Payment, banking, and investment systems provider FIS announced today that it is partnering with Stratyfy to bolster the capabilities of its SecurLOCK card fraud management solution.
After testing the new SecurLOCK capabilities with customers, FIS anticipates that the updated tool will increase accurately identified card transactions and help prevent fraud. This will reduce friction for end consumers by minimizing fraud and disruption experienced because of false positives.
“With sophisticated fraudsters using new technologies to increase fraud attacks, both businesses and consumers are facing more risk than ever before,” said FIS Head of Fraud Services Eric Kraus. “This new collaboration is a continuation of a commitment to implement new technologies, helping businesses prevent fraudulent behavior to protect the consumers they serve.”
Founded in 2017, Stratyfy provides predictive analytics and decision management solutions for financial institutions. The company demoed one of its solutions, UnBias, at FinovateFall 2022, and won a Best of Show award for its presentation. Among the company’s other solutions are Credit Risk Assessment and Fraud Detection. Stratyfy is one of 80 graduates of FIS’ Fintech Accelerator, having completed the 12-week program in 2020.
“It’s rewarding to see how our unique machine learning approach can enable better outcomes through this solution,” said Stratyfy CEO, and co-founder Laura Kornhauser. “Our relationship with FIS showcases the tremendous value that is possible through partnerships, and we’re thrilled to continue to build upon this important work.”
Banking technology company FIS was founded in 1968, and has a current market capitalization of $40 billion. Earlier this year, the Florida-based company acquired post-trade SaaS platform Torstone Technology to enhance its own capital markets offering. According to Crunchbase, the purchase marks FIS’ 26th acquisition.