ACI Worldwide launches platform to tackle real-time payments fraud
High adoption and use of real-time payments has also increased opportunities for digital fraud, and this becomes a pain point for companies unless they have robust fraud deduction infrastructure.
In such, ACI Worldwide has announced that it has launched its proprietary, Network Intelligence Technology as a part of an integral part of ACI Fraud Management.
Under this new technology platform, banks, processors, acquirers, and networks would form fraud prevention strategies by allowing them to securely share industry-wide fraud signals by feeding their machine learning models and leveraging their machine learning technology more effectively, the press release noted.
This year, IBM and MonetaGo team up to address trade finance fraud.
The company notes that this platform provides a hybrid approach towards fraud prevention which also combines custom, proprietary signals and other signals shared with the industry participants.
“New ways of industry collaboration are crucial for improving fraud prevention. ACI’s unique network intelligence approach will help financial institutions and payment providers to develop macro insights and beat fraudsters with valid models that are weighted appropriately across all parties.” said Cleber Martins, Head of Payments Intelligence and Risk Solutions, ACI Worldwide.
The platform allows industry players to exchange fraud signals with exposing raw data, have the ability to choose which insights to adopte into models and have transparent and individual signals rather than a single opaque model dominated by a single contributor.
ACI Worldwide is a software company providing real-time payment solutions to corporations, managing digital payments, process bill payments and enabling omni-commerce payments.