Sardine launches SardineX to curb payment fraud
By Delisha Fernandes
Sardine announced the formation of SardineX, an industry-wide, independent consortium to curtail payment fraud by bringing together established financial institutions and emerging FinTech organisations to establish trust across multiple payment rails.
The consortium brings together established financial institutions, including banks and card networks, and emerging financial technology organisations, such as neobanks, payment service providers, and digital asset exchanges, to address numerous fraud and compliance challenges stemming from novel payment methods.
“This consortium transcends the financial system unlike any created by the private or public sector before,” said Soups Ranjan, Sardine co-founder and CEO. “How we move money has fundamentally shifted over the past few years, and the only way we can close the massive gaps that fraudsters leverage to hurt shared customers is to improve communication between parties who facilitate payments today.”
The consortium was developed after the emergence of real-time payments, including the mainstream adoption of peer-to-peer (P2P) payments in the United States, which had numerous fraud challenges. The rapidity of payments was convenient and made a recovery difficult in instances of fraud or mistaken transactions.
SardineX will offer a shared database where industry-wide participants can access fraud or compliance-related data on any entity transacting across financial services. Participants will query this database in real time to retrieve and incorporate this data within existing infrastructure and risk management processes to better assess that entity.
“By working together, we can improve fraud detection and recovery so that we can continue to innovate in the payments arena and keep them as a part of everyday life, said D.J. Seeterlin, Chesapeake Bank’s Chief Innovation Strategy Officer. “We are proud to be a founding member of the consortium Sardine spearheaded and believe this effort will deliver on greater societal good to curb fraud and keep money where it belongs.”
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