Italy’s technology infrastructures and electronic payments group SIA has signed a fraud prevention agreement with risk management and fraud prevention software specialist INFORM.
The agreement will see SIA offer fraud prevention and risk management to its acquiring banks and financial clients across Europe through the integration of INFORM’s RiskShield software inside its own acquiring infrastructure. SIA said that the aim was to improve the security of payment and card transactions.
RiskShield integrates various software technologies such as fuzzy logic, dynamic profiling and machine learning capabilities in a single platform. The agreement will initially focus on safeguarding SIA’s card acquiring business before being rolled out to instant payments, electronic commerce (e-commerce) transactions and telecommunication services..
“SIA manages more than 9bn clearing transactions and 3.6bn card payments and we found in RiskShield the innovative anti-fraud solution that could match our strategic ambition and deliver a robust and reliable service,” said Gabriele Boni, SIA’s financial institutions director.
Using data for predictive analytics is the future of banking success, argued Jean-Laurent Bonnafé, CEO of BNP Paribas, in his session on how the bank is reinventing its approach to innovate with and for corporates.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.