London, : Next generation payment processing company, Radar Payments by BPC, has been selected to tackle eCommerce fraud prevention by Singapore’s largest home-grown online payment solutions fintech Red Dot Payment (RDP), an e-commerce enabler focused primarily on serving the e-commerce and hospitality verticals.
RDP has selected the Fraud Risk Management and Prevention solutions delivered as a SaaS model from Radar Payments after reviewing other fraud detection systems. Their choice was influenced by its peerless technological capabilities and ease of integration, as well as its affordability and excellence in account management.
Established in 2011, RDP was founded by Randy Tan, who is still leading the company as its CEO. Initially starting in Singapore, RDP has expanded to other regions, with local offices in Australia, Indonesia, Taiwan and Thailand, and further expansion provisionally planned in Japan, Hong Kong and Malaysia. In July 2019, the fintech and e-payment business PayU took a majority stake.
RDP was ranked #35 out of 500 companies in the Financial Times’ special report on high-growth companies in the Asia Pacific after demonstrating phenomenal revenue growth of 171% CAGR. They were also ranked Top 10 Fastest-growing firms in Singapore by the Strait Times in 2020.
Earlier this year, RDP became a principal member with both Visa and MasterCard. They are already an acquirer for AliPay, Diners Club International, WeChat Pay, and Union Pay, with a payment suite that includes AMEX, PayPal, PayLah and PayNow (SGQR) and many other alternative local payment methods in the respective countries they operate in.
RDP selection of Radar’s Payments Fraud Risk Management and Prevention service comes at a time when the number of online cybercrime rises due to digitisation around the world. The technology developed by Radar Payments was not only singled out for its best in class performance but also its proven track record in helping financial institutions and businesses of all sizes to tackle vulnerabilities within the digital ecosystem for consumers across regions.
David Owyong, COO, Red Dot Payment, commented: “We believe that conquering eCommerce fraud requires a global perspective, and we pride ourselves on working closely with our merchants to help them harness the power of payments. As we overcome the turbulence of the past 24 months, we believe that the hospitality sector is the next industry where we’ll witness huge advances in eCommerce. With the help of Radar Payments, we’ll continue to support local merchants in this field as well as create a secure environment for international companies with ambitions to serve consumers in Southeast Asia.”
Terry Paleologos, COO at BPC said: “We are thrilled to be helping one of Singapore’s fastest-growing companies to grow even faster, through ensuring that they have best-in-class fraud prevention service which comes with unparalleled expertise and local insights that do help remove any friction to the customer payment experience.”
About Radar Payments
Radar Payments is a leading innovative payment processing provider dedicated to financial institutions, including payment service providers (PSPs), banks, acquirers, issuers, and fintechs. It offers advisory services and a one-stop platform for end-to-end omnichannnel processing, enabling the acceptance of most of the widely adopted payment methods, delivered on a PaaS, SaaS, or fully managed service model. Built using BPC’s SmartVista, an industry-recognised payment solution, the Radar Payments platform delivers scalability, resilience, performance, and unparalleled security. Radar Payments is fully owned by BPC and blends BPC’s 25 years of expertise in payments with the fintech world – using the latest digital technologies to create innovative customer payment experiences.
Founded in 1996, BPC has transformed over the years to deliver innovative and best in class proven solutions which fit with today’s consumer lifestyle when banking, shopping or moving in both urban and rural areas, bridging real life and the digital world. With 350 customers across 100 countries globally, BPC collaborates with all ecosystem players ranging from tier one banks to neobanks, Payment Service Providers (PSPs) to large processors, ecommerce giants to start-up merchants, and government bodies to local hail riding companies. BPC’s SmartVista suite comprises cutting-edge banking, commerce and mobility solutions including digital banking, ATM & switching, payments processing, card and fraud management, financial inclusion, merchant portals, transport and smart cities solutions.