Finastra Partners with FraudAverse to Enhance Fraud Prevention Capabilities
In a recent development, Finastra, a major provider of financial messaging services, has announced a strategic collaboration with FraudAverse, a top-notch fraud prevention technology provider. This partnership aims to incorporate AI-based fraud prevention technology within Finastra’s financial messaging services, enabling banks to respond swiftly to fraudulent activities and adapt to emerging threats.
The integration of FraudAverse’s detection tools directly within Finastra’s software will help financial institutions to identify and block a wide range of fraudulent transactions in real-time, including newly developed schemes. It’s noteworthy that FraudAverse’s technology reportedly has a detection capability rate of up to 99%.
Real-time Analysis and Swift Deployment
The advantage of offering real-time analysis and decisions is that it supports instant payments and accommodates various messaging formats used across financial institutions. Furthermore, the pre-integrated solution is designed to minimize the resources required from banks’ IT departments, thereby expediting the deployment process.
In line with the companies’ expectations, this setup could potentially reduce the time needed to investigate potential fraud. This will allow for more efficient operations as transaction volumes increase.
Expert Views on the Collaboration
Sharing her perspective on the partnership, Stephanie Mitchell, FMM product management director at Finastra, said, “As payment volumes grow and fraud tactics become more sophisticated, financial institutions must tap into robust, cloud-ready prevention solutions. Working with FraudAverse enables us to bring a flexible offering to banks which is optimized for today’s fast-moving payments landscape. We expect many of our customers will opt to make use of this pre-integrated solution.”
Adding to this, FraudAverse CEO Constantin von Altrock commented, “Financial Crime prevention is a critical priority for financial institutions worldwide. Our collaboration with Finastra combines advanced AI technology with seamless integration, empowering customers to protect their transactions in real-time and with confidence.”
Prior Collaborations and Future Prospects
This new partnership follows Finastra’s agreement last year with i2c. This previous collaboration aimed to expand debit card issuance and digital wallet solutions for banks and credit unions in North America by providing access to i2c’s processing platform and related services.
With the latest partnership, both companies are set to redefine the standards of fraud prevention in the banking industry by leveraging AI and real-time analysis. This collaboration not only strengthens Finastra’s existing capabilities but also paves the way for the development of robust, cloud-ready prevention solutions in the future.
Source: Here
