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Mambu selects NetGuardians for fraud mitigation services

MambuCloud banking platform Mambu has entered into a partnership with Swiss FinTech NetGuardians today. The collaboration will enable NetGuardians to offer its fraud mitigation software to the former’s clients for core banking integration.

Ben Goldin, CTO/CPO of Mambu, commented, “Our business model is to partner with the best FinTechs in the world to allow our customers to compose exactly the IT infrastructure they need to fulfill their business goals. NetGuardians’ fraud-mitigation software is a first-class solution that will plug-and-play with the Mambu core banking platform to address one of our customers’ biggest problems – combating payment fraud and keeping their customers’ money safe.”

NetGuardians’ recent research suggested that the global digital payments sector has seen an annual compound growth rate of 13.7% will be worth $8.7 trillion within five years. The amount of digital payment fraud has seen massive growth with the acceleration of social engineering and scams.

Recently, Mambu teamed up with UK-based business banking platform, Tide in a bid to boost the latter’s revolving credit facilities and overdrafts for SMEs.

Joël Winteregg, CEO of NetGuardians, said, “Mambu works with some of the most sophisticated digital banks in the world. These banks will now be able to use NetGuardians’ software to monitor in real-time all the transactions across their business and stop any that are suspicious. As digital payments continue to grow, our software will scale accordingly, maintaining the best levels of protection for the banks and their customers.”

Last year, IBS Intelligence reported that Finastra and NetGuardians teamed up to launch an AI-powered financial messaging fraud detection solution, using machine learning to identify fraudulent payments in real-time.

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