The new partnership between NetGuardians and Masaref Business & Systems Consulting (Masaref-BSC) will bring the Swiss fintech’s anti-fraud solutions to even more FIs in the Middle East, according to Director and Board member Oliver Trancart. “Fraud is a growing concern worldwide and the Middle East is no exception,” Trancart said. “So we think NetGuardians’ expertise can really make a positive impact.”
NetGuardians Middle East Business Development Manager Abdallah Djedid credited Masaref’s knowledge and experience in both Temenos’ technology and Islamic core banking systems, calling the firm “an obvious choice for a local partner.” Masaref is a major Temenos T24 implementation partner, and was awarded Best Core Banking Implementer in Egypt in 2015 by Global Banking and Finance. The firm, based in Cairo, Egypt with offices in Riyadh and Beirut, was founded in 2014 after the merger of Masaref Consulting and Business & Systems Consultancy.
Expressing his confidence in the partnership, Masaref Chariman Dr. Mohamed Goneid said, “More banks and financial institutions using T24 will finally have the peace of mind of top fraud protection. Together with NetGuardians, we will help financial institutions in the Middle East to cater for their most challenging requirements.”
NetGuardians’ technology automates compliance and enables financial institutions to more effectively combat fraud. The company’s platform leverages Big Data, dynamic profiling, pattern-based intelligence, and predictive analytics to analyze not just transaction level activity, but real-time behaviors across the entire bank system. This is key, NetGuardians believes, because out of the $67 billion in estimated banking fraud costs every year, 70% of that fraud is internal and remains undetected. During the company’s 2016 FinovateAsia demonstration of FraudGuardian, NetGuardians Digital Marketing Manager Mine Fornerod showed how the solution is able to correlate user behavior to identify even complex fraudulent behavior in real-time with 100% accuracy.
Founded in 2007, NetGuardians is headquartered in Yverdon-les-Bains, Switzerland and has offices in Singapore, Kenya, and Poland. The company began 2017 with news that Nigeria’s Keystone Bank would deploy its real-time fraud protection platform. More recently, NetGuardians raised more than $8 million in Series C funding, taking its total capital to more than $14 million. The company was named a Gartner Cool Vendor in 2015 and was added to Planet Compliance’s RegTech 100 earlier this year. Joel Winteregg is CEO and co-founder.
Interested in fintech in the MENA region? Visit our FinovateMiddleEast page to find out more about our upcoming fintech conference in Dubai.
