Pismo partners with Drona Pay to boost security in digital payments

Bangalore/Mumbai, 07 February 2023 – Fraud management for digital transactions has become a massive headache for banks and fintechs worldwide. As digital payments become more and more popular, with a projected annual growth rate of 12% to reach US$ 14.8 trillion by 2027, payment frauds are also expected to reach record levels.

India follows the international trend. United Payments Interface (UPI) transactions increased by 91% last year, according to the National Payments Corporation of India. Meanwhile, the number of complaints reported on the National Cybercrime Reporting Portal (NCRP) rose by 34% between the first and second quarters of 2022.

Pismo, a provider of an all-in-one, cloud-native financial services platform, has worked with Drona Pay, a cloud-native risk-scoring platform for next-gen lending and payments, to integrate both solutions. The two companies collaborate to increase real-time protection against fraud, scams and laundering in payments and lending. Banks and fintechs now have access to this state-of-the-art technology set that delivers a core banking and payments solution with real-time protection against fraud.

“With fraudsters becoming more sophisticated in targeted attacks, machine learning and proprietary data sets from Drona Pay are a perfect fit for Pismo’s next-gen platform. When fully integrated with both Drona Pay and Pismo, banks and fintechs can speed up their go-to-market strategies with confidence, knowing that their digital transactions are highly secured,” says Vishal Dalal, CEO (North America, EMEA, and APAC) at Pismo.

Founded in 2021, Drona Pay delivers real-time protection using machine learning and alternate data sets to defend institutions against ever-increasing fraud in payments and lending. The platform protects BNPL, Realtime payments (UPI, App, Wallet etc.), credit card and debit card transactions from frauds, scams, laundering and delinquency. The company has received investments from Varanium Capital, Credit Saison and fintech veterans, including Kunal Shah, Jitendra Gupta, and Amrish Rau.

“New age risk scoring platforms need to be cloud-native, leverage alternate data and adopt machine learning to help banks and fintechs solve emerging challenges. Reducing delinquency in new-to-credit (NtC)/thin files, managing risk in new merchant categories, preventing laundering in payment processing and minimising phishing attacks in real-time payments, are some of the new age challenges that Drona Pay is tuned to handle. Our strategic partnership will help customers leverage Pismo’s breadth and global presence with Drona Pay’s niche skills in risk scoring,” adds Satish Kashyap, CEO & Co-Founder at Drona Pay.

Founded in 2016 in Brazil, Pismo raised US$ 108 million in October 2021 in a series B round led by Softbank, Amazon and Accel. Pismo provides next-generation technology to help banks, fintechs, and non-financial institutions offer best-in-class financial products for their global customers. It has global operations with offices in São Paulo (Brazil), Bristol (UK), Austin (USA), Singapore, and Bangalore (India). With more than 450 employees, Pismo manages 69 million accounts, processing US$ 195 billion in annual transactions.

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