Mambu chooses NetGuardians as partner for financial fraud mitigation
NetGuardians, a renowned AI risk platform that combats banking fraud, has announced the formation of a partnership with leading cloud banking platform Mambu.
The new partnership focuses on digital payment fraud, meaning that NetGuardians’ state-of-the-art fraud-mitigation software will be available to Mambu’s customers for seamless integration into the core banking platform, according to a press release.
Mambu, which was launched in 2011, currently has more than 160 customers, including some of the Asia Pacific region’s most innovative digital banks and lenders such as ZestMoney, The Wallet Engine and Nimble.
According to recent research conducted by Grand View Research, the global digital payments sector is seeing an annual compound growth rate of 13.7 percent and will be worth USD8.7 trillion by 2025. Digital payments are completed fast – usually within less than a second – providing banks with a limited window in which to check their validity and stop the fraudulent ones. As a result, there has been a massive growth in digital payment fraud. Social engineering attacks and scams accelerate this trend even further resulting in a global loss of USD26 billion.
Ben Goldin, CTO & CEO, Mambu, said: “Our business model is to partner with the best FinTechs in the world to allow our customers to compose exactly the IT infrastructure they need to fulfil their business goals. NetGuardians’ fraud-mitigation software is a first-class solution that will plug-and-play with the Mambu core banking platform to address one of our customers’ biggest problems – combating payment fraud and keeping their customers’ money safe.”
Joël Winteregg, CEO, NetGuardians, said: “Mambu works with some of the most sophisticated digital banks in the world. These banks will now be able to use NetGuardians’ software to monitor in real time all the transactions across their business and stop any that are suspicious. As digital payments continue to grow, our software will scale accordingly, maintaining the best levels of protection for the banks and their customers.”
NetGuardians was launched in 2007, and currently helps more than 60 Tier 1 to Tier 3 banks worldwide combat the threat posed by financial crime.