Citi feeds on Feedzai for risk management
Citi’s Treasury and Trade Solutions will integrate transaction monitoring technology from Feedzai. The integration comes courtesy of a newly-announced partnership, and reflects a relationship that extends back to 2016, when Citi Ventures made an investment in the artificial intelligence (AI) based real-time risk management solution provider, reports David Penn at Finovate.
Citi plans to go live with risk management solution in 2019
Powered by machine learning technology, Feedzai’s transaction monitoring platform will combine with Citi’s proprietary services and platforms to give clients control and risk management for payment transactions.
The technology analyses and identifies potential customer payment behaviour anomalies before the payments are sent for clearing, while at the same time ensuring processing.
Citi plans to go live with a new, Feedzai-powered risk management solution in 2019.
Feedzai’s partnership news comes just a few weeks after the company announced the release of its financial crime prevention solution, Risk Ledger.
This summer, Feedzai announced that it would offer its machine learning technology, AutoML, to automate the work of data scientists.
A partnership with e-commerce bank, Credorax, reported in July, will empower the merchant acquisition specialist to offer anti-fraud protections for its partners.
Founded in 2008 and based in San Mateo, California, Feedzai’s platform scores $5 billion in transactions daily and protects ten of the largest 25 global banks against transaction fraud.
Feedzai has raised $82 million in funding from investors including Data Collective DCVC, Sapphire Ventures, Citi Ventures, and Oak HC/FT.
Citi has more than 200 million customer accounts, was founded in 1812 and conducts operations in more than 160 countries and jurisdictions around the world.
