Finastra has joined forces with FraudAverse to incorporate new AI-based fraud prevention technology into its financial messaging services.

This collaboration aims to help banks respond quickly to fraudulent activity and adapt to emerging threats by embedding FraudAverse’s detection tools directly within Finastra’s software.

FraudAverse’s technology is designed to identify and block a wide range of fraudulent transactions, including newly developed schemes, with a reported detection capability of up to 99%.

By offering real-time analysis and decisions, the system supports instant payments and accommodates various messaging formats used across financial institutions.

The pre-integrated solution is intended to minimise the resources required from banks’ IT departments and speed up the deployment process.

According to the companies, this setup could also reduce the time needed to investigate potential fraud, allowing for more efficient operations as transaction volumes increase.

Finastra FMM product management director Stephanie Mitchell said: “As payment volumes grow and fraud tactics become more sophisticated, financial institutions must tap into robust, cloud-ready prevention solutions.

“Working with FraudAverse enables us to bring a flexible offering to banks which is optimised for today’s fast-moving payments landscape. We expect many of our customers will opt to make use of this pre-integrated solution.”

FraudAverse CEO Constantin von Altrock commented: “Financial Crime prevention is a critical priority for financial institutions worldwide.

“Our collaboration with Finastra combines advanced AI technology with seamless integration, empowering customers to protect their transactions in real-time and with confidence.”

This new partnership follows Finastra’s agreement last year with i2c, which expanded debit card issuance and digital wallet solutions for banks and credit unions in North America by providing access to i2c’s processing platform and related services.

"Finastra integrates FraudAverse AI to support fraud prevention for banks " was originally created and published by Retail Banker International, a GlobalData owned brand.

 

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