FIS integrates IBM Safer Payments solution to handle P2P payments fraud
The enhanced FIS offering leverages AI and machine learning to monitor and detect fraudulent transactions.
Financial services technology provider FIS (NYSE:FIS) today announces that it has integrated the IBM Safer Payments solution with its person-to-person (P2P) services to help US financial institutions combat fraud on real-time P2P payment services.
IBM Safer Payments is a real-time payment fraud monitoring platform that helps financial institutions improve fraud detection and reduce false positives. The platform comes with a variety of statistical, modeling and model support tools to assist in building models that can rapidly recognize and stop new/episodic payment fraud attacks across all cashless payment systems.
As consumer usage of real-time P2P services continues to grow at a rapid rate, banks and other financial institutions need advanced ways to identify and prevent fraudulent transactions on even small-dollar amounts.
FIS has integrated IBM Safer Payments within its P2P payment products offered to FIS clients in the United States. The enhanced offering harnesses the capabilities of artificial intelligence (AI) and machine learning to monitor high-volumes of P2P transactions and provide real-time detection and decisioning.
Since integrating the IBM Safer Payments fraud detection solution, FIS has registered a substantial reduction in attempted and completed fraudulent transactions as reported by its P2P payment services clients.
Michael Curry, Vice President, IBM RegTech, explains:
“FIS is taking aggressive steps to protect its clients against new and evolving threats in the industry. IBM Safer Payments uses artificial intelligence designed to deliver insights and to quickly adapt to a changing threat landscape. This technology is yielding successful results for FIS and some of the world’s largest and most complex payment portfolios.”