RegTech 100 company NetGuardians has been selected by Steward Bank to help fight financial crime.
The company’s software has been chosen by the Zimbabwean bank to strengthen its defense against cyber-fraud. Steward Bank said it chose NetGuardians as its new cyber-fraud mitigation solution after rapid growth in customers, transactions and customer channels compromised its ability to spot and block fraud in a timely manner.
NetGuardians’ solution will plug straight into Steward Bank’s core banking platform – T24 from Temenos. As a Temenos Complementary Solution Provider, NetGuardians’ solution integrates with T24 by means of preset connectors, dramatically reducing implementation time and cost.
It will allow Steward Bank to continuously monitor in real time all transactions across all its channels, including ebanking, and mbanking. Suspicious transactions will be blocked and alerts automatically sent to the appropriate staff for swift resolution.
Lance Mambondiani, CEO of Steward Bank, said: “Digitisation opened up new channels for the bank and helped us grow. We needed a more effective and proactive system to monitor the subsequent increase in transactions and complexity of the bank to prevent fraud.
“We picked NetGuardians because it is a solution made specifically for banks and is proven to cut fraud across all channels.”
Founded in 2007, NetGuardians was the first company to emerge from the innovation incubator Y-Parc, in Yverdon-les-Bains, Switzerland. It uses advanced analytics, dynamic profiling and machine learning to catch fraudsters before they strike.
The company boasts more-than fifty clients in fifteen countries across Europe, the Middle East and Africa, with a growing clientele in Asia, including Acleda Bank in Cambodia and, most recently, a major bank in Singapore.
Earlier this year, NetGuardians signed its first client in North America by partnering with Canada’s FirstOntario Credit Union. NetGuardians’ anti-fraud solution will plug straight into FirstOntario’s core banking platform – T24 from Temenos.
The company also recently bolstered its presence in Asia by establishing a new headquarters in Singapore. It chose Singapore for its permanent APAC headquarters as it looks to help the regions’ banks fight fraud.
Last year, NetGuardians was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
