Please replace the release dated August 16, 2022, with the following corrected version due to multiple revisions.
The updated release reads:
SIGNIFYD AND VTEX JOIN FORCES TO PROTECT ECOMMERCE IN LATIN AMERICA
VTEX customers will have quick access to Signifyd solutions, saving time and money, as the Signifyd module complies with all the programming and review parameters of the platform
Signifyd, a specialist in e-commerce fraud and consumer abuse protection through big data and machine learning, and VTEX, the global enterprise digital commerce platform for premier brands and retailers, announced a strategic alliance to promote, strengthen and protect retailers and online businesses in Latin America.
Through its complete digital commerce platform, and a team of experts in digital commerce, VTEX is helping companies achieve a faster time to market, reaching their customers through any channel, making them loyal, through personalized experiences, thus discovering new areas of growth.
Customers now have access to Signifyd's Commerce Protection Platform module through the VTEX App Store. This means that they will be able to install a plug-in within the VTEX ecosystem and thus optimize their transactions, protect their profits and prevent abuse and fraud attempts.
Latin America foresees further growth in online commerce. It is expected to be the fastest growing retail ecommerce market in the world. eMarketer estimates that annual sales will reach $105 billion this year. However, in the face of this growth, businesses face important challenges such as the increase in online fraud by consumers.
"We are thrilled to offer VTEX merchants a seamless way to protect their businesses from fraud and consumer abuse. The extraordinary work VTEX has been doing with some of the largest retail enterprises in the world and others allows them to provide extraordinary customer experiences. That's what motivated us to join forces and contribute to that success by adding our fraud protection solutions so their customers can increase order approval without the fear of fraud," said Christian Leˇn, Signifyd regional director, Latin America.
With this collaboration, customers will have quick access to Signifyd solutions, and also save time and money, as the Signifyd module complies with all the programming and review parameters of the VTEX platform.
By integrating Signifyd solutions, VTEX clients will be able to automate the review of transactions within their ecommerce platforms in real time. With this, on top of detecting fraud attempts, they can also access technology that has increased approved orders by an average of 5% to 9% globally, based on Signifyd's performance ? and in some cases even higher, as results in Latin America have demonstrated.
Signifyd's machine learning model is constantly learning, adjusting to new tactics and techniques deployed by professional scammers and fraud networks. It instantaneously sorts fraudulent from legitimate transactions, detects cases of policy abuse and provides a financial guarantee on approved orders against all types of chargebacks.
This strategic alliance is part of Signifyd's expansion plans in the region. The company's April 2021 funding round of $205 million is fueling expansion of its product, customer success and data science teams, as well as its engineering teams.
Signifyd provides an end-to-end Commerce Protection Platform that leverages its Commerce Network to maximize conversion, automate customer experience and eliminate fraud and consumer abuse risk for retailers. Its solutions provide the transparency and control that brands need to succeed in the rapidly changing world of commerce. Signifyd, the leading provider of payment security and fraud prevention for the Top 1000 Retailers for 2022, is headquartered in San Jose, CA, with locations in Denver, New York, Mexico City, SŃo Paulo, Belfast and London.
VTEX (NYSE: VTEX) is the enterprise digital commerce platform where global brands and retailers run their world of commerce. VTEX puts its customers' business on a fast path to growth with a complete Commerce, Marketplace and OMS solution. VTEX helps global companies build, manage and deliver native and advanced B2B, B2C and Marketplace commerce experiences with unprecedented time to market and without complexity.
As a leader in digital commerce platforms, VTEX is trusted by more than 2,400 customers, including AbInbev, Carrefour, Colgate, Motorola and Whirlpool, having over 3,200 active online stores in 38 countries (as of fiscal year ended on December 31, 2021). For more information, visit VTEX.com.
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