Saudi Awwal Bank taps Mastercard to fight financial crime with AI
Riyadh-headquartered Saudi Awwal Bank (SAB) has expanded its partnership with Mastercard as it looks to leverage AI in its assessment of financial risk.
Saudi Awwal Bank taps Mastercard for AI cybersecurity
The bank is adopting Mastercard Gateway’s transaction risk management (TRM) technology as a means to prevent payment fraud and champion secure digital transactions.
The AI-powered TRM technology can help mitigate financial risk by assessing all transactions for vulnerabilities.
For SAB, which was formed from Saudi Arabia British Bank’s (SABB) merge with and subsequent rebranding of Alawwal Bank in March 2021, the technology is expected to extend across its corporate, retail and private banking services as well as its treasury and investment services.
Yasser Al-Barrak, the bank’s chief corporate and institutional banking officer, describes its “long-standing trusted partner” Mastercard as “ideally positioned to help us boost our capabilities to mitigate financial risks”.
Adding to this, Adam Jones, Mastercard’s country general manager for MENA Central, claims its cybersecurity solutions are “foiling cyberattacks worth billions of dollars every year”, and that the technology will now be extended to SAB to “provide enhanced protection for its digital transactions”.
This addition of AI-powered cybersecurity elements signals the latest development in SAB’s payment capabilities, after it previously partnered with UK fintech Wise to provide its customers with international remittance services.
