radicant selects NetGuardians AI for enhanced payment security
This article appeared on IBS Intelligence on the 19 April 2023
radicant, the digital sustainability bank in Switzerland has selected FinTech NetGuardians’s AI software for enhanced payment protection.
As per the Association of Certified Fraud Examiners report on ‘Occupational Fraud 2022’, organizations lose 5% of revenue to fraud each year, with total losses equating to $4.7 trillion globally.
Preventing financial crime in its infancy is therefore essential for the efficient and digital processing of client transactions. For a data and technology-driven financial services provider like radicant, this is a key element in its understanding of good corporate governance. The bank, therefore, chose the software of NetGuardians to improve its clients’ payment protection.
NetGuardians forms customer profiles through its innovative behavioural analytics, machine learning, and artificial intelligence. The software monitors all transactions in real time and provides a risk score by comparing it against the customer profile.
It reduces the volume of false positives, providing a superior customer and user experience whilst decreasing operational costs. Machine-learning algorithms help financial institutions to discover and stay on top of emerging threats from fraud schemes.
“NetGuardians’ AI-based risk platform is yet another facet of our robust security network. It is important we build our bank on the best possible software to fight fraud and provide our customers with a reliable and seamless product,” said radicant Co-CEO and CFO Roland Kläy.
Joël Winteregg, NetGuardians Co-Founder and CEO said, “We are thrilled to be supporting radicant bank ag in its ongoing sustainability goals as it launches. Our software allows businesses like radicant to scale their product and deliver excellent service without the worry of payment fraud.”
Read this article on IBS intelligence website.