extensive KYC and KYB procedures, LOQR and Fraudio will automate these processes and reduce the risks of fraud while offering seamless and merchant-centric journeys in combination with complete and real-time reporting.
Fraudio has developed leading fraud detection products covering individual transaction monitoring, merchant initiated / bust-out fraud, and AML. It provides these products through its patented AI and ML technology platform which Fraudio has developed leading fraud detection products covering individual transaction monitoring, merchant initiated / bust-out fraud, and AML. It provides these products through its patented AI and ML technology platform which reduces integration and setup times dramatically.
LOQR provides a fully compliant end-to-end platform allowing payment service providers, payment facilitators, and merchant acquiring banks to take the next step to a client-centric and digital banking experience, adapting to the structure of its clients in a plug & play way to help them offer the best digital experience to its customers.
“This partnership with LOQR is the start of a journey to provide merchant acquirers with the best end-to-end solution to manage their merchant portfolio and own enterprise risk. Through the singular focus of both LOQR and Fraudio to provide best-in-class solutions to their customers, it will allow merchant acquirers who partner with us to focus attention and resources on their growth ambitions. We look forward to bringing our joint solution to new markets and customers in the years to come” says João Moura, Fraudio CEO.
“Strategic partnerships such as this one with Fraudio are essential to help us boost our growth and give us the chance to focus our efforts to provide compliant, fraud-proof, and client-centric solutions. At the same time, it allows us to reach new markets and customers as we guarantee a secure infrastructure for their operations”, says Ricardo Costa, LOQR’s CEO.
Fraudio is a leading payment fraud and money laundering detection company founded by online payment and AI experts in 2019. Its mission is to connect all companies in the payments ecosystem to a powerful centralized AI that detects and prevents fraud in real-time, creating unrivaled value. Fraudio leverages the latest in technology and data science innovations to create highly scalable cloud-native API solutions. It is trusted to protect and enable the safe scaling of some of the fastest-growing payment companies in the world, such as Viva Wallet, SaltPay, Paymentology, Tutuka, Switch, Payabl, ePayco, Bold, Culqi, and PagueloFacil. Learn more: www.fraudio.com
LOQR is a key enabler of financial institutions within their digital path providing turnkey journeys-as-a-service through its platform. LOQR is an expert on AI and compliance, with the mission of helping clients to empower their customers’ digital lives through certified journeys such as online account opening, customer data update, online access recovery, and other value-added services that are regulatory compliant and delivered within an end-to-end platform. Learn more: www.loqr.com