Citi’s Treasury and Trade Solutions will integrate transaction monitoring technology from Feedzai. The integration comes courtesy of a newly-announced strategic partnership, and reflects a relationship that extends back to 2016, when Citi Ventures made a strategic investment in the AI-based real-time risk management solution provider.
“Citi is one of the most successful banks in the world for a reason, because they invest in their customers’ experience,” Feedzai CEO and co-founder Nuno Sebastiao said. “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.”
Powered by advanced machine learning technology, Feedzai’s transaction monitoring platform will combine with Citi’s proprietary services and platforms to give clients better control and risk management for payment transactions. The technology analyzes and identifies potential customer payment behavior anomalies before the payments are sent for clearing, while at the same time ensuring prompt and efficient processing. Citi plans to go live with a new, Feedzai-powered risk management solution in 2019.
“Our strategic partnership with Feedzai demonstrates our deep commitment to using technology to drive innovation,” said Manish Kohli, Global Head of Payments and Receivables for Citi’s Treasury and Trade Solutions. “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,” Kohli said.
Feedzai’s strategic partnership news comes just a few weeks after the company announced the release of its financial crime prevention solution, Risk Ledger. This summer, Feedzai announced that it would offer its machine learning technology, AutoML, to automate and streamline the work of data scientists. A partnership with e-commerce bank, Credorax, reported in July, will empower the merchant acquisition specialist to offer better anti-fraud protections for its partners.
Founded in 2008 and based in San Mateo, California, Feedzai demonstrated its fraud prevention technology at FinovateEurope 2014. The company’s platform scores $5 billion in transactions daily and protects 10 of the largest 25 global banks against transaction fraud. Feedzai has raised $82 million in funding from investors including Data Collective DCVC, Sapphire Ventures, Citi Ventures, and Oak HC/FT.
Citi participated in our developers conference, FinDEVr New York 2017, providing a discussion on OAuth tokenization and the company’s Developer Hub. The bank, with more than 200 million customer accounts, was founded in 1812 and conducts operations in more than 160 countries and jurisdictions around the world.