Iguazio Deployed by Payoneer to Prevent Fraud with Real-time Machine Learning

Payoneer uses Iguazio to move from detection to prevention of fraud prevention with predictive machine learning models served in real-time

New York, January 13th, 2020 - Iguazio, the data science platform for real time machine learning applications, today announced that Payoneer, the digital payment platform empowering businesses around the world to grow globally, has selected Iguazio’s data science platform to provide its 4 million customers with a safer payment experience. By deploying Iguazio, Payoneer moved from a reactive fraud detection method to proactive prevention with real-time machine learning and predictive analytics.

Payoneer overcomes the challenge of detecting fraud within complex networks with sophisticated algorithms tracking multiple parameters, including account creation times and name changes. However, prior to using Iguazio, fraud was detected retroactively, enabling customers to only block users after damage had already been done. Payoneer is now able to take the same sophisticated machine learning models built offline and serve them in real-time against fresh data. This ensures immediate prevention of fraud and money laundering with predictive machine learning models identifying suspicious patterns continuously.  The cooperation was facilitated by Innovigates-BeLocal, one of the leading Data and IT solutions integrator for mid and enterprise companies.

“We’ve tackled one of our most elusive challenges with real-time predictive models, making fraud attacks almost impossible on Payoneer” noted Yaron Weiss, VP Corporate Security and Global IT Operations (CISO) at Payoneer. “With Iguazio’s Data Science Platform, we built a scalable and reliable system which adapts to new threats and enables us to prevent fraud with minimum false positives”.

“Payoneer is leading innovation in the industry of digital payments and we are proud to be part of it” said Asaf Somekh, CEO, Iguazio. “We’re glad to see Payoneer accelerating its ability to develop new machine learning based services, increasing the impact of data science on the business.”

“Payoneer and Iguazio are a great example of technology innovation applied in real-world use-cases and addressing real market gaps” said Hugo Georlette, CEO, Innovigates-BeLocal. “We are eager to continue selling and implementing Iguazio’s Data Science Platform to make business impact across multiple industries.”

Iguazio’s Data Science Platform enables Payoneer to bring its most intelligent data science strategies to life. Designed to provide a simple cloud experience deployed anywhere, it includes a low latency serverless framework, a real-time multi-model data engine and a modern Python eco-system running over Kubernetes.

Earlier today, Iguazio also announced having raised $24M from existing and new investors, including Samsung SDS and Kensington Capital Partners. The new funding will be used to drive future product innovation and support global expansion into new and existing markets.

About Iguazio

The Iguazio Data Science Platform enables enterprises to develop, deploy and manage AI applications at scale.  With Iguazio, enterprises can run AI models in real time, deploy them anywhere; multi-cloud, on-prem or edge, and bring to life their most ambitious data-driven strategies. Enterprises spanning a wide range of verticals, including financial services, use Iguazio to create business impact through a multitude of real-time use cases.  Iguazio is backed by top financial and strategic investors including Samsung, VerizonBoschCME Group, and Dell. The company is led by serial entrepreneurs and a diverse team of innovators in the USA, UK, Singapore and Israel.  Find out more on www.iguazio.com

About Innovigates-BeLocal

Since its inception in 2006, Innovigates-BeLocal has experienced consistent and sustainable growth by developing strong long-term relationships with its technology partners and by providing tremendous value to its clients. We pride ourselves on delivering the most innovative technology solutions enabling our customers to lead their market segments and stay ahead of the competition. At Innovigates-BeLocal, we pride ourselves in our ability to listen, our attention to detail and our expertise in innovation. Such strengths has enabled us to develop new solutions and services, to suit the changing needs of our clients and acquire new businesses by tailoring all our solutions and services to the specific needs of each client.