FIS collaborates with Stratyfy

Tuesday 19 March 2024 14:42 CET | News

Global financial technology company FIS has announced its collaboration with Stratyfy, aiming to improve its SecurLOCK card fraud management solution. 

As per the information detailed in the press release, FIS partnered with Stratyfy, which is a FIS Fintech Accelerator alumnus, to enhance its SercurLOCK card fraud management solutions by allowing it to deliver an increased level of accuracy in identifying and preventing fraudulent card transactions.

Global financial technology company FIS has announced its collaboration with Stratyfy, aiming to improve its SecurLOCK card fraud management solution.

FIS – Stratyfy partnership objectives

The alliance follows a critical period in the payment industry, with research uncovering that fraud is expected to cost businesses and their customers more than USD 40 billion annually by 2027. With the projected capabilities of the partnership between FIS and Stratyfy, customers are set to be able to receive a safer card payment experience for consumers as more fraudulent activities are prohibited, thus saving more resolution time per transaction. Via live customer testing, FIS assessed that the SecurLOCK product was capable of delivering a significant enhancement of accurately identified and prevented fraudulent activity. By minimising friction, consumers can be less adversely affected by fraud regulation and the disruption of false positives.

According to FIS’ officials, as fraudsters leverage new technologies to expand fraud attacks, businesses and consumers are currently facing an increased risk. The partnership with Stratyfy supports FIS’ commitment to implement additional technologies and assist businesses in preventing fraudulent behaviour to protect the consumers they serve. Moreover, representatives from Stratyfy underlined that the company’s machine learning approach can allow improved outcomes through FIS’ SecurLOCK solution. The two companies intend to extend their capabilities and continue to develop additional solutions. With its solutions, Stratyfy aims to optimise how financial institutions make decisions, providing data-enabled growth without increasing risk or the need for an in-house data team. The company’s interpretable AI solutions focus on allowing financial institutions to make more accurate, efficient, and fair financial decisions in credit risk, fraud, and compliance.

FIS’ recent developments

As a global provider of financial services technology solutions for financial institutions, businesses, and developers, FIS aims to enhance the digital transformation of the financial economy by advancing how the world pays, banks, and invests. The collaboration with Stratyfy follows FIS' acquisition of Torstone Technology, a SaaS post-trade platform. With this move, FIS intended to further accelerate its capital markets technology offering. The acquisition was set to focus on the demand among Torstone Technology’s client base, who intended to optimise their overall post-trade processes, while also meeting the regulatory requirements in the UK and Europe. By merging Torstone’s technology with FIS’ global reach, the two companies planned to advance the latter’s portfolio of capital market technology services.

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Keywords: fraud management, fraud prevention, credit card fraud, transaction fraud, online security
Categories: Fraud & Financial Crime
Companies: FIS, Stratyfy
Countries: World
This article is part of category

Fraud & Financial Crime




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