Following this announcement, the new solution will address the growing need for financial institutions in order to take control of their fraud monitoring efforts, while also maintaining an engaged user experience and developing their businesses.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Throughout this collaboration, Q2 and Alloy are expected to deliver a service that addresses ongoing fraud risks, such as peer-to-peer (P2P) payments fraud or account takeover, that continuously threaten FIs. Alloy is set to serve as the centralised identity decision engine, integrating Q2’s digital banking data, Q2 Innovation Studio, and Alloy’s robust data partner network in order to help financial institutions prevent more fraud.
The ongoing fraud monitoring solution is set to actively ingest user activity signals coupled with fraud signals from several third-party data sources with the overall ability to interdict in real-time on risky activities that may occur within the Q2 Digital Banking platform.
In addition, by bringing together events in Q2 digital banking with third-party data vendors in Alloy's identity-centric decisioning platform, the joint solution is expected to provide real-time, efficient, and secure digital banking user action risk assessments and ongoing monitoring. The collaboration will also help distinguish genuine customers from risky ones, as well as ensure that genuine clients benefit from an optimised digital banking experience while strategically introducing healthy friction for riskier customers. Furthermore, the strategic deal is set to improve operational efficiency via centralised decisioning and streamlined case management.
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