Papaya Global and Sumsub Partner to Enhance Payment Security with AI-Powered Fraud Prevention

Papaya Global and Sumsub Partner for better payment security

Papaya Global, a platform specializing in global workforce payroll and payments, has announced a partnership with Sumsub, a provider of verification and compliance solutions. The collaboration aims to integrate Sumsub's AI-powered technology into Papaya Global's services to bolster fraud prevention and streamline customer verification. The partnership focuses on maintaining secure and compliant payment transfers for companies and their international workforce. Papaya Global states that thorough compliance and security are paramount when handling global workforce payments, particularly for enterprise clients. Sumsub's solutions are intended to enhance Papaya Global's existing compliance infrastructure, enabling scalable operations while maintaining speed and accuracy. Sumsub's role will involve providing automated, AI-driven solutions for secure verification and fraud prevention. This is intended to ensure that Papaya Global remains compliant with regulations while facilitating efficient global payments. Papaya Global offers payroll and payment services in over 160 countries, automating processes and offering its own licensed payments platform in collaboration with J.P. Morgan. The company highlights its same-day delivery and transparent fee structure as key features, making global payments more efficient. Papaya Global's payment services are delivered through Azimo, its licensed payments division, which holds regulatory licenses in five Tier-1 jurisdictions. P2P Group's Inturai AI platform secures initial orders in Asia Sumsub's platform provides a range of verification and monitoring services, including Know Your Customer (KYC), Know Your Business (KYB), transaction monitoring, fraud prevention, and Travel Rule compliance solutions. The company serves over 4,000 clients across various industries, including fintech, crypto, transportation, trading, e-commerce, and gaming.

Papaya Global Launches Fraud Prevention Pact With Sumsub | PYMNTS.com

The collaboration will see Sumsub offer Papaya artificial intelligence (AI)-powered fraud prevention and verification solutions, helping ensure compliant payment transfers for companies and their workers, according to a Wednesday (March 5) news release. "When you enable global workforce payments, as we do at Papaya, thorough compliance and security is a top priority," Amit Levi, senior vice president of product at Papaya Global, said in the release. "Anything less than that simply isn't acceptable when serving enterprise clients. With Sumsub, we can take our compliance engine to the next level and deliver at scale, supporting our clients and their employees." "Partnering with Papaya Global is yet another big milestone for Sumsub in our mission to create a safe, accessible and people-friendly digital future," said Sumsub Co-founder and Chief Executive Andrew Sever. "By providing seamless onboarding and compliant verification for users and businesses, we are supporting Papaya Global in its goal to make global payments fast, secure, and efficient." In other fraud prevention news, PYMNTS wrote Wednesday about efforts to tackle scams in light of the recent PYMNTS Intelligence report "The Impact of Financial Scams on Consumers' Finances and Banking Habits." Research from that report found that two types of scams cause more financial damage than average: investment scams (median loss of $1,104) and romance scams ($1,996). Romance scams also string their victims along for an average of 3.6 transactions, which is nearly double the number for other types. In an interview with PYMNTS, Featurespace founder David Excell and Gasan Awad, senior vice president of enterprise fraud product management at PNC, said successful defenses depend on a few different tactics. These include pattern recognition, expanding the channels by which banks communicate to keep on top of emerging attack vectors, and educating customers. The right data, rendered in real time and studied with behavioral analytics, can pull a payment just as the request is being made, making sure all stakeholders are protected. "[Scammers] have an ROI in mind -- and they're doing segment testing, trying to find out what's most effective, where the weak links are in the institutions, and where they can attack," Awad said. "There's an evolution, and we need to be more on the offensive than the defensive that we have been."