TerraPay partners with ML engineering company, Scribble Data to build the cutting-edge TerraPay Intelligence Platform (TIP)
December 08, 2021 | TerraPay | Newsroom

On its path to building a global payments ecosystem, TerraPay - a leading global payments infrastructure company, today announced its partnership with cutting-edge machine learning (ML) company, Scribble Data. The partnership is part of TerraPay’s investment into its data science and analytics function, to improve the scale and quality of decisioning logic, build thought leadership, and enable new product development.

Scribble Data's Enrich Feature Apps platform is at the core of the TerraPay Intelligence Platform (TIP). TIP is designed to drive large scale data preparation, modeling, and custom data workflows. TerraPay has already deployed ten distinct use cases in TIP, covering AML (anti-money laundering), benchmarking & metrics, and settlements.

TIP's AML engine de-duplicates underlying data (a complex exercise, considering the numerous sender and receiver partner organizations, each with varying KYC data fields, fuzzy logic and other proprietary filters), and implements a number of logic models to identify high-risk transaction activities and patterns. This has increased the efficiency of the AML staff, enabled scaling of the workflows, and reduced errors.

Commenting on the partnership, Akbar Hussain, Co-founder and Chief Legal and Compliance Officer noted, “Scribble Data’s engineering platform allowed us to translate our transaction overwatch ambitions into a self-improving data product. As a transaction-size-agnostic platform, our ability to foster financial inclusion rests directly on our ability to scale compliance outcomes. TIP pinpoints AML/CTF analysis., allowing us to spin up widgets for datasets, thereby making previously unsolvable problems solvable.”

Speaking about the partnership, Dr Venkata Pingali, CEO – Scribble Data, said “We're glad to be partnering with TerraPay - they are growing at a rapid pace, but doing so robustly. The curiosity and rigour they bring to the work they do complements our own in how we've engineered our feature apps platform. Their use cases, both ML and sub-ML, including analytical work that needs productionized and auditable datasets, is a fertile ground for the deepening of our own experience and technology roadmap as we start to offer more fintech-focused solutions atop Enrich.”


About TerraPay

Headquartered in The Netherlands, TerraPay is a licensed digital payments infrastructure and solutions provider. Since 2014, the company has been building an ever-expanding payments highway that empowers businesses with an uninterrupted, secure, and real-time global passage for every payment, however small or large. Registered and regulated across 15 global markets, TerraPay is a leading global partner to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a rich payment ecosystem that supports a range of diverse payment types and instruments. With a single integration, the company connects their partners to this deep-rooted global network, backed by strong compliance and security standards.

About Scribble Data

Scribble Data is a fast growing data-prep for ML product company out of Toronto and Bangalore. Its flagship product, Enrich, is a customizable feature store+apps platform that allows customers to build advanced data products robustly and quickly. Typical use cases include ML-powered recommendations, personalization, and profiling. Scribble has customers across e-commerce, edtech, and fintech.

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