B2B Payments

Nucleus Software Targets Real-Time Payments Fraud

mastercard real time payments

As payments accelerate, the window of opportunity for financial service providers to identify and shut down a fraudulent transaction narrows.

Banking technology firm Nucleus Software is rolling out a new solution to address this issue for financial institutions.

Nucleus announced an update Thursday (July 25) to its FinnAxia transaction banking tool to combat real-time payments fraud using artificial intelligence to automatically identify anomalies and duplicate or fraudulent transactions.

The solution’s upgrades also link into SWIFT’s gpi cross-border payments service, allowing banks to connect their corporate customers to visibility into their global transactions as they move in real-time.

Other features of the upgraded service include a wider range of supply chain financing models for banks to address friction of offering trade finance to their business customers, including the ability to help businesses implement a dynamic discounting program with their corporate customers.

“Two of the biggest current trends in the transaction banking space are the need of instant access to transaction information by corporate customers, thanks largely to the instant payments infrastructure being rolled out by regulators globally, and the rising threat of cybersecurity,” said Nucleus Software CEO R. P. Singh in a statement.

“The latest release of FinnAxia helps banks to thrive in this extremely dynamic market by enabling faster banking, faster funds tracking, real-time payment fraud detection and prevention using artificial intelligence/machine learning and comprehensive ecosystem management for their corporate and [SMB] customers,” he continued. “Every release of FinnAxia builds upon the deep expertise that we have gained from working with transaction banks across the globe — national champions or multinational players.”

According to the May PYMNTS Faster Payments Tracker, regulators around the globe are paying closer attention to how faster payments may augment the risk of financial fraud, with EBA Clearing Head of Service Development and Management Erwin Kulk explaining that while banks are familiar with these security risks, faster payments are adding pressure on FIs to more quickly mitigate those threats.



Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.