Feedzai Introduces World’s First RiskOps Platform to Solve the Problem of FinCrime Software Overload
Today Feedzai announced, at Money20/20 US, the evolution of financial risk management–RiskOps, with the introduction of the World’s First RiskOps Platform. RiskOps is a new approach to risk management that tackles more than just fincrime. RiskOps helps risk management teams stop fraud and money laundering, but also includes tools to comply with regulations and adhere to other revenue, operational, and compliance risk policies such as PSD2, GDPR, and TILA. Chief Risk Officers and their teams spend less time managing point solutions and more time focusing on the bigger issues–how to leverage best strategic thinking from their data scientists and analysts to keep customers happy and feeling safe while growing revenue.
Financial crime is rampant and growing amidst the global shift to digital payments. An estimated $2 trillion — 2.5 percent of global GDP — is laundered every year. This is putting increasing pressure on industry Chief Risk Officers and their teams. As criminals have gotten savvier, the industry has responded with point solutions to address the holes they expose. This has resulted in risk management teams spending their valuable time operating apps, managing and updating software, instead of stopping FinCrime and mitigating risk. This FinCrime Software overload has bogged down risk management and forced CROs to search for more comprehensive solutions.
“The stakes are getting higher for financial institutions. CROs now have to protect more than just digital payments, but also new kinds of currencies, real money, quasi-money, crypto-currency, game tokens, and more,” said Nuno Sebastiao, CEO of Feedzai. “Money is evolving, and organizations have to evolve risk management as well to stay relevant, and to stay in business.”
The Feedzai RiskOps platform includes the following key components:
- Comprehensive Architecture. Every phase of the risk journey – launch, prevent, detect, remediate, comply, and adapt – is managed in one platform. The cloud-based platform is architected both for smaller teams to use it from day 1 and larger organizations that want access to a fully customizable suite to meet their goals, align to the values, and exceed customers’ expectations. Its fully extensible architecture allows it to instantly go from sandbox to production with internal models, and 3rd-party solutions.
- Human-Centered AI. The company’s approach to AI is to put people at the center of it. With fairness and bias considerations coupled with automatic model monitoring, Feedzai creates hyper-accurate risk profiles for a frictionless customer experience every step of the way. It ensures good people aren’t the victims of bias or other false positives that degrade the trust in the system. And instead of force-fitting generic models, the AI is custom-built specifically for fintech, with schemas and variables that track the flow of money baked in from the start.
- Collaborative Analytics Suite. Breaking down the silos between fraud, AML, compliance, and risk teams by putting all the data, tools and analytics they need, in one, collaborative space to create a centralized view of risk. That means all the data available at all times — a single place for the entire team to collaborate and access information they need, so nothing is siloed. Feedzai is sequencing the DNA of risk patterns and democratizing machine learning.
- Trust Your Customers with Financial Intelligence Network (FIN)
FIN is a vast database containing over 1 trillion data points, sessions, and profiles of both good and bad actors. Every user session is kept anonymous, ensuring that people are always treated as people, not as data points.
- Accurately Assess Risk with Pulse Risk Engine
From day one, companies can connect data from various payment channels – even ones that haven’t been invented yet – payment types, devices, networks, behavior, accounts, geolocations, and more. Customers can also use external machine-learning tools or their own rules and models and put them into production with no engineering work. With Feedzai’s integrated platform, models go from sandbox to production with a single click.
- Remediate Risk with Case Manager
Automatically contextualizes information to speed up alert disposition, breaks down silos between risk management teams, and creates a centralized view of risk so analysts transform data points into actionable insights that prevent and detect future attacks.
- Uncover Hidden Risk with Genome
Sequence the DNA of risk and financial crime patterns with Visual Link Analysis to better understand relationships between criminal networks that would otherwise be undetectable.
- Manage Risk Better with Insights/Reporting
Assess the performance of rules and models to optimize effectiveness. Monitor key metrics across your entire risk portfolio including fraud and money laundering.
- Trust Your Customers with Financial Intelligence Network (FIN)
“Teams no longer have to take an a la carte approach to fraud, money laundering, financial crime, compliance, and risk management. They can now enjoy what so many other teams have come to take for granted: a connected, powerful platform that more than improves every part of their job, it transforms it.” said Nuno Sebastiao, CEO of Feedzai “The end result is very clear: more accounts opened, approval rates soar, false declines plummet. And most importantly, financial institutions win customers’ trust and loyalty like never before.”
Feedzai has been redefining risk management for years, helping teams across the globe achieve successful results. Within months of implementing Feedzai, one multi-national payment provider saw 13 times fewer alerts and reduced fraud losses by $5 million. They were also able to deliver a dramatically improved customer experience.
Feedzai CEO Nuno Sebastiao introduced the concept of RiskOps at an innovative panel at the Money20/20 conference in Las Vegas. The panel, titled “100 ft Wave, 230 MPH, 3000 ft Cliff – Risk Management through the Eyes of World Champions” invited three of the top risk-takers to share how they deal with the risk of extreme sports and how it can be applied to the financial industry. Alex Honnold, the first person to climb Yosemite’s 3,000-foot El Capitan wall without ropes, Danica Patrick, the first female to ever win in IndyCar racing history, and Garrett McNamara officially certified by Guinness World Records for surfing the largest wave ever, joined Feedzai’s CEO, Nuno Sebastiao, on the main stage.
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