Feedzai launches new solution to democratize the fight against financial crime
“Feedzai Solutions” will support digital evolution, a priority for financial institutions of any size, using an exclusively cloud environmentMore than 40% of Feedzai customers already benefit from cloud-based solutionsNew offering doubles deployment agility, operational efficiency, and leverages industry expertise, making it much more affordable, while offering a ready-to-go experience.
SAN MATEO, California, Nov. 18, 2020 (GLOBE NEWSWIRE) – Feedzai today announced its new fully packaged proposal Feedzai Solutions, capable of assessing the risk of single and / or multi-channel transactions in real time. With the configuration of machine learning models ready in just days, instead of months, and a complete library of ready-to-go scenarios, the new offering presents itself as an agile and easy-to-implement solution, with a minimal need for resources, to financial institutions of any size seeking to better protect their clients with a faster return on investment.
Feedzai helps financial institutions that prioritize their digitization to evolve, using especially critical technology components during the current digital acceleration situation that has hardened amid the COVID-19 pandemic. The scalability of the solution enables financial institutions to improve time-to-market, while the cloud-based approach allows agile flexibility to transform and keep customer expectations current. In addition, category-leading detection capabilities and real-time scoring help financial institutions filter and detect new fraudster profiles emerging under COVID-19 as well as traditional ones.
Cloud-based solutions have always been part of Feedzai’s corporate solutions portfolio, with multiple deployments in all geographic regions and more than 40% of Feedzai’s customers benefiting from cloud-based solutions. Recently, this shift intensified with more than 70% of Feedzai’s customers in the last 10 months, including globally recognized banks and fintechs, selecting cloud-hosted implementations. With this new offering, Feedzai leverages years of experience operating some of the largest risk management projects across all sectors in a cloud environment, as well as offering access to cutting-edge risk management technology that otherwise it would only be available to large financial institutions.
Using Feedzai’s category-leading technology as the foundation framework, financial institutions of any size can now detect financial crime more effectively, benefiting from advanced machine learning algorithms and Segment of One Profiling® capabilities, while still accessing to one of the most comprehensive fraud networks in the world.
Increased operational efficiency
Rather than relying on multiple tools for each individual customer touch point, Feedzai’s all-in-one fraud prevention tool ensures that teams can manage risk exposure throughout the entire customer journey. A consistent tool that enables direct maintenance, updates, integrations, and data orchestration.
Quick, easy to manage and tangible return on investment
Feedzai offers a ready-to-use cloud-based solution that can be up and running in days, not months, allowing customers to benefit from the performance of a well-tuned model from day one. Rather than spending decisive time and significant resources in the setup stage, risk management teams can now achieve a tangible ROI in no time. The new solution is also available through APIs based on the highest standards and best practices, which collect the data necessary for your workflows. ISO8583 and ISO20022 compliant APIs allow Feedzai to easily connect to the financial institution’s ecosystem.
Customer centric experience
Truly transparent multi-channel experiences with real-time data collection and analytical capabilities to understand the customer journey and enable financial institutions to have visibility into the entire risk management cycle. According to Aite, “the scalability of Feedzai’s offering to support high volume with low latency, as well as the platform’s ability to process a massive amount of data from multiple touchpoints, are also cited as key strengths by some of the executives interviewed. ” In the words of one banking executive, “Feedzai was built from the ground up with scalability and big data in mind, versus other platforms that are trying to adapt legacy technology.”
Models, configurations and best practices are pre-packaged and are in compliance with regulations such as OCC 2011, SR 11-7 and other legal standards. In addition, Feedzai monitors and explains the general behavior of the system, providing full autonomy by informing regulators about which profiles and functions were created and why decisions were made, thus improving transparency and explainability.
Orchestration of the entire risk life cycle
Feedzai’s risk orchestration approach offers unified risk tools and a reporting structure that facilitates operating profit across all lines of business, a particularly significant challenge during the time of COVID where teams seek to overcome inefficiencies. Feedzai’s new offering drives a consistent risk strategy that, at its core, gathers information from all perspectives into a single unified decision. Feedzai’s Full Risk Lifecycle Orchestration approach also increases the score and accuracy of internal monitoring, allowing small and medium-sized teams to discover and prevent previously hidden financial crimes as well.
“Feedzai now serves more than 800 million customers in 190 countries, yet our aspirations don’t stop there. We believe that with the democratization of the fight against financial crime and the availability of AI for a variety of financial institutions, which otherwise would not have access, we allow risk management today to have a level playing field “, said Pedro Barata, vice president of product. “Financial institutions of all sizes today can count on category-leading, easy-to-deploy technology to support their financial crime challenges.”
Feedzai’s new product offering combines the power of multiple systems into one, enabling smaller teams with limited resources to manage risk and financial crime more effectively. Rather than creating an internal platform or connecting multiple complementary solutions that require a significant amount of investment and resources to maintain, financial institutions can now rely on an advanced, fully orchestrated and AI-powered system to provide anti-fraud and AML capability, plus fully complies with national and international regulations.
“Feedzai Solutions” is now fully available in all regions.
Feedzai is the market leader in the fight against financial crime with AI. We’re coding the future of commerce with today’s most advanced risk management platform, powered by big data and machine learning. Founded and developed by data scientists and aerospace engineers, Feedzai has a mission: to make banking and commerce safe. With more than 500 employees, Feedzai is ranked the best in its category by Aite and one of the most successful AI companies by Forbes. Global banks, processors and retailers use Feedzai’s anti-money laundering and fraud prevention products to protect billions of dollars, manage risk and optimize the customer experience.
Press Contact – Feedzai
Head of Corporate Communications, Feedzai