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 that 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 further 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 John Canfield, Vice President of Risk at WePay. “Veda easily adapts to incorporate any type of information our platform partners may have available. We evaluate hundreds of data signals per transaction and with our new Risk API we will continue to add even more.”
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 Paul Hoeper, CEO at InvoiceASAP. “WePay is leveraging its Risk API to assess and collect vast amounts of data to decipher fraud patterns and ultimately provide a far faster, and more frictionless user experience for our customers than we could alone.”
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.