Sileon, a fast-growing Buy Now Pay Later (BNPL) Software-as-a-Service (SaaS) platform, has announced a strategic agreement with Provenir, a leading risk assessment company. The partnership marks Sileon’s first agreement with a functionality supplier, and the company aims to leverage Provenir’s international solutions modules to offer its customers enhanced functionality for risk assessment, fraud detection, KYC/ID validation, decisioning, and AML/PEP.
Enhancing Sileon’s BNPL SaaS Platform
Sileon’s collaboration with Provenir will allow it to enhance its existing BNPL platform by integrating Provenir’s risk assessment services. With this, Sileon’s customers can now enjoy an international BNPL platform, which includes enhanced risk assessment functionality. According to David Larsson, CEO of Sileon, “We are very excited about the partnership with Provenir. This broadens our offering and enables additional BNPL functionality for our customers, which in turn means increased flexibility and scalability.”
As a result of this partnership, Sileon can now offer card issuers the ability to add BNPL services to their existing debit cards in just 6-8 weeks, using Sileon’s BNPL SaaS technology. This represents a significant advantage for card issuers who wish to offer BNPL services to their customers quickly and efficiently.
Provenir’s AI-powered Risk Decisioning Platform
Provenir is an international tech company that specializes in providing data and risk decision processes through identity, credit, and fraud. The company’s AI-powered Risk Decisioning Platform helps fintechs and other financial service providers with smarter decision flows and increased flexibility.
By partnering with Provenir, Sileon gains access to Provenir’s expertise in risk assessment and decisioning, allowing it to offer its customers enhanced functionality for fraud detection, KYC/ID validation, and AML/PEP. The functionality will be launched gradually during 2023, offering Sileon’s customers the ability to benefit from enhanced risk assessment services over time.
Implications for the BNPL Industry
The BNPL industry has seen tremendous growth in recent years, with more consumers opting for BNPL services as an alternative to traditional credit cards. With this growth has come increased scrutiny from regulators, who are concerned about the potential risks associated with BNPL services.
By partnering with Provenir, Sileon aims to offer its customers enhanced risk assessment functionality, providing an added layer of protection against fraud and other risks. This, in turn, could help to address some of the regulatory concerns surrounding BNPL services, making them more attractive to both consumers and financial institutions.
Conclusion
Sileon’s strategic agreement with Provenir represents a significant development in the BNPL industry, offering Sileon’s customers enhanced functionality for risk assessment, fraud detection, KYC/ID validation, decisioning, and AML/PEP. The partnership also highlights the importance of collaboration within the fintech industry, as companies seek to leverage each other’s strengths and expertise to offer better services to their customers.
Donald Castillo is a journalist and reporter with extensive experience covering news and current events. He has a deep understanding of the news industry and is able to analyze and report on complex issues with accuracy and insight. Castillo has a strong background in investigative journalism and is known for his ability to uncover hidden stories and bring them to light.
He is dedicated to providing fair and unbiased coverage and is committed to uncovering the truth and holding those in power accountable. He has a degree in journalism from a reputed college. Castillo is widely respected in the industry for his integrity and commitment to journalistic excellence.
Email: [email protected]
Address: 1122 North Cottage Grove, Miles City, MT 59301, USA
Contact number: 616-690-7300