The anti-fraud move will provide additional safeguards to how radicant processes its clients’ digital transactions.
Payment flows need tools that effectively detect and prevent financial crime in an increasingly digitalised world. According to the Association of Certified Fraud Examiners report called “Occupational Fraud 2022”, businesses lose 5% of revenue to fraud each year, amounting to roughly $4.7tn in fraud losses globally.
CFO and Co-CEO at radicant Roland Klay said: “NetGuardians’ AI-based risk platform is yet another facet of our robust security network. It is important we build our bank on the best possible software to fight fraud and provide our customers with a reliable and seamless product.
radicant is a provider of digital banking services (also known as neo bank), which gives customers access to personalised and sustainable banking, as well as wealth management solutions.
The bank became the first digitally sustainable bank, managing to align its policies with the 17 UN Sustainable Development Goals (SDGs).
In March 2022, it secured its banking licence from The Swiss Financial Market Supervisory Authority FINMA. The licence effectively allowed radicant to enter the market at the end of 2022.
Joel Winteregg, NetGuardians co-founder and CEO, also welcomed the partnership with radicant.
“We’re thrilled to be supporting radicant bank ag in its ongoing sustainability goals as it launches. Our software allows businesses like radicant to scale their product and deliver excellent service without the worry of payment fraud”, Winteregg said.
