Cognizant joins forces with FICO

As part of their collaboration, Cognizant and FICO intend to mitigate scams by delivering real-time fraud prevention with simplified integration of the payment rails. The solution is set to allow the detection and blocking of fraudulent transactions with increased accuracy, while also decreasing losses and developing a secure and convenient consumer experience. Representatives from FICO underlined that the alliance with Cognizant intends to protect real-time payments by merging the latter’s communication layer and clearing gateway with FICO Falcon Fraud Manager. By joining forces, the two companies work towards ensuring a safe and secure landscape for real-time payments for several payment clearings, including FedNow, RTP, and SEPA Instant Credit Transfer.

Furthermore, the cloud-based solution can be integrated by banks of all sizes on a pay-per-use or licencing basis, removing upfront costs. The offering is set to also be able to manage complex compliance requirements and integration tasks, enabling businesses to focus on their core operations. According to Cognizant’s officials, considering the current environment, banks and payment providers require guardrails that can protect customers against the increasing number of financial scams. The company’s partnership with FICO aims to deliver an AI and ML-based layer of protection against threats by detecting and blocking fraud with precision, minimising losses, and enhancing the overall customer experience.