Feedzai launches new solution to democratize the fight against financial crime

Feedzai Solutions will support digital-first evolution for financial institutions of all sizes using a cloud-only environment

Feedzai announced today its new fully packaged Feedzai Solutions that can assess risk for single and cross-channel transactions in real-time. With the configuration of machine learning models taking just days instead of months, and a comprehensive library of out-of-the-box scenarios, the new offering presents itself as an agile, easy to deploy, and low resource solution for financial institutions of all sizes that are looking to better protect their customers with quicker time to value.

Feedzai helps financial institutions’ digital-first evolution by leveraging tech components especially critical during a severe digital acceleration journey amid the COVID-19 pandemic. The solution scalability allows financial institutions to improve time to market, while the cloud-based approach enables lightweight flexibility to transform and keep up with customer expectations. Additionally, best-in-class detection capabilities and real-time scoring help financial institutions to filter both new COVID-19 created and old fraudsters.

Cloud-based solutions have always been part of Feedzai’s enterprise portfolio with multiple deployments in all geographies and over 40% of the customers benefiting from it. Recently, this shift has intensified with more than 70% of Feedzai customers in the last 10 months – including globally-recognized Banks and Fintechs – choosing hosted cloud deployments. With this new offering, Feedzai leverages years of experience in operating some of the largest risk management projects across industries in a cloud environment, while also offering access to cutting edge risk management technology that otherwise would only be available to large financial institutions. 

Best-in-Class Detection

  • Using Feedzai’s best-in-class technology as a framework, financial institutions of every size can now detect financial crime more efficiently by benefiting from advanced machine learning algorithms and segment-of-one profiling capabilities while also accessing one of the most comprehensive fraud networks in the world.

Operational Efficiency Boost

  • Rather than relying on multiple tools for each individual customer touchpoint, Feedzai’s all-in-one fraud prevention tool ensures that teams can manage risk exposure across the entire customer journey. One consistent tool enables straightforward maintenance, upgrades, data integrations, and orchestration.

Lightweight, Easy-to-Manage, Tangible ROI

  • Feedzai provides an out-of-the-box, cloud-based solution that can perform in days, not months, allowing customers to benefit from finely-tuned model performance on day one. Rather than spending critical time and significant resources in the configuration stage, risk management teams are now able to achieve tangible ROI in a short amount of time. Best-practice APIs that collect the necessary data for its workflows are also available in the new solution. ISO8583 and ISO20022 compatible APIs allow Feedzai to easily plug into the Financial Institution’s ecosystem.

Customer-centric Experience

  • Truly seamless multi-channel experiences by gathering real-time data and using analytics to understand the customer journey and allow financial institutions to have visibility on the entire risk management cycle.

  • According to Aite, “the scalability of Feedzai’s offering to support a high volume with low latency, as well as the platform’s ability to crunch an enormous amount of data from multiple touchpoints, are also cited as key strengths by a couple of the executives interviewed. In one bank executive’s words, “Feedzai was built from ground up with scalability and big data in mind, versus others who are trying to adapt legacy technology to bring these in.”

Turnkey Compliance

  • Models, configurations, and best-practices are pre-packaged and comply with regulations such as OCC 2011, SR 11-7, and other legal guidelines. Additionally, Feedzai monitors and explains the system’s overall behavior while providing full autonomy when informing regulators what profiles and features have been created and why decisions were made, thus enhancing transparency and explainability.

Full Risk Life Cycle Orchestration

  • Feedzai’s risk orchestration approach offers unified risk tools and a reporting framework that facilitates operational gains across business lines, a particularly important challenge during COVID time where teams are looking to overcome inefficiencies. Feedzai’s new offering propels a cohesive risk strategy that, at its core, collates information from all perspectives into a single unified decision. Feedzai’s Full Risk Lifecycle Orchestration approach also increases scoring and internal monitoring accuracy, allowing small to midsize teams to discover and stop previously hidden financial crime.

“Feedzai now serves over 800 million customers in 190 countries, but our aspirations do not stop there. We believe that by democratizing the fight against financial crime and making AI available to a variety of financial institutions that otherwise wouldn’t have access to it, we’re allowing risk management to become a level-playing field,” said Pedro Barata, SVP of Product. “Financial institutions of all sizes can now count on easy to deploy, best-in-class technology to support their financial crime challenges.”

Feedzai’s new product offering combines the power of multiple systems into one, allowing smaller teams with limited resources to manage risk and financial crime more efficiently. Instead of building an in-house platform or plugging in several complementary solutions that would require a significant amount of investment and resources to maintain, financial institutions can now rely on a fully orchestrated system fuelled by advanced AI to provide anti-fraud and AML while being fully compliant with national and international regulations.

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