WePay, the payments company powering platform businesses, previewed new API capabilities of its patent-pending risk engine technology, VedaTM, today at the Finovate Spring conference featuring its pilot customer InvoiceASAP.
Known for powering platform businesses such as crowdfunding sites, marketplaces and small business software, WePay has always relied on data to make better decisions when it comes to payment. In 2012, the company developed Veda, the industry's first risk engine leveraging social data, to help shield its platform partners from risk while at the same time still offering a great user experience for merchants and payers. Now, WePay is taking Veda beyond the realm of social data by allowing partners an automated way to pass over an unlimited amount of their own customer data, so that Veda can make even more advanced decisions. WePay is the first payment company to leverage partner data at this scale in risk management.
"WePay recognizes that no two platforms are the same and neither are their fraud patterns," said
WePay has been able to reduce losses by over 75% year over year without adding any additional fields to signup or checkout – resulting in a great user experience.
"We are processing over 125,000 invoices per month and by passing custom information through the Veda Risk API, our merchants can accept payments in one-click using WePay," said
With its new Risk API, Veda stitches together various data sources to better understand a platform's users. Veda leverages user behavior patterns, custom data from platforms, data from WePay's own transactional graph, and social data from sources such as Facebook, LinkedIn, Twitter and Yelp to produce a Risk Score for every customer.
The WePay Veda Risk API is now available in beta.
WePay's payments API is built specifically for platform businesses like marketplaces, crowdfunding sites and small business software. These platforms are empowering millions of users worldwide to unlock all kinds of creative commerce. Through its proprietary VedaTM social risk engine, WePay gives platforms a flexible payments API that provides a great user experience while still being able to take on all their fraud risk and compliance burdens.
WePay has processed transactions for more than 250,000 merchants and over 400 platform partners. Platform businesses such as GoFundMe, CustomMade,
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