Finastra, NetGuardians team up on AI-powered financial messaging fraud detection

Monday 23 September 2019 08:58 CET | News

Finastra has announced its partnership with Swiss fintech, NetGuardians, which sees the two companies launching an AI-powered fraud detection solution for financial messaging.

Tailored for Finastra’s SWIFT Service Bureau, the tool uses artificial intelligence and machine learning to identify fraudulent payments in real-time, stopping them before money leaves the bank or corporate organisation.
NetGuardians’ software uses a combination of AI and machine learning to proactively monitor for anomalies. It captures all network traffic and SWIFT MT 101, 103 and 202COV payments, analysing unusual user activity to ultimately suspend suspected fraudulent transactions.

The tool’s algorithms continuously learn about the bank’s payment instruction patterns, allowing it to identify high-risk message anomalies without needing to configure any rules. As a result, customers experience a decrease in false positives and time spent on fraud investigation, according to the official press release. The solution helps banks conform to SWIFT’s mandatory Customer Security Program.

NetGuardians is also a member of Finastra’s partner ecosystem. Visit both companies on Finastra booth W125 at Sibos 2019 for more information.

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Keywords: Finastra, banking, compliance, reporting, Securities Financing Transaction Regulation, NetGuardians, AI, machine learning, fraud detection
Countries: World