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Cognizant joins forces with FICO

Friday 19 April 2024 12:03 CET | News

US-based professional services company Cognizant has entered a strategic collaboration with FICO in a bid to introduce a cloud-based payment fraud prevention solution. 

Through this partnership, Cognizant and FICO aim to launch a cloud-based real-time payment fraud prevention solution enabled by FICO Falcon Fraud Manager. The merged offering is set to utilise both companies’ artificial intelligence (AI) and machine learning (ML) technology in a bid to support banks and other payment service providers based in North America to safeguard their customers from fraudulent activities in the instant digital payments landscape.

US-based professional services company Cognizant has entered a strategic collaboration with FICO in a bid to introduce a cloud-based payment fraud prevention solution.

Cognizant and FICO’s plans

As part of their collaboration, Cognizant and FICO intend to mitigate scams by delivering real-time fraud prevention with simplified integration of the payment rails. The solution is set to allow the detection and blocking of fraudulent transactions with increased accuracy, while also decreasing losses and developing a secure and convenient consumer experience. Representatives from FICO underlined that the alliance with Cognizant intends to protect real-time payments by merging the latter’s communication layer and clearing gateway with FICO Falcon Fraud Manager. By joining forces, the two companies work towards ensuring a safe and secure landscape for real-time payments for several payment clearings, including FedNow, RTP, and SEPA Instant Credit Transfer.

Furthermore, the cloud-based solution can be integrated by banks of all sizes on a pay-per-use or licencing basis, removing upfront costs. The offering is set to also be able to manage complex compliance requirements and integration tasks, enabling businesses to focus on their core operations. According to Cognizant’s officials, considering the current environment, banks and payment providers require guardrails that can protect customers against the increasing number of financial scams. The company’s partnership with FICO aims to deliver an AI and ML-based layer of protection against threats by detecting and blocking fraud with precision, minimising losses, and enhancing the overall customer experience.

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Keywords: partnership, fraud management, fraud detection, fraud prevention, transaction fraud, real-time payments
Categories: Fraud & Financial Crime
Companies: Cognizant, FICO
Countries: United States
This article is part of category

Fraud & Financial Crime

Cognizant

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FICO

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