Citi Partners with Feedzai to Provide Machine Learning Payment Solutions
Business Wire 19-Dec-2018 12:00 PM
AI Services To Help Clients Manage Payment Risk
Citi's Treasury and Trade Solutions has entered into a strategic
partnership with Feedzai, a leader in Artificial intelligence (AI) for
real-time risk management across banking and commerce. Citi will be
integrating Feedzai's transaction monitoring platform powered by
advanced machine learning technology, into its own proprietary services
and platforms to provide clients with enhanced control and risk
management for payments transactions. This collaboration follows a
strategic investment made by Citi Ventures in Feedzai in 2016.
"Our strategic partnership with Feedzai demonstrates our deep commitment
to using technology to drive innovation. With the help of Feedzai's
solution, we can scale rapidly in an effort to deliver value to our
clients, allowing them to make payments securely, efficiently and
without friction, across the globe," said Manish Kohli, Global Head of
Payments and Receivables, Citi's Treasury and Trade Solutions.
Cyber-attacks have become increasingly frequent and sophisticated, and
banks need to be more vigilant than ever, especially given increasing
automation and digitization. Simultaneously, given the rapid growth of
instant payments, client expectations for speed in processing payments
continue to rise. Feedzai's machine learning technology will
automatically adjust controls to monitor discrepancies and changes in
client payment behavior, allowing for the analysis and identification of
potential anomalies in affected payments before they are sent for
clearing. It will do this while ensuring that payments are processed
quickly and efficiently. Citi expects to be live with a new solution
leveraging Feedzai's technology in 2019.
"Citi is one of the most successful banks in the world for a reason,
because they invest in their customers' experience," said Nuno
Sebastiao, Feedzai CEO and co-founder. "We're proud to continue working
together to be part of that innovation that helps Citi to continue to
show the world what world-class digital transformation for banks looks
like."
Citi Treasury and Trade Solutions (TTS) helps enable our clients'
success by providing an integrated suite of innovative and tailored cash
management and trade finance services to multinational corporations,
financial institutions and public sector organizations across the globe.
Based on the foundation of the industry's largest proprietary network
with banking licenses in over 90 countries and globally integrated
technology platforms, TTS continues to lead the way in offering a
comprehensive range of digitally enabled treasury, trade and liquidity
management solutions.
About Citi
Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management. Additional
information may be found at www.citigroup.com
| Twitter: @Citi | YouTube: www.youtube.com/citi
| Blog: http://blog.citigroup.com
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| LinkedIn: www.linkedin.com/company/citi
About Feedzai
Feedzai is the market leader in fighting fraud with AI. We're coding the
future of commerce with today's most advanced risk management platform
powered by big data and machine learning. Founded and developed by data
scientists and aerospace engineers, Feedzai has one mission: to make
banking and commerce safe. The world's largest banks, processors, and
retailers use Feedzai's fraud prevention and anti-money laundering
products to manage risk, while improving customer experience.
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