Cognizant and FICO to Provide Real-Time Payment Fraud Prevention Solution to Banks

Cognizant and FICO have joined forces to address the challenge of real-time payments fraud. Their planned collaboration aims to provide a cloud-based real-time payment fraud prevention solution powered by FICO Falcon Fraud Manager.

The joint offering leverages both firms' artificial intelligence (AI) and machine learning (ML) technology to help banks and other payment service providers in North America protect their customers from fraud in the growing world of instant digital payments.

While real-time payments have brought speed and convenience, they have also opened the door for scammers. The Cognizant and FICO solution aims to provide real-time fraud prevention by seamlessly integrating with the real-time payments rails. It is expected to enable the detection and blocking of fraudulent transactions with greater accuracy, minimizing losses and ensuring a secure consumer experience.

The collaboration combines the Cognizant communication layer and clearing gateway with FICO Falcon Fraud Manager, which is a leading payments fraud management solution.

The solution targets multiple payment clearings, including FedNow, RTP, and SEPA Instant Credit Transfer.

Banks of all sizes can implement this proposed cloud-based solution on a pay-per-use or licensing basis, eliminating upfront costs. Additionally, the solution handles complex compliance requirements and integration tasks, allowing businesses to focus on their core operations.

Nageswar Cherukupalli, Senior Vice President & Business Unit Head of Banking & Capital Markets and Strategic Initiatives of Cognizant, emphasizes that the collaboration intends to provide an AI- and ML-based layer of protection against sophisticated threats, enhancing consumer safety and reducing losses.

In summary, this partnership aims to create a safer and more secure future for real-time payments, ensuring that customers are protected in the evolving landscape of digital transactions.

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