Bits In Glass digitizes Payoneer’s fraud prevention process reducing investigation handling time by 40%

Rebecca DakinNews

Bits In Glass digitizes Payoneer’s fraud prevention process reducing investigation handling time by 40%

Denver, CO – October 26, 2020 – Bits In Glass, a software consulting firm helping companies digitally transform their operations, is proud to announce that its client, Payoneer, one of Forbes Fintech 50: Most Innovative Fintech Companies in 2020, has digitized its fraud prevention process for completing suspicious activity investigations. 

Payoneer is a fintech company that provides business-to-business money transfers, digital payment services, working capital, and cross-border transactions in 200 countries and 150+ local currencies. 

“Payoneer’s fraud prevention process of identifying, completing, and submitting Suspicious Activity Reports (SARs) to the United States Department of Treasury was highly manual and time consuming,” says David Hauser, Bits In Glass Founding Partner and Appian Lead. “In automating the process with a custom built digital application, we’ve helped the company reduce its investigation handling time by 40%, better protecting its customers and account holders.”

Previously, Payoneer employees had to manually work through identifying suspicious activity, completing investigations across multiple disconnected systems and manual paper-based forms, filling out SARs, and submitting them to the Department of Treasury. This has now been transformed into a fully digital process leveraging Appian, streamlining the workflow for employees and eliminating manual data entry and its associated risks.

“Working with Bits In Glass to automate our fraud prevention practices has greatly improved our productivity and increased company-wide efficiencies,” says Sharon Dvir, Risk Automation & technology Group Leader with Payoneer. “In addition to providing us with a streamlined and automated solution, they also invested in training and coaching our developers, enabling us to be self-sufficient and successful well into the future.”

With more than four million customers, 20+ global offices, and 1,500 employees worldwide, Payoneer was valued at over $1 billion in 2019. By automating its SAR process, the company has not only improved productivity, but also reduced its risk and exposure to financial fraud. 

Key upgrades:

  • Automated activity identification: Automatic generation of cases to investigate are placed in a queue with pre-built logic to determine priority level, eliminating the need for multiple system reports and manual identifiers.
  • Streamlined investigations: Enabled employees to complete investigations and account actions directly from the new digital application, and exposed all investigation actions in a detailed audit trail for improved visibility. 
  • Integrated reporting: Integrated SARs with the digital application so it can be auto-populated with account and investigation information, eliminating the need for employees to manually fill it out. Plus, the report can now be submitted directly from the application.

To learn more about Payoneer’s new automated fraud prevention process click here.

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About Payoneer
Payoneer is a fintech company that provides business-to-business money transfers, digital payment services, and working capital. Headquartered in New York City since its inception in 2005, Payoneer delivers a suite of services that includes cross-border payments, working capital, tax solutions, merchant services, and risk management. Payoneer also provides cross-border transactions in 200 countries and 150+ local currencies. Companies like Airbnb, Amazon, and Google use Payoneer to send mass payouts around the world, and global eCommerce marketplaces such as Rakuten, Walmart, and Wish.com also partner with Payoneer. Learn more at payoneer.com

About Bits In Glass
Bits In Glass is an award-winning software consulting firm helping companies digitally transform their operations to outpace the competition, drive rapid growth, and deliver superior customer value. Our expert consultants excel at solving complex technical business transformation, automation, and connectivity problems across multiple industries and verticals; specializing in healthcare, financial services, and insurance. Trusted by hundreds of clients, we’re the partner of choice for many business transformation projects, working with market leaders who are disrupting and driving digital transformation across all aspects of modern business. Learn more at bitsinglass.com.

Media contact
Rebecca Dakin
rebecca.dakin@bitsinglass.com
1 (587) 324-1330