CURITIBA, Brazil, Nov. 20, 2023 – EBANX, a global technology company specializing in payments for rising markets, announced today new products and features in its payments platform, aiming to simplify and enhance the global payments experience for the 29 countries in Latin America & the Caribbean, Africa, and Asia where EBANX operates.
With its recent expansion across markets in Africa and the Caribbean and its recent debut in the Asian region with operations launched in India, EBANX strategically positions itself to serve its merchants and these growing regions by connecting both ends through the best payment solutions. Additionally, the new products bring advanced technology that prioritizes the security and high performance of payment transactions on the platform, meeting the needs of companies seeking efficiency and security in international transactions.
“We are solving the complexity of payments within an innovative business model,” says Fabio Scopeta, Chief Product and Technology Officer of EBANX. “These launches and our global expansion demonstrate our commitment to adapting and delivering the best solutions to the markets we are serving. EBANX is driven by the challenge of maximizing the market potential in the regions where we operate and by the commitment to offer quality products, ensuring that our merchants can provide the best possible service to their customers.”
Machine learning-based anti-fraud: smart routing, smart retry, safer transactions
Serving global merchants that operate cross-border transactions in rising economies, EBANX’s fraud and risk management solution now boasts a suite of cutting-edge features. These include real-time transaction scoring driven by advanced machine learning, seamless continuous chargeback automation, A/B testing to minimize false positives, and tailor-made industry-specific enhancements such as manual review and chargeback coverage. EBANX software’s performance demonstrates an average boost of up to 5 percentage points in approval rates across certain verticals, coupled with a reduction in chargeback rates by 0.67 percentage points. “The solution offers the perfect balance between approval rates and fraud prevention,” stated Scopeta.
Fraud may not happen the same way or through the same payment methods for subscription services as they do for online travel, SaaS transactions, or physical goods in online retail. That’s why EBANX’s new solution considers the local behavior and financial ID of buyers in each of the countries and verticals.
The anti-fraud solution has three essential layers of protection: initial analysis, antifraud machine, and smart retry. The main innovation is within the second layer, where the solution rolls out its antifraud proprietary machine when cards are used, already considering the business model and the vertical the transaction belongs to. This step scores each transaction based on more than 100 behavior combinations, local data, and parameter crossing. It uses hard rules and machine learning to continually categorize patterns, including new fraudulent behavioral patterns that may appear in rising markets.
A second step in this layer, which goes for both cards and alternative payments, is routing the transaction crosswire EBANX’s complete set of anti-fraud tools to find the best performing one for that particular transaction and payment method.
“There is no one-size-fits-all fraud and risk solution for all Latin America, all Africa or all Asia. In the same way, there is not just one for all verticals. You need to consider consumer behavior, the fraudsters’ modus operandi, the evolution of the payment methods and financial operations throughout history, and how they apply to different industries and different ticket values in each one of the countries across these regions,” explained Juliana Borges de Campos, Global Director of Payment Operations at EBANX. “It is an ever-evolving field based upon particular contexts. EBANX has the local and deep expertise needed to keep up with it and to translate this constant evolution into better payment performance for the merchant,” she added.
Pay-in, payout, and optimized B2B payment processing
EBANX has also improved its pay-in and payout solutions – the latter is now available in 25 markets that EBANX serves. The features now offer a full-circle experience for companies that need to receive payments from their customers but also need to make payments to their respective partners and collaborators. The solution offers the convenience of making payments in any amount and local currency. “This not only simplifies the process but also removes barriers for companies wishing to expand in international markets, allowing them to offer payments on a truly global level,” said Scopeta.
For B2B payments, the novelty is that merchants can now not only process large transactions but also manage the entire payment and receivables process efficiently and streamlined. EBANX’s solution is 360: it allows for better organization of invoices and payment receipts, all on the same platform to facilitate the process.
The Invoice solution enhances the experience in B2B payments and creates interoperability between real-time payment systems, reducing the number of intermediaries required. With this product, it is possible to streamline the receivables process within the EBANX Dashboard. Also, it makes it possible to invoice payers in local currency, with their payment method of choice, including cards and alternative payment methods like bank transfers and e-wallets.
Another enhancement for B2B operations, EBANX expanded its High-Value Tickets solution to more countries: EBANX’s merchants can now process transactions up to USD 100,000 in Mexico, Colombia, Peru, Chile, Argentina, and Nigeria, besides Brazil. This solution reduces intermediary costs by delivering an automated, customized, and transparent billing system on the checkout page.
Efficient card processing performance
Another highlight of this EBANX Product Series is the improvement in card processing performance, including a set of card optimization tools that balance approval rates and chargeback levels, using innovative features tied to the company’s technical expertise.
Features such as 3D Secure (3DS), Network Tokenization, Pre-Authorization, Multiple Partial Refunds, Card Verification, and Smart Routing are applied to the required per-regulation markets. Still, they are also used to leverage transactions in markets that do not require or use those tools yet. It also uses BIN-specific data, ensuring higher authorization success rates and quicker processing times, improving performance, creating better experiences, and providing a safer environment for all parties involved in a transaction.
EBANX arrives in new markets, reaches 29 countries with operations across 3 regions
One year after launching operations in Africa, EBANX recently announced operations in 8 more countries across the continent and two more countries in the Caribbean. Ivory Coast, Egypt, Ghana, Morocco, Senegal, Tanzania, Uganda, and Zambia are now in EBANX’s portfolio for Africa, Jamaica, and The Bahamas, solidifying the fintech’s reach and depth in the Caribbean.
Before announcing these ten new countries, EBANX set foot in a new region – Asia. In September, EBANX announced its payment processing in India, connecting global merchants to cards and UPI (Unified Payments Interface), the Indian local real-time payments system. With this milestone, EBANX can now connect its more than 1,600 merchants to over 1 billion digital buyers across 29 countries in the three fastest-growing digital markets in the world: Latin America & Caribbean, Africa, and Asia.
