Citi Partners with Feedzai to Provide Machine Learning Payment Solutions
NEW YORK--(BUSINESS WIRE)--Dec 19, 2018--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.
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 | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
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/20181219005388/en/
Nina Das, 2128169267
Seth McNew, 7209391290
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT INTERNET SECURITY SMALL BUSINESS PROFESSIONAL SERVICES ACCOUNTING BANKING CONSULTING FINANCE HUMAN RESOURCES INSURANCE LEGAL
SOURCE: Citigroup Inc.
Copyright Business Wire 2018.
PUB: 12/19/2018 12:00 PM/DISC: 12/19/2018 12:01 PM