Payment solution provider ACI Worldwide has launched a new technology solution to combat the growth of real-time payments fraud in the payments market.
Network Intelligence Technology will support a range of stakeholders including banks, acquirers, networks and processors to amplify fraud prevention strategies by enabling them to share industry-wide fraud signals more securely, through feeding their machine learning models and using their machine learning tech more efficiently.
According to ACI, it offers industry players a new, hybrid approach towards fraud prevention, combining the strength of custom, proprietary signals and complementing them with signals exchanged within the consortium of industry participants.
Network Intelligence Technology will also allow companies in the payments industry to consume, distribute and exchange secure fraud signals without exposing raw data, as well as allowing them to adopt a new hybrid approach towards fraud prevention, combing the strength of custom, proprietary signals and complementing them with signals exchanged within the consortium.
Industry players will also be able to incorporate signals from third-party fraud intelligence sources and choose which insights to adopt into models and which to contribute to community findings. Firms can also leverage transparent, individual signals rather than a single opaque model through Network Intelligence Technology and can also understand localised threats before they become endemic.
ACI Worldwide head of payments intelligence and risk solutions Cleber Martins said, “ACI’s unique Network Intelligence Technology adds another layer to one of the most sophisticated fraud prevention and management solutions on the market today.
“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.”
Earlier this year, it was revealed a partnership between Swedish bank Swedbank and ACI Worldwide had contributed to a 55% drop in card fraud.
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