Iguazio Deployed by Payoneer

Iguazio Ltd announced that Payoneer, Inc., a digital payment platform, has selected its 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 ML and predictive analytics.

Payoneer overcomes the challenge of detecting fraud within complex networks with 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 able to take the same sophisticated ML models built offline and serve them in real-time vs. fresh data. This ensures prevention of fraud and money laundering with predictive ML models identifying suspicious patterns continuously.

The cooperation was facilitated by Belocal Ltd, a data and IT solution integrator for mid-sized an 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, 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 a part of it” said Asaf Somekh, CEO, Iguazio. “We’re glad to see Payoneer accelerating its ability to develop new ML 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, 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 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 Python eco-system running over Kubernetes.

Iguazio also announced having raised $24 million from existing and new investors, including Samsung SDS and Kensington Capital Partners.