Financial services technology platform FIS has integrated the IBM Safer Payment solution to improve its anti-fraud capabilities on its real-time P2P payment services.
The deal will see FIS offer clients in the US P2P payment products which are backed with IBM’s security functions. The offering will now leverage AI and machine learning technology to monitor high volumes of P2P transactions and deliver real-time detection and decisioning.
This integration has already gone live and FIS claims it has seen a notable reduction in the attempts and completed fraudulent transactions.
IBM RegTech Vice President Michael Curry said, “FIS is taking aggressive steps to protect its clients against new and evolving threats in the industry.
“IBM Safer Payments uses artificial intelligence designed to deliver insights and to quickly adapt to a changing threat landscape. This technology is yielding successful results for FIS and some of the world’s largest and most complex payment portfolios.”
FIS recently released new research which claimed regulatory compliance risk was the biggest barrier facing UK financial institutions in developing new digital products. The report states that 53% of businesses are concerned on opening their data and functionalities through APIs.
Copyright © 2019 FinTech Global
Copyright © 2018 RegTech Analyst
