Challenger bank Varo Money has teamed up with Feedzai to support its fraud prevention capabilities.
Feedzai will deploy its fraud prevention platform into Varo, providing it with online protection while it looks to scale. The fraud solution incorporates a purpose-built machine learning solution for risk prevention and a focus on improving customer experience.
US-based Varo gives all consumers access to no-cost premium bank accounts, and high-interest saving accounts, through a mobile app. Its mobile-onle banking solution can onboard customers quickly and securely, with Feedzai’s machine learning technology also helping to identity fraud.
The bank chose Feedzai due to its supply the bank with a single risk engine for multiple use cases across the entirety of Varo. With a simplified onboarding experience, the company is now hoping it can scale globally with more ease.
Feedzai CEO and co-founder Nuno Sebastiao said, “Varo and Feedzai approach the world through the same framework of what will be best for customers, and how can we use technology to make that happen. We’re proud to be working with a leader in the transformation of digital banking.”
The RegTech company uses AI technology to analyses data streams and uncover fraud. Through data analysis and fraud insights, the company can build a risk score and help organisations with KYC, OFAC, ID checks and account verification.
Feedzai recently formed a deal with DataRobot to provide financial institutions will tools to enhance their financial crime detection capabilities. Through a combined solution, banks, merchants and processors can use an end-to-end omnichannel platform specifically designed for fraud prevention.
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