Enhanced protection for online payments
Yverdon-les-Bains, 18 April 2023 – radicant bank ag (radicant) is the first digital sustainability bank in Switzerland strategically aligned with the 17 UN Sustainable Development Goals (SDGs). To ensure the efficient and secure processing of its clients’ digital transactions, radicant has selected award-winning Swiss FinTech NetGuardians’ software for enhanced payment protection.
In an increasingly digital world, where more and more customers conduct their transactions exclusively online, the prevention of financial crime and the protection of clients from fraud play a crucial role in safeguarding smooth payment flows. According to the Association of Certified Fraud Examiners report on “Occupational Fraud 2022”, organizations lose 5% of revenue to fraud each year, equating to total losses in excess of 4.7 trillion US dollars lost to fraud globally.
Preventing financial crime in its infancy is therefore essential for the efficient and digital processing of client transactions and, for a data and technology-driven financial services provider like radicant, a key element in its understanding of good corporate governance. For this reason, radicant has chosen the award-winning software of Swiss FinTech company NetGuardians to improve its clients’ payment protection.
NetGuardians software 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. The software reduces the volume of false positives, providing an excellent 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,” says radicant Co-CEO and CFO Roland Kläy.
Joël Winteregg, NetGuardians Co-Founder and CEO, says: “We’re 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 an excellent service without the worry of payment fraud.”
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radicant bank ag (radicant) is a data- and technology-driven financial services provider with the goal of democratising access to personalised, sustainable banking and wealth management solutions 24/7. As Switzerland’s first digital sustainability bank, it aims to promote the 17 Development Goals (SDGs) of the UN Agenda 2030 together with its community to mobilise capital for a sustainable world. Through increased transparency, radicant wants to help its clients to achieve their individual financial and sustainability goals. radicant is currently in the start-up phase and received its banking license from FINMA in May 2022. radicant.com
NetGuardians is an award-winning Swiss FinTech helping financial institutions in over 30 countries to fight fraud. More than 80 banks and wealth managers, including 40 per cent of all Swiss state-owned commercial banks and three of the top 10 private banks as ranked by Euromoney, rely on NetGuardians’ 3D artificial intelligence (3D AI) solution to prevent fraudulent payments in real-time. Banks using NetGuardians’ software have achieved an 85 per cent reduction in customer friction, enjoy more than 75 per cent lower operating costs and have detected new fraud cases.
NetGuardians is the fraud-prevention partner of major banking software companies, including Finastra, Avaloq, Mambu and Finacle. It was listed as a representative vendor in Gartner’s 2020 Market Guide for Online Fraud Detection and as a global leader in the 2021 Aite-Novarica report on Fraud and AML Machine Learning Platforms. Headquartered in Switzerland, NetGuardians has offices in Singapore, Kenya and Poland.
More information: www.netguardians.ch
Director of Marketing Communications, NetGuardians
T. +41 24 425 97 60