Today at the Finovate Spring conference, we’re announcing WePay’s new Veda Risk API publicly for the first time. InvoiceASAP is our demo partner - they’re helping highlight some of the API’s new features.
The new Risk API is an extension of WePay’s longtime risk engine, Veda. For awhile now, Veda has been able to factor in data from a diverse range of sources: how a user behaves on WePay, that user’s “identity footprint” (official business registrations, identity databases, credit reports, etc.), and also that user’s social web footprint (Facebook, LinkedIn, Twitter, etc.).
WePay’s Risk API will now give Veda access to a new data source: custom partner data. Soon any WePay platform partner will be able to pass us risk-related information so that Veda can make better risk decisions.
With the added capabilities of its Risk API, WePay can access data InvoiceASAP has to better ascertain risk - things like contact information, what and how much products or services have been delivered as well as a person or company’s history using InvoiceASAP. If a payer has been using the platform for years and done hundreds of thousands of dollars worth of transactions the risk that there will be a chargeback is, obviously, much less.
We are super excited to roll out our Veda Risk API to more partners. If you’re interested in taking part in our beta program, email us.