This collaboration will make these tools available to Mastercard business customers in Latin America -- including financial institutions, payment service providers, acquiring banks and merchants -- through Equifax's Kount Payment Fraud solution, the companies said in a Thursday (Dec. 5) press release.
These tools -- including Mastercard Identity, Ethoca Alerts and Ethoca Consumer Clarity -- provide identity verification, fraud risk assessment, order validation and alerting services, according to the release.
The Kount Payment Fraud solution from Equifax, which provides real-time fraud prevention capabilities during transactions, is used by more than 20,000 businesses in more than 40 countries, per the release.
"This strategic alignment will provide safer payment transactions and reduce chargebacks, enabling businesses of all sizes in Latin America to improve their bottom line," Chris Jones, president of Equifax Latin America, said in the release.
The collaboration aims to not only bolster the payments ecosystem's security, but also enhance consumers' digital experience, Ana Lucia Magliano, executive vice president, services, Mastercard Latin America and the Caribbean, said in the release.
"Adding to our existing capabilities, this collaboration is the next step in our journey to make the digital economy safe and more seamless for payment providers and merchants in the region," Magliano said.
Ninety-two percent of small businesses in Latin America now accept digital payments, according to the PYMNTS Intelligence and Galileo collaboration, "Promising Payments: Digital Payments Gain Ground in Latin America."
There has been a broad decline in cash usage across the region, with Argentina seeing a 20% reduction in cash transactions last year, Brazil and Mexico both reporting a 17% drop, and El Salvador recording a 5% decrease, according to the report.
In another recent move in Latin America, Mastercard said in October that it expanded the availability of Product Express, its platform that helps FinTech launch card programs and other payment solutions, to more markets in the region after introducing it in some Latin American markets earlier in the year.
"By creating a better experience for all parties, we foster innovation and reduce time to market," Jennifer Premisler, senior vice president of FinTech solutions at Mastercard, said at the time in a press release.