This article appeared on Fintech Global on the 10th January 2023.
Switzerland-based payment app TWINT aims to bolster its fraud protection efforts through a partnership with enterprise risk platform NetGuardians.
TWINT selected NetGuardians due to its ability to monitor, process and store large volumes of transactions in real-time while providing the best possible protection for TWINT’s customers.
NetGuardians helps clients detect anomalous payments by leveraging behavioural analytics, machine learning, and AI. Its technology will monitor all of TWINT’s payment transactions in real-time and provide a risk score through profiling.
It boasts accurate detection and minimal instances of false positives, as well as enabling firms to stay on top of emerging threats from fraud schemes.
NetGuardians co-founder and CEO, Joël Winteregg said, “This is more than a new contract for NetGuardians, it is the perfect example of two Swiss FinTechs who both became leaders in their respective domains and are partnering to make Swiss payments faster and safer.”
TWINT is a secure payment app that allows users to complete transactions through their mobile phone. Its service works in-store or online.
NetGuardians was very busy in late 2022. BANK OF AFRICA signed a deal with NetGuardians to help it safeguard its assets in Morocco. Through the deal, BANK OF AFRICA will leverage NetGuardians’ fraud prevention software to protect its assets and branches in the country from internal and payment fraud.
In December, NetGuardians also launched its Community Scoring & Intelligence Service, which consolidates and contextualises collective insights and intelligence.
This product launch came just a month after the RegTech company released its new anti-money laundering (AML) transaction monitoring solution.
Read this article on Fintech Global website.