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VR Payment partners with Hawk AI to prevent financial crime with AI

Friday 17 March 2023 14:56 CET | News

VR Payment, the payment specialist of the cooperative financial group Volksbank Raiffeisenbanken and part of the DZ BANK Group, has announced a cooperation with Germany-based anti-money laundering and fraud prevention software provider Hawk AI.

With Hawk AI, VR Payment has chosen a software provider that aims to combat money laundering and fraud with artificial intelligence, machine learning, and software-as-a-service. As part of the collaboration, VR Payment will use Hawk AI's software for transaction monitoring to identify financial crime with the aim of reducing false alarms for suspicious transactions and customers to a minimum.

 

Reason for the partnership

Due to its modular architecture and the optimised interaction of rules and artificial intelligence, Hawk AI's software is tailored to the requirements of high-volume payment service providers and banks. According to a VR Payment representative, the payment service provider needs a solution that keeps up with the latest developments in payment transactions yet remains secure.

R Payment partners with Hawk AI to prevent financial crime with AI

The representative states that various software vendors on the market were evaluated and VR Payment found Hawk AI's technology to be the most suitable for them, in particular due to the speed of software implementation and the result-oriented dynamic of the project implementation. According to a Hawk AI representative, the software provider sees that the demand for more effective and modern software solutions to prevent money laundering and fraud is increasing rapidly in Germany. 

Hawk AI’s features

Hawk AI helps banks, payment processors and fintechs stop money laundering and fraud. To do this, the company uses technology from the field of cloud infrastructure and artificial intelligence, which aims to make the fight against financial crime more efficient. Currently, Hawk AI processes billions of transactions in over 60 countries worldwide, however the company's headquarters are in Germany.

VR Payment's offers

VR Payment is a Germany-based payment provider and, as a company of the DZ BANK Group, the only full-service provider in the hands of a bank. In addition to working with cashless payment for the Volksbanken Raiffeisenbanken cooperative financial network, VR Payment develops solutions for the implementation of its customers’ online and offline transactions. From network operation to card acceptance and innovative in-app solutions to issuing services, VR Payment aims to offers solutions across the entire value chain of modern payments. At the moment, VR Payment is responsible for around 240,000 terminals and 5.8 million credit cards.

Source: Link


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Keywords: partnership, fraud management, fraud detection, money laundering, artificial intelligence
Categories: Fraud & Financial Crime
Companies: Hawk AI, VR payment
Countries: Germany
This article is part of category

Fraud & Financial Crime

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Hawk AI

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VR payment

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