Austrian Raiffeisen Bank International (RBI) has formed a partnership with Feedzai to improve its fraud prevention powers.
Through the deal, RBI will now be able to conduct real-time monitoring of payment channels.
RBI’s financial crime management teams will leverage Feedzai’s advanced machine learning products to automate feature engineering and other aspects of data science. It will also adopt the Feedzai Genome solution which will enable visual link analysis for finding illicit patterns for improved accuracy.
Feedzai designs AI-powered anti-fraud and risk solutions to help financial services analyse data streams and uncover threats of fraud. By analysing data and fraud insights, it is able to build risk score to improve KYC, OFAC, ID checks and account verification.
Earlier in the year, Feedzai signed a deal with DataRobot which saw the companies work together to create an end-to-end omnichannel platform for identifying financial crime. Data scientists use the platform to conduct the entire data science loop, such as data cleaning, analysis, and testing.
RBI head of compliance Christoph Lehner said, “This partnership will support us in keeping up the pace in this fast-evolving banking world, especially when it comes to fighting fraud in a variety of channels and products.”
Earlier in the month, Feedzai partnered with US challenger bank Varo Money to support its fraud protection capabilities. The bank deployed the machine learning fraud prevention solution to handle risks and improve customer experiences.
Last year, RBI implemented the KYC services of kompany to improve its compliance and customer onboarding processes.
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