A leading Swiss payments app, TWINT, has partnered with NetGuardians, a Swiss enterprise risk management platform, to ensure enhanced fraud prevention. Using behavioral analytics, machine learning, and artificial intelligence, NetGuardians software can identify unusual payments.
TWINT is a safe payment application that enables customers to finish online digital transactions on their mobile devices. Switzerland’s digital currency has been growing ever since it was launched in 2014. The program profiles each payment transaction made by TWINT in real time and assigns a risk score. Its precise detection and low number of false positives boost client trust while lowering operating costs. Financial institutions can now identify and remain on top of new fraud concerns with the help of machine learning algorithms.
The Swiss FinTech company, NetGuardians, supports financial institutions in over 30 countries in their fight against fraud. The intelligent artificial intelligence (AI) solution from NetGuardians is used by more than 80 banks, including UOB and Pictet & Cie, to stop fraudulent payments in real-time. Major financial software providers including Finastra, Avaloq, Mambu, and Finacle work with it to combat fraud. TWINT claimed that it selected NetGuardians as a provider because it can track, process, and store massive amounts of transactions in real-time while offering the highest security for TWINT’s clients.
Joël Winteregg, Co-Founder and CEO, NetGuardians, said, “This is more than a new contract for NetGuardians, it is the perfect example of two Swiss FinTechs who both became leaders in their respective domains and are partnering to make Swiss payments faster and safer.”