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NymCard partners with ACI Worldwide for fraud prevention

Thursday 19 October 2023 11:15 CET | News

Real-time payment solutions provider ACI Worldwide has announced a partnership with payments and BaaS enabler in the MENA region NymCard to combat fraud and financial crime.

 

Through this collaboration, the card issuer seeks to enhance its fraud management and prevention capabilities and strengthen anti-money laundering (AML) controls, having upgraded its fraud platform with ACI Fraud Management to better protect its customers from the increasing threat of financial fraud.

ACI Fraud Management and NymCard’s fight against financial crime

ACI Fraud Management provides real-time enterprise fraud management capabilities, including advanced machine learning (ML), predictive analytics, and expertly defined rules that enable NymCard to identify and mitigate financial fraud in a quick manner, within a single comprehensive solution. Additionally, ACI’s model generator functionality helps Nymcard create and maintain predictive machine-learning models within minutes.

A fast-growing payments and Banking-as-a-Service (BaaS) enabler in MENA, NymCard offers modern and highly customisable solutions to banking, non-banking financial institutions, and fintechs in the market. Making use of its extensive, quick, and secure infrastructure combined with efficient, 24/7 support, clients can launch their card programmes in a matter of weeks. Committed to providing advanced services, NymCard partnered with ACI to further strengthen its fraud defences in response to the quickly evolving fraud landscape, which is pressuring financial institutions to adapt quickly, maximise operational efficiencies, and mitigate increased risks. Per the press release, NymCard has deployed ACI Fraud Management via ACI’s public cloud environment across several markets in MENA.

Nymcard partners with ACI Worldwide for fraud prevention

As part of the solution, NymCard is also leveraging ACI’s anti-money laundering model to implement strong strategies for risk management across domestic and cross-border payments, enabling the company to report and manage suspected financial crime in alignment with regulations and global sanctions.

When commenting on the announcement, NymCard officials said that the company’s ongoing strategy is to provide clients with advanced solutions and services, and are looking to collaborate with ACI, which has a common commitment to protecting customers with sophisticated fraud management solutions. Per their statement the solution’s deployment on the cloud brings forth several advantages, enabling the company to go live quickly, can be scaled up or down based on transaction volumes, and is secure. Due to the state of the global economy and the expedited increase in fraud attacks, these features are believed to help the company maximise its fraud monitoring and prevention efforts and provide customers with improved service and experience.

More to this point, ACI Worldwide officials said that in the current real-time environment, emerging fraud threats are putting growing pressure on banks and financial institutions, and the company’s fraud management and analytics solution looks to enable all payment service providers to mitigate risks and combat fraud in a quick and efficient manner. Per their statement, combined with the deployment via the public cloud, this creates a unique value proposition, offering institutions that did not have access to advanced fraud prevention and analytics solutions a globally recognized fraud service.

For more information about ACI Worldwide, please check out their detailed profile in our dedicated, industry-specific Company Database.


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Keywords: partnership, fincrime, fraud prevention, AML, risk management, fintech, BaaS, data analytics, cloud services
Categories: Fraud & Financial Crime
Companies: ACI Worldwide, NymCard
Countries: Africa, Middle East
This article is part of category

Fraud & Financial Crime

ACI Worldwide

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NymCard

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