back Back

Sardine launches SardineX to curb payment fraud

By Delisha Fernandes

June 28, 2023

  • B2C Financial Services
  • Banks
  • Digital Asset
Share

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.”

Previous Article

June 28, 2023

5 FinTech platforms redefining the future of lending in India

Read More
Next Article

June 28, 2023

Cornèrcard selects Rivero to digitalise its card scheme compliance

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 03, 2024

Backbase & Middesk bring KYB verification for Banks and Credit Unions

Read More

October 01, 2024

UK called to lead ‘cross-border war’ on fraud amid £420bn crisis

Read More

October 01, 2024

Complytek & Advapay team to boost AML compliance for FinTechs

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More