Turkey’s FinTech Giant United Payment Trusts in Formica

United Payment, one of the leading fintech companies in Turkey, which is taking firm steps towards becoming a Unicorn, has been trusting in Formica AI for two years, a real-time data analysis and risk management platform offered by Trlogic Information Technologies!

With the large investments it got and its global activity, United Payment, which was established in 2010 and one of the first companies in Turkey to obtain an electronic money and payment services license from the BRSA (Banking Regulatin and and Supervision Agency) in 2015, is getting closer day by day to become one of Turkey’s unicorns. As Turkey's first and only fintech as a service (FaaS) company, United Payment, which offers solutions to improve financial transaction competencies in cash management processes of institutions, works with Formica AI in risk operations and business follow-up processes.

Reducing the stressful workload on employees and risk teams with its artificial intelligence-powered infrastructure with real-time data analysis and self-learning capabilities, Formica AI protects United Payment against frauds in real time and supports the uninterrupted realization of millions of international transactions. Developed by teams of Turkish software developers and engineers, Formica provides services to companies that are the pioneers of their sectors, including Hepsiburada, United Payment, Anadolubank and Oyak Investment.

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Formica AI which was developed to meet the needs of the industry and reduce the burden of business units, analyzes millions of data and transactions in real time, and can protect companies, employees and customers against fraudulent activities in real time. The platform, which provides drag-and-drop feature with its no-code interface, increases operational efficiency by greatly reducing the IT dependency of business units. Formica Fraud was developed especially for risk management operations and plays a facilitating role in the decision-making processes of risk teams with AI insights. In result, the product provides companies with the opportunity to minimize losses due to fraud by taking quick actions against fraud activities with its machine learning models.

Enabling countless financial transactions to be performed every day with the innovative financial technology solutions it offers, United Payment prefers Formica Fraud to provide real-time security in transactions. While Formica’s artificial intelligence models improve themselves by learning from each transaction, they also stays up-to-date against changing fraud methods, greatly improving operational efficiency and cost, especially for industries and companies with high volume digital money flow. Providing customized solutions to Turkey's largest institutions, banks and global fintechs with its strong FaaS infrastructure, United Payment is supported by Formica AI in real-time and uninterrupted data analytics processes.

In line with its FaaS vision, United Payment, which provides five main solutions as digital wallet, virtual or physical prepaid card, domestic and international money transfer, online/offline collection and kiosk/smart safe solutions, is benefitting from Formica AI’s abilities for various business needs and products. Accessibility and real-time risk management becomes vital when managing thousands of different payment transactions, such as cards, wallets and VPOS, without interruption.

In this sense, with its real-time data analytics capabilities and graph analytics technologies, Formica Fraud provides real-time risk management and comprehensive fraud detection for all transactions offered by United Payment Systems.

Thanks to the mobile application it offers, Formica AI provides real-time and uninterrupted reports that are important for United Payment, while providing instant alarms for risky situations. Risk teams can instantly view the alarms they receive for suspicious transactions transmitted from the platform and take action quickly. Thanks to the data processing capabilities of Formica AI, United Payment can protect all their customers from various industries against fraudulent activities by incorporating historical and real-time data simultaneously into risk analysis processes.  

Özgür Oktan, the CEO of Trlogic Information Technologies, stated that:

‍“Our partnership with United Payment, which we have been maintaining for almost two years, is entirely based on innovation and trust. United Payment, with which we have been working together since we first started developing Formica, played a major role in the development of the platform with the smart digital solutions it offers to the finance world. With its real-time data analysis skills and artificial intelligence technologies with self-learning capabilities, Formica is a source of pride for us thanks to the trust it has created in institutions such as United Payment, which has proven itself both locally and globally.”

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