Latin America’s Largest Investment Bank Partners with Feedzai for AI-Based Transaction Security

Latin America

January 21, 2021

Latin America’s Largest Investment Bank Partners with Feedzai for AI-Based Transaction Security

One of the best ways for financial services organizations to guard against fraud is to analyze transactions for red flags. These red flags might include documents that cannot be verified, multiple tax ID numbers, mismatched addresses and telephone numbers, a reluctance for supposed account holders to provide detailed information about the business, large cash transactions with no history of prior business experience and shielding the identity of beneficial partners or owners.

The problem is that spotting inconsistencies and red flags is difficult for human workers because of the sheer volume of transactions. This is where artificial intelligence (AI) becomes useful. Artificial intelligence has proven to be an excellent ally for monitoring financial crime in digital environments, with customers now benefiting from a combination of speed and security in payments, P2P transactions, and account opening.

Feedzai is a data science company that detects fraud for financial institutions. The company uses real-time, machine learning to analyze big data to identify fraudulent payment transactions and minimize risk in the financial industry. The company now has a new partner in Latin America.

BTG Pactual, the largest investment bank in Latin America, which has just launched its new retail bank BTG+, has partnered with Feedzai and announced it will use the latter’s financial crime management platform to strengthen the bank’s ability to monitor financial transactions using advanced machine learning.

The partnership between the two companies also includes Pix monitoring, the new instant payments system that launched on November 16, 2020. Feedzai’s financial crime management platform also monitors real-time transactions that go through the new channel designed by the Central Bank of Brazil.

“We are excited about this partnership and this new resource to protect and improve our customer experience,” said Rodrigo Cury, Head of BTG+, in a statement. “We want to become one of the main retail banks in Brazil and for that reason, we are using advanced technology that allows consumers to buy, trade, and engage with the digital economy in a straightforward and agile way.”

Edited by Maurice Nagle

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