New Payment Solution Taps Machine Learning
Simplex aims to use a combination of advanced artificial intelligence algorithms, encryption, and real-time machine learning in an attempt to eliminate fraud in credit card payments.
The Simplex system is designed to maximize conversion and minimize losses by using real-time machine-learning to approve every transaction. The hope is that Simplex’s AI algorithms learn what fraud transactions look like and shut them down before they occur.
The Simplex team is confident of their system that they offer a full fraud chargeback guarantee. Such rip-offs are a growing problem for merchants because of the growing number of MasterCard and Visa products that instantly convert altcoins into fiat currencies.
No Fraud Chargebacks, Ever, Really
That enables Simplex to cover every payment with escrow which eliminates the possibility of chargebacks. This should help smaller merchants compete with the big boys, by letting them take credit-card payments for every transaction.
Some of the benefits that Israel-based Simplex plans to offer include:
- No fraud chargebacks.
- Hassle-free interface with bank clearinghouses.
- Reutilization of anti-fraud knowledge.
- Global coverage. Should work in any country connected to the global financial system. Sorry North Koreans.
- Full fraud chargeback guarantee.
- Smooth and seamless process.
- Allows entrepreneurs to focus on the business rather than payment.
- A fully outsourced solution, no special equipment required.
- Allows Bitcoin purchases with full fraud protection from chargebacks.
- Seamless integration with Bitcoin purchases.
Simplex is working with some of the biggest names in cryptocurrency including Genesis Mining, Bits of Gold, BITSTAMP, xapo, Bitcoin Magazine, Mycelium, Bitcoin.com, Cubits, BTTC, Bittylicious, and Bits of Gold.
BitsAmp Now Takes Credit Cards in the USA
Harnessing the power of Simplex has allowed the popular cryptocurrency exchange BitsAmp to start taking credit card payment in the United States. That means BitsAmp customers can now purchase altcoins through the solution using MasterCard and Visa from the United States.
BitsAmp allows for instant trading of Bitcoin, Litecoin and Ripple. The exchange charges an 8% fee for every conversion. Taking MasterCard and Visa enables BitsAmp to quickly convert US dollars into cryptocurrency. It also enables customers to pay and receive funds in U.S. bank accounts, most of which support a Visa or MasterCard debit card.
Simplex was started by Israeli fin-tech veterans Nimrod Lehavi, Erez Shapira, and Netanel Kabala. The three raised $8.4 million in funding last year, Coindesk reported. Much of that money came from Bitcoin-mining companies Bitmain and Cumberland Mining. It also received some capital from Funders Club.
A Valuable Unicorn to Watch
Simplex was started as a payment processor for Bitcoin providers but is now offering its services to everybody. Those looking for a next payment processing solution should check it out.
The demand for fraud detection is sure to explode with stories such as the Equifax (NYSE: EFX) hack filling the news. News stories indicate that data on as many as 143 million customers was stolen from the giant American credit bureau earlier this year. Data thefts like that at Equifax make identity theft and fraud easier. That increases the need for fraud-detection solutions such as Simplex’s real-time machine learning.
In the near future, every payment processor will use some form of machine learning to search for fraud. That would make Simplex a very valuable unicorn. Other potential uses for Simplex’s machine learning would be to examine government benefits payments and applications for fraud.
The market for that might be huge because the U.S. Senate is considering a single-payer health insurance plan offered by Senator Bernie Sanders (I-Vermont). Nations like China, India, and Brazil are also dramatically expanding their welfare systems which will lead to more fraud and more need for fraud detection. Real-time machine-learning might be the answer to that problem as well. Also increasing demands for fraud sniffing algorithms will be efforts to create government-sponsored cryptocurrencies in nations such as China.
All this makes Simplex a unicorn to watch. If it really has solved the fraud problem, Simplex will become one of Israel’s most valuable companies fast.
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