Swissquote, an online bank in Switzerland, has joined hands with NetGuardians, a leading player in AI-powered FinTech solutions.
The collaboration is aimed at strengthening fraud prevention measures and fulfilling Anti-Money Laundering (AML) requirements. NetGuardians’ advanced AI-based financial crime detection systems will scrutinize all transactions at Swissquote, as well as its digital finance app ‘Yuh’, a joint venture with another prominent Swiss bank, PostFinance.
The key motivation behind this partnership is to boost Swissquote’s defenses against financial scams such as Authorized Push Payment (APP) fraud, among other fraudulent payment activities. Additionally, Swissquote intends to enhance its compliance with regulatory AML provisions through NetGuardians’ solutions that facilitate suspicious activity reporting, early detection of money laundering efforts, and spotting the establishment of money mule accounts.
Swissquote, based in Gland, is a leading player in the global online banking sector, servicing half a million clients worldwide with a workforce exceeding 1,000. Its digital finance app ‘Yuh’ is a product of a collaboration with PostFinance, launched in spring 2021. On the other hand, NetGuardians provides AI-based financial crime solutions that accurately detect fraudulent activities with minimal false positives, thereby improving customer experiences and reducing banks’ operational costs. Its machine-learning algorithms empower financial institutions to detect and stay ahead of emerging threats from fraudulent schemes and scammers.
The necessity for AI-based anti-fraud infrastructure in banks is growing as APP scams are projected to double by 2026, turning into a $5.25bn industry. NetGuardians’ financial crime solutions are anticipated to be instrumental in keeping pace with fraudsters and safeguarding Swissquote’s customers and transactions.
In statements about the partnership, Joël Winteregg, CEO & Co-Founder of NetGuardians, said, “We are thrilled Swissquote will be deploying NetGuardians’ AI-based AML transaction monitoring & fraud prevention solutions. Financial crime is an ongoing battle; we want to ensure consumers have a safe and seamless experience.”
Meanwhile, Lino Finini, COO of Swissquote, said, “At Swissquote, we want our customers to know we are doing everything we can to prevent fraud. NetGuardians offers one of the best financial crime solutions on the market.”
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