BigPay

Background

BigPay, a leading digital financial services provider in Southeast Asia, offers a comprehensive suite of financial products and services to consumers. Founded in 2017, BigPay has rapidly expanded across key markets, including Malaysia, Singapore, and Thailand. Today, the f irm proudly serves over 3 million customers, empowering seamless transactions at more than 130 million merchants worldwide. Initially launched with core features like mobile wallet top-ups, peer-to-peer transfers, and a virtual Visa card, BigPay has consistently evolved to meet the changing needs of its customers. Key product enhancements include cash top-ups through retail outlets like 7-Eleven, enhanced local and international remittance services, and the addition of QR payment capabilities.

The Solution

Recognizing the need for a modern and sophisticated approach, BigPay selected Feedzai, a leading provider of AI-powered fraud prevention and AML solutions. Feedzai’s platform offered the following key capabilities:

• Consolidate Fraud and AML Monitoring
  The solution unifies all fraud and AML monitoring activities onto a single, centralized platform, eliminating the need for managing multiple disparate systems. This enabled a holistic view of risk across all channels.
• Enhance Scalability
  The solution is scalable and capable of handling BigPay’s growing needs and the increased transaction volumes of its customer base. Just as importantly, it continuously evolves with changing risk needs and realities.
• Advanced AI and Machine Learning Capabilities
  Leveraging cutting-edge AI and machine learning algorithms for real-time threat detection and risk assessment empowers BigPay to detect and prevent sophisticated fraud patterns, such as anomaly detection and behavioral analysis.
• Robust Integration Capabilities
  Existing systems and workflows can seamlessly integrate within the BigPay ecosystem using APIs and webhooks.
• Rapid Rule Deployment
  Faster and more efficient rule development and deployment is enabled through a userfriendly interface, enabling new fraud rules to quickly adapt to evolving threats and regulatory requirements.

The partnership with Feedzai has delivered significant benefits for BigPay:

• Response Within 400 Milliseconds
  The Feedzai platform exhibits fast response times, with API responses typically within 400 milliseconds, ensuring seamless and efficient transaction processing.
• Enhanced Risk Management and Scalability
  Deeper insights into fraud trends and patterns are readily available, enabling proactive risk management and improved decision-making. This gives BigPay the ability to scale fraud prevention capabilities in line with its business growth and expanding product offerings.

BigPay is working closely with the Feedzai team to centralize their current fragmented Fraud and AML systems into one single solution within the Feedzai RiskOps platform. BigPay expects to reap additional benefits upon completion of its full-on migration with Feedzai:

• 95% Fraud Detection Efficiency
  Fraud detection rates have improved significantly from a range of 80-85% to 95%. This improved performance has significantly reduced financial losses and improved customer trust.
• Enhanced Operational Efficiency
  Consolidating monitoring activities onto a single platform has streamlined operations, consolidated systems, and automated manual tasks. This has resulted in significant time and cost savings, faster rule deployment, and more efficient investigation processes.
• Enhanced Regulatory Compliance
  BigPay’s compliance posture has been strengthened, enabling the company to easily meet new regulatory requirements of local Southeast Asian markets.
• Improved Customer Experience and Onboarding
  The customer journey is enhanced by minimizing false positives, enabling faster transaction processing. Meanwhile, an enhanced customer onboarding experience leveraging Feedzai’s capabilities enables BigPay to identify and mitigate risky new customer accounts.

A Future Built on AI and Machine Learning

The case study of this Australian payment provider’s successful collaboration underscores the enormous potential of Feedzai’s Transaction Fraud Solution. It also demonstrates that with the right tools, real-time payments systems such as NPP can be both secure and efficient.

Future-facing collaborations include full integration and automation that will allow BigPay to leverage all functionalities to create an end-to-end fraud and AML solution. Feedzai’s industry-recognized machine learning capabilities can automate decision-making processes and minimize manual intervention.

Integrating with advanced machine learning technology will allow BigPay to explore and implement real-time risk scoring and make adjustments based on customer behavior and evolving threat intelligence. This will enable more proactive and dynamic risk management strategies. Leveraging Feedzai’s customer profiling capabilities will deliver deeper insights into customer behavior and identify potential risks early on before fraud can reach the point of transaction.