The lab is designed to solve online payment issues faced by merchants and works with partners to develop solutions which utilise the power of AI, data science, payment fraud prevention techniques and technologies. Credorax has dedicated human and financial resources to its Innovation Lab in order to help its customers address payment transaction complexities.
In its debut project, the Innovation Lab partnered with Fraugster, an ecommerce anti-fraud solution provider. The team ultimately developed a solution based on AI and behavioural intelligence that helped a Credorax merchant increase approval rates, save money on chargeback-related fraud cost savings, and increase revenues, according to the company’s official press release.
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