- Danielle Wightman-Stone |
PayPal has announced that it is to buy Simility, a fraud prevention and risk management platform, for 120 million dollars, as it looks to enhance payment experiences for merchants and customers by reducing fraudulent activity.
“Digital commerce has exploded, and fraudsters have taken note, adapting and developing new methods to carry out their crimes,” said Bill Ready, chief operating officer, PayPal in a press statement. “PayPal has been at the forefront of developing innovative fraud prevention and risk management solutions for nearly 20 years, and now, merchants will be able to configure those solutions to manage the unique complexities of their businesses.”
Ready added: “Together with Simility, we will be able to put more control in the hands of our merchants to fight fraud while helping make commerce experiences faster and more secure.”
Following the close of the transaction, PayPal states that merchants on its platform will gain access to best-in-class fraud tools that can be customised to reflect the nuances of their businesses through their existing account management dashboard.
These machine learning-powered tools, which adapt and evolve with each transaction, will enhance payment experiences for merchants and their customers by helping to reduce fraudulent payment activity and, in some cases, verifying transactions that may have otherwise failed.
Rahul Pangam, co-founder and chief executive, Simility, added: “Our vision for Simility was to create an adaptive risk management platform that empowers organisations operating in a digital world to manage an evolving fraud and risk landscape.
“We are excited to enter the next phase of our growth with PayPal and are thrilled to join them to help drive the next generation of payment and commerce solutions while scaling our business together.”
Image: courtesy of PayPal