NetGuardians’ Payment Fraud Prevention app now available on Finastra’s FusionFabric.cloud
By Megha Bhattacharya
Finastra announced that NetGuardians‘ Payment Fraud Prevention app is now available on its FusionFabric.cloud open development platform. NetGuardians’ app leverages AI to detect fraudulent payments in real-time and reduce fraud losses. The NetGuardians app, available via FusionFabric.cloud, is pre-integrated with Finastra’s corporate payments, cash management and retail banking solutions: Fusion Global PAYplus, Fusion Payments To Go, Fusion Cash Management, Financial Messaging Services and Fusion Essence.
“All banks must have a robust solution in place to monitor for payment fraud or face fines for missing fraudulent transactions,” said Sagive Greenspan, General Manager of Payments at Finastra. “The integration of NetGuardians’ Payment Fraud Prevention app with Finastra’s payments and cash management solutions through FusionFabric.cloud means that our clients can access a highly effective fraud prevention solution and be live in a matter of weeks, compared with alternatives. The NetGuardians approach means that banks benefit from operational savings and reduced losses from fraud, and so too do their customers – from individual retail customers through to multi-national corporations.”
According to NetGuardians, its pre-defined AI/ML risk models allow banks to tackle payment fraud challenges. The app leverages AI and machine learning to analyse customer behaviour and accurately score payments for fraud. This approach allows banks to reduce their fraud losses while blocking fewer legitimate customer payments than traditional rules-based fraud detection engines.
“If transactions are erroneously stopped for fraud, customers can lose time and have a negative banking experience. It is therefore vitally important for banks to implement a fraud solution that reduces the risk of false positives and removes the burden of manual work required to handle suspicious transactions,” explained Joël Winteregg, CEO at NetGuardians.
“Finastra is a valued partner and we’re thrilled that our Payment Fraud Prevention app is seeing growth on the FusionFabric.cloud platform. We are impressed to see that in a very short period of time, four Finastra customers have already selected our app. The integration makes it incredibly easy for banks that are already using Finastra’s payments, cash management and retail banking solutions to deploy our app and start benefitting from fraud protection – with a reduced implementation cost and fast time to market.”