Fintech solutions firm FIS has linked its person-to-person (P2P) payment services with IBM Safer Payments solution to prevent fraud.
The IBM platform has been integrated with FIS’ real-time payment services offered to clients in the US.
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IBM Safer Payments leverages artificial intelligence and machine learning to track high-volumes of P2P transactions. It is said to deliver real-time identification and decisioning.
It features statistical, modelling and model support tools for the creation of fraud detection models across any cashless payment system.
The platform is said to have led to a significant decrease in attempted and completed fraudulent P2P transactions reported by its clients.
FIS head of Americas Payments and Wealth Jim Johnson said: “Criminals are growing ever-more sophisticated in their methods for conducting payments fraud and they are increasingly targeting P2P services due to the growth in this market.
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By GlobalData“FIS is excited to incorporate IBM Safer Payments to provide the highest level of fraud protection to our US clients and their customers who rely on P2P services for fast, convenient payments.”
IBM RegTech vice-president Michael Curry said: “IBM Safer Payments uses artificial intelligence designed to deliver insights and to quickly adapt to a changing threat landscape.
“This technology is yielding successful results for FIS and some of the world’s largest and most complex payment portfolios.”
In August this year, FIS acquired UK-based payment processor Worldpay for nearly $43bn. The combined company is expected to operate as a global technology leader for merchants, banks and capital markets.
