Paytm Labs targets e-commerce firms with Pi fraud risk management platform
Paytm Labs, the R&D division of Indian digital payments and financial services company Paytm, has launched Pi, a machine learning powered fraud risk management platform designed for FinTechs, banks and e-commerce marketplaces with high transaction volumes.
Pi is now handling five billion rule evaluations and 500 million decisions each day and is being tapped by the likes of PayPal.
It is also in use among several of Paytm's key financial properties including Paytm Payments Bank, Paytm Money and Paytm First Games.
“Thanks to Pi, we've reduced fraud to below 0.0005%—far below the industry average,” says Toshihiro Nomura, Head of Risk at PayPay.
“The Pi platform gives us a holistic view of data and allows us to protect our business without stifling growth and without creating user friction.”
“You cannot fight today’s fraud with yesterday’s technology,” comments Harinder Takhar, CEO, Paytm Labs.
“We studied the solutions available on the market and concluded that nothing was able to operate at the levels that we needed.”
“This was why we created Pi. We knew we had to start again with a fresh approach and design a fraud risk management system that was fit for purpose, and which could evolve as threats evolved.”
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