Israel Hayom: Cypriot fintech owned by Israelis "rescued" $500 million in transactions

An artificial intelligence system developed by an Israeli-owned company based in Limassol managed, according to its data, to "rescue" transactions worth a total of $500 million within a year, which would otherwise have been rejected for technical reasons.

BridgerPay is a Cyprus-registered fintech company founded by Israeli entrepreneurs Ran Cohen and Yaron Herskovich. The company operates from Limassol and is active in the management of electronic payments, connecting businesses with more than 1,000 payment service providers internationally.

As reported by the Israeli newspaper Israel Hayom, the company's technology attempts to address so-called "technical declines." These are cases in which a credit or debit card payment is declined even though the customer has sufficient balance or credit limit.

BridgerPay’s system analyzes the failed transaction and reroutes it in real time through different payment providers until it finds one that can approve it, limiting revenue losses for businesses.

Of the $500 million in transactions that the company said were recovered internationally, more than $55 million involved Israeli businesses. These included $16.5 million in transactions in the Israeli market, nearly $13 million in the tourism sector, $11 million in e-commerce, $8.2 million in the gaming industry, and $6.6 million in software companies.

Co-founder and CEO Ran Cohen said that this is money that would be lost due to technical failures. Investor and chairman of the board Nati Harpaz noted that the biggest weaknesses in payment infrastructure are found in Latin America and Africa, but they are not absent from developed markets.

Originally published on Ant1Live news. Click here to read the source article.