Trust Payments, which works on frictionless payments and value-added services, announced Tuesday (June 7) that it has entered a multi-year partnership with Feedzai, a RiskOps platform for financial risk management.
The partnership will add cloud-based risk management for Trust Payments’ customers. The risk management will be powered through machine learning and artificial intelligence, the press release noted.
Feedzai’s platform helps out with issues surrounding identity, real-time data and collaboration in the customer cycles. It purports to boost productivity and outcomes for financial services issues.
In the release, Trust Payments CEO Daniel Holden said that the partnership would “ensure our vision for Converged Commerce™ can be backed by [Feedzai’s] robust risk management offering, covering device authentication, malware defense, behavioral biometrics, and a full suite of integrated fraud and anti-money laundering solutions.”
Meanwhile, Feedzai CEO Nuno Sebastião said the company would implement RiskOps to “to ensure that [Trust Payments’] teams have a single platform to handle everything fraud and financial crime-related and to ensure financial security for themselves and their customers.”
Last year, Feedzai acquired behavioral biometric platform Revelock in a bid to try to detect and stop financial crime before it happens.
Read more: Feedzai Buys FinTech AI Platform Revelock
At the time, Sebastião said that the team-up would make a vault with over 1 trillion data points, sessions and profiles of “good and bad actors” to help customers determine what transactions are fraudulent.
Feedzai research had shown the prominence of digital payments, with a decline in ATM withdrawals since the dawn of the pandemic, and lots of customers switched to online and phone payments without a plan to switch back. Because of that, many criminals saw an opening to commit more fraudulent acts.
“As the digital economy evolves from barter to crypto, Feedzai recognizes that security is crucial to modern commerce, providing consumers with peace of mind when transacting online, and lowering the risk for financial institutions and merchants,” the company said at the time.