In 2003 together with 17 top computer engineers from leading universities we started building one of the most advanced payment fraud prevention systems in the world. Originally it was an advanced rules-based fraud prevention system, that we enriched by supervised machine learning algorithms. By 2021 our team spent more than 85,000 GPU hours continuously evolving and training our models and adding unsupervised ML functionality.
To eliminate all fraud and costs associated with traditional cards or related e-wallets, incorporated in 2019 DigiDoe has patented the technology for definitive multifactor biometric-based user identification. Using it we have created a new scalable fraud-free payment infrastructure that allows for a fraction of the existing costs provides merchant services and making instantaneous cross-border payments in any currency both for customers and corporate clients.
The G20 has made enhancing cross-border payments a priority. Faster, cheaper, more transparent, and more inclusive cross-border payment services, including remittances, whilst maintaining safety and security, would have widespread benefits for citizens and economies worldwide, supporting economic growth, international trade, global development, and financial inclusion.
Several issues are making this task extremely complex and consequently expensive. The main issue is remote fraud associated with traditional cards, mobile, and internet payments. Existing payment infrastructures do not effectively prevent remote fraud and as a result, the number of fraud cases rises every year. Banks spend billions on traditional KYC, AML, fraud monitoring, and fraud prevention solutions, but lack of data and tools do not allow them to prevent real-time fraud. This causes a significant increase in transaction costs and subsequently reduces the speed of financial transactions.
The other side of the coin is acquiring. Visa and Master cards dominate the European and US markets. Although consumers see cards as a reliable way of payments, merchants pay significant merchant fees to their banks to cover fraud risks. In the post-COVID-19 environment, these payments are significant for merchant budgets.
DigiDoe is the next-generation instantaneous multicurrency fraud-proof payment infrastructure for worldwide users. No more stolen personal data, no traditional passwords, no more lost or stolen cards or compromised mobiles. You can open account within minutes, you can start your on-site and online business within one hour. Your payment privacy guaranteed worldwide.