Signifyd, specialist in e-commerce fraud and consumer abuse protection through big data and machine learning, and VTEX, Enterprise Digital Commerce Platform for brands and retailers looking to build a future-proof digital commerce strategy, announced a strategic alliance to promote, strengthen and protect retailers and online businesses in Latin America.
Through its connected and complete digital commerce platform, and a team of specialists in digital commerce, the multinational of Brazilian origin is helping companies achieve a faster time to market, reach their customers through any channel, personalize experiences and discover new areas of growth.
VTEX customers now have access to Signifyd’s Commerce Protection Platform module through the VTEX App Store. This means that they will be able to install a plug-in within the VTEX ecosystem and thus optimize their transactions, protect their profits and prevent abuse and fraud attempts.
Latin America foresees further growth in online commerce. It is expected to be the fastest growing retail ecommerce market in the world. eMarketer estimates that annual sales will reach $95 billion. However, in the face of this growth, businesses face important challenges such as the increase in online fraud by consumers.
“We are thrilled to be offering VTEX merchants a seamless way to protect their businesses from fraud and consumer abuse,” said Christian León, Signifyd regional director, Latin America. “VTEX is the Enterprise Digital Commerce Platform for brands and retailers looking to build a future-proof digital commerce strategy. VTEX works with some of the largest retail enterprises in the world. It has been helping merchants provide extraordinary customer experiences for more than two decades. We are excited to be contributing to that success by adding the market-leading fraud and abuse protection solution to the mix, allowing VTEX merchants to engage in fearless commerce.”
With this collaboration, customers will not only have quick access to Signifyd solutions, but will also save time and money, as the Signifyd module complies with all the programming and review parameters of the VTEX platform.
“It is vitally important to have the right tools to fight the main ecommerce fraud attacks in the world. Through alliances with anti-fraud solutions, VTEX clients will be able to carry out their transactions without fear and obtain a safe and smooth shopping experience,” said Santiago Naranjo, president of VTEX Latin America.
By integrating Signifyd solutions, VTEX clients will be able to automate the review of transactions within their ecommerce platforms. Not only will they be able to detect fraud attempts but they will also access technology that has increased approved orders by an average of 5% to 9%.
Signifyd’s machine learning model is constantly learning, adjusting to new tactics and techniques deployed by professional scammers and fraud networks. It instantaneously sorts fraudulent from legitimate transactions, detects cases of policy abuse and provides a financial guarantee on approved orders against all types of chargebacks.
This strategic alliance is part of Signifyd’s expansion plans in the region. The company’s April 2021 funding round of $205 million is fueling expansion of its product, customer success and data science teams, as well as its engineering teams.
Signifyd provides an end-to-end Commerce Protection Platform that leverages its Commerce Network to maximize conversion, automate customer experience and eliminate fraud and consumer abuse risk for retailers. Its solutions provide the transparency and control that brands need to succeed in the rapidly changing world of commerce. Signifyd, which is the leading provider of payment security and fraud prevention for the Top 1000 Retailers for 2022, is headquartered in San Jose, CA, with locations in Denver, New York, Mexico City, São Paulo, Belfast and London.
VTEX (NYSE: VTEX) is the enterprise digital commerce platform where global brands and retailers run their world of commerce. VTEX puts its customers’ business on a fast path to growth with a complete Commerce, Marketplace and OMS solution. VTEX helps global companies build, manage and deliver native and advanced B2B, B2C, and Marketplace commerce experiences with unprecedented time to market and without complexity.