Feedzai Introduces World’s First RiskOps Platform to Solve FinCrime Software Overload Problem
Single, comprehensive, cloud-based platform to manage multiple forms of risk and compliance with a fully scalable architecture that instantly moves from sandbox to production
Human-centered AI with individualized risk assessment – not cohort-based – integrated into the whole system
Collaborative analysis suite to further break the silos between fraud, anti-money laundering, compliance and risk teams by consolidating all data, tools and analytics in one collaborative space
LAS VEGAS, October 26, 2021 (GLOBE NEWSWIRE) – Present Feedzai announced, at Money20 / 20 US, the evolution of financial risk management – RiskOps, with the introduction of the world’s first RiskOps platform. RiskOps is a new approach to risk management that goes beyond financial crime. RiskOps helps risk management teams stop fraud and money laundering, but also includes tools to comply with regulations and adhere to other revenue, operational and compliance risk policies such as as PSD2, GDPR and TILA. Risk managers and their teams spend less time managing point solutions and more time focusing on the issues that matter most: how to leverage the best strategic thinking of their scientists and data analysts to keep clients satisfied and feel secure while increasing income.
Financial crime is rampant and growing in the context of the global transition to digital payments. It is estimated that $ 2 trillion, or 2.5% of global GDP, is laundered each year. This puts increasing pressure on industry risk managers and their teams. As criminals have become more savvy, the industry has responded with point solutions to fill the holes they expose. This has led risk management teams to spend their precious time operating applications, managing and updating software, instead of shutting down FinCrime and mitigating the risk. This overload of FinCrime software has hampered risk management and forced CROs to seek more comprehensive solutions.
“The stakes are getting higher for financial institutions. CROs now need to protect more than just digital payments, but also new types of currencies, real money, quasi-currencies, cryptocurrencies, gaming tokens, and more. noted Nuno Sebastiao, CEO of Feedzai. “Money evolves and organizations must also evolve risk management to stay relevant and stay in business. “
The Feedzai RiskOps platform includes the following key components:
Complete architecture. Each phase of the risk journey – launch, prevention, detection, correction, compliance and adaptation – is managed on a single platform. The cloud-based platform is designed both for small teams to use it from day one and for large organizations that want access to a fully customizable suite to achieve their goals, align with values and exceed customer expectations. Its fully scalable architecture allows it to instantly move from sandbox to production with in-house models and third-party solutions.
Human-centered AI. The company’s approach to AI is to put people at the center of it. With fairness and bias considerations coupled with automatic model monitoring, Feedzai creates hyper-precise risk profiles for a frictionless customer experience every step of the way. This ensures that the right people don’t fall prey to biases or other false positives that degrade trust in the system. And instead of forcing generic models, AI is made specifically for fintech, with patterns and variables that follow the flow of money from the start.
Collaborative analysis suite. Break down silos between fraud, anti-money laundering, compliance and risk teams by bringing all the data, tools and analytics they need into one collaborative space to create a centralized view of risks. This means all data is available at all times: one place where the whole team can collaborate and access the information they need, so nothing is siled. Feedzai sequences the DNA of risk models and democratizes machine learning.
Trust your customers with Financial Intelligence Network (FIN)
FIN is a large database containing over 1,000 billion data points, sessions and profiles of good and bad actors. Each user session remains anonymous, ensuring that people are always treated as people, not data points.
Accurately assess risks with Pulse Risk Engine
From day one, businesses can connect data from various payment channels – even those that haven’t been invented yet – payment types, devices, networks, behaviors, accounts, geolocations, and more. Customers can also use external machine learning tools or their own rules and models and put them into production without any engineering work. With Feedzai’s integrated platform, models go from sandbox to production with just one click.
Correct risks with Case Manager
Automatically contextualizes information to accelerate alert disposition, breaks silos between risk management teams, and creates a centralized view of risk so analysts turn data points into actionable insights that prevent and detect future attacks.
Discover the hidden risks with the genome
Sequence the DNA of risk and financial crime models with Visual Link Analysis to better understand relationships between criminal networks that would otherwise be undetectable.
Better manage risks with Insights / Reporting
Evaluate the performance of rules and models to optimize their effectiveness. Monitor key metrics across your entire risk portfolio, including fraud and money laundering.
“Teams no longer have to take an à la carte approach to fraud, money laundering, financial crime, compliance and risk management. They can now take advantage of what so many other teams take for granted: a connected and powerful platform that not only improves every aspect of their work, it transforms it ” noted Nuno Sebastiao, CEO of Feedzai “The end result is very clear: more accounts opened, approval rates skyrocket, bogus declines collapse. Most importantly, financial institutions are gaining customer trust and loyalty like never before.
Feedzai has been redefining risk management for years, helping teams around the world achieve great results. Within months of implementing Feedzai, a multinational payment provider received 13 times fewer alerts and reduced fraud losses by $ 5 million. They have also been able to deliver a significantly improved customer experience.
Feedzai CEO Nuno Sebastiao presented the concept of RiskOps during an innovative panel at the Money20 / 20 conference in Las Vegas. The panel, titled “100 ft Wave, 230 MPH, 3000 ft Cliff – Risk management through the eyes of world champions”Invited three of the biggest risk takers to share how they manage extreme sports risk and how it can be applied to the financial industry. Alex Honnold, the first person to climb the 3,000-foot El Capitan wall of Yosemite without ropes, Danica Patrick, the first woman to win in IndyCar racing history, and Garrett McNamara officially certified by Guinness World Records for having surfed the biggest wave of all time, joined Feedzai CEO, Nuno Sebastiao, on the main stage.
Feedzai is the world’s leading RiskOps platform and the market leader in global trade protection with today’s most advanced cloud-based risk management platform powered by machine learning and ‘artificial intelligence. Feedzai secures the transition to a cashless world while enabling digital trust in every type of transaction and payment. The world’s largest banks, processors and retailers trust Feedzai to protect billions of dollars and manage risk while improving the customer experience for everyday users, without compromising privacy. Feedzai is a Series D company and has raised $ 282 million to date with a current valuation of $ 1.5 billion. Its technology protects 800 million people in 190 countries. For more information visit feedzai.com.
Global Communications Manager, Feedzai