Raiffeisen Bank International Partners with Feedzai, Bringing Advanced Machine Learning to European Banking to Fight Fraud
VIENNA--(BUSINESS WIRE)--Apr 24, 2019--Raiffeisen Bank International (RBI), one of CEE’s leading banking groups, and Feedzai, a global leader in using AI to fight financial crime, today announced a partnership. Through the cooperation with Feedzai, RBI’s customers will benefit from even more security due to real-time monitoring in the payment channels.
Financial crime attacks are increasing, and the need for robust security using the most advanced machine learning is more important than ever, especially for banks. This includes solutions that are flexible enough to scale to new use cases and channels as the bank develops. This is especially important in the age of PSD2 and similar regulation, where RBI and other EU banks strive to provide open banking solutions that meet strict security standards. Feedzai’s AI-based solution is the key to making that happen.
RBI’s Financial Crime Management teams across the group will use Feedzai’s advanced machine learning products, such as AutoML, automating feature engineering and other parts of the data science loop for increased effectiveness as well as efficiency, and Feedzai Genome, visual link analysis for finding illicit patterns with greater scope and accuracy.
“This partnership will support us in keeping up the pace in this fast-evolving banking world, especially when it comes to fighting fraud in a variety of channels and products,” said Christoph Lehner, Head of RBI’s Group Compliance division.
The bank reported significant profit growth in its FY 2018 results and has highlighted future growth plans driven by focusing on digitization in all segments. Feedzai will be a key partner in that evolution to a digital bank.
“This is what it takes to turn a bank into a tech company. RBI is making a commitment to be a leader in digital banking across Europe,” said Nuno Sebastiao, Feedzai CEO and co-founder. “We’re proud to be working with such a forward-thinking bank to create the future of banking together.”
RBI regards Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe (CEE) as its home market. 13 markets of the region are covered by subsidiary banks. Additionally, the RBI Group comprises numerous other financial service providers, for instance in leasing, asset management or M&A. In total, around 47,000 employees service almost 16 million customers through around 2,200 business outlets, the majority thereof in CEE. RBI’s shares are listed on the Vienna Stock Exchange. The Austrian Regional Raiffeisen Banks own around 58.8 per cent of the shares, the remainder is in free float. Within the Austrian Raiffeisen Banking Group, RBI is the central institute of the Regional Raiffeisen Banks and other affiliated credit institutions.
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190423005845/en/
KEYWORD: AUSTRIA UNITED KINGDOM UNITED STATES EUROPE NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE SECURITY PROFESSIONAL SERVICES BANKING FINANCE
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PUB: 04/24/2019 12:14 AM/DISC: 04/24/2019 12:14 AM