MANILA - Online payments platform Paymongo engaged Singapore-based Vesta to strengthen the security of its online payments system, the firms said in a joint statement.
The partnership will allow Paymongo to have systems in place to assess fraudulent transactions, protect customer’s accounts and report real-time to over 5,000 of its merchants, comprising mostly of Filipino small and medium enterprises (SMEs).
Paymongo said they are committed to protect merchants by providing more security to an already secured platform.
“One of PayMongo’s strong points is our robust fraud detection system. Still, we continue to improve and innovate. With its track record, Vesta is a natural choice for PayMongo to help us amplify the protection we give our merchants,” Francis Plaza, PayMongo co-founder and Chief Executive Officer, said.
Vesta for its part is a pioneer in fraud assessments, risk detection and guaranteed payment technologies for financial technology firms.
“We are excited to partner with PayMongo, and saw a great match in PayMongo’s commitment to always cater to their merchants’ needs that made this partnership come to fruition especially during a time where businesses require the support they need to continue growing digitally,” said Shabab Muhaddes, Vesta General Manager in the Asia Pacific.
Paymongo is an online payments enabler for SMEs, giving them free and easy sign-up to a portal, which can generate links for their customers or online buyers to access.