US-based transaction guarantee platform Vesta has announced its partnership with Blibli , an Indonesian omnichannel commerce and lifestyle ecosystems, to increase approval rates through its payment guarantee product. The partnership aims to increase approval rates through the use of Vesta's payment guarantee product, which uses machine learning techniques, AI, and global consortium data to protect Blibli's card-not-present (CNP) transactions.

The services offered by Vesta include full decisioning and transaction guarantee, which aim to eliminate the risk of chargebacks, allowing Blibli to provide a more secure shopping experience for their customers and expand into previously considered high-risk categories. Emilia Susanti, SVP of Strategic Operations for Blibli, stated in the official press release that payment security is key to increasing their customers' trust in transacting on the Blibli platform. Blibli product offering and their payments strategy The company quoted a study by Frost & Sullivan and Euromonitor, according to which ecommerce in Indonesia is projected to reach USD 150 billion by 2025.

The company made the case for Blibli recording approximately IDR 32. 4 trillion (equivalent to USD 2. 2 billion) of Total Processing Value (TPV) in 2021.

Blibli provides over 30 million products coming from more than 280,000 trusted merchant business partners. Additionally, Blibli can also accept various payment from more than 20 issuing bank partners in Indonesia and more than 30,000 issuing banks worldwide, and fintechs. Blibli has more than 31 million members across Indonesia.

Vesta’s recent funding and Mastercard partnership Vesta is a global transaction guarantee company for online purchases that promises high approval rates and a streamlined customer experience while eliminating chargebacks and other forms of digital fraud. Early in January 2023, Mastercard has teamed up with Vesta to equip merchants with a fraud management platform. Through this collaboration, the organisations aim to not only meet merchants’ security needs, but also address a broader effort to enhance the consumer ‘s digital experience and strengthen their trust in ecommerce.

The announcement was made public days after Vesta had received a USD 25 million loan to add working capital and support growth. The company has been on a set path to expand its fraud management services and AI-fuelled fraud prevention engine for quite some time. Tan Truong, Vesta’s CIO, provided insights into how machine learning and AI can proactively fight real-time fraud in real-time transactions in an interview with The Paypers in March 2022 extracted from The Fraud Prevention in Ecommerce Report 2021/2022.

At the time, the company official explained that: ‘with the AI advancements over the past few years, there are a variety of ways merchants can tackle fraud with machine learning. Sophisticated machine learning models can identify connections between disparate transactional data points to identify potential fraud in real time, which allows merchants to make an instant decision on whether to accept or reject a transaction. While machine learning models can effectively prevent CNP fraud, it’s important to consider the data the models are trained on when evaluating different solutions.

Machine learning models are only as good as the data that powers them, so merchants should aim for models that have been trained on several years of transactional and global data’. .