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Covery.ai — one of the most prominent Malta-based startups 2021

While 2020 was the year of global lockdowns and pandemic, it was the year when businesses across the globe learned to adapt to the new reality. Startups and entrepreneurs in IT hubs worldwide announce new projects or update their existing products and services to solve the tasks of tomorrow using the latest technologies of today. EU-startups published an overview of the most prominent startups as of 2020, which are headquartered in Malta, one of the European IT hubs.

Covery, a comprehensive anti-fraud solution from Maxpay is rightfully mentioned amongst the top 10 products to keep an eye on. The platform is certified by Dow Jones, an international provider of watchlists of sanctions, criminals, corrupt politicians, and affiliated companies. Covery has the right to provide access to these databases using a proprietary combination of rule-based logic and an AI model to search for matches.

The other notable mentions included EFFORCE from Steve Wozniak, co-founder at Apple, and Braintrip, the winner of the South Europe Startup Awards 2020. The former provides blockchain-based tokenization of energy efficiency across the globe, while the latter is used for AI-powered analysis of brain activity and performance based on electroencephalogram (EEG) measurements.

Covery was selected as the best risk management product due to providing a wide range of useful features:

  • Trustchain checks. Trustchain is a global blockchain-based customer reputation management system operating 12 parameters like email, IBAN, SWIFT, email domain, and others to provide transaction verification within 300 ms.
  • Device intelligence. A technology developed by Covery to track every device throughout the whole customer journey.
  • Rule-based engine and ML. A combination of supervised Machine Learning models and rule-based checks engine allows creating customizable risk assessment logic.
  • KYC/KYB/AML automation. Automation of manual Know Your Customer/Business checks and Anti-Money Laundering procedures ensures ongoing customer monitoring and regulatory compliance.
  • Chargeback reduction. Due to implementing Covery, businesses get an in-depth analysis and risk scoring for each step of the sales funnel, decreasing the chargeback ratio by ⅔ and reducing the fraud rate by at least 80%.
  • REST API integration. Covery easily integrates with any CRM or billing gateway to provide a complete view for data processing, analysis, and reporting within any industry, business logic, or merchant model.
  • BI overhead reduction. Customizable reporting helps reduce BI overhead by 95% through sending automated reports on whether to reject, approve or manually check any event created by any user.

“We are delighted that Covery became the only risk management solution included in this rating and was named one of the leading anti-fraud systems once more. The team is sure this is not the last positive assessment and acknowledgment of the high quality of Covery” — Alexandr Khelemskiy, product owner.