Citi’s Treasury and Trade Solutions (TTS) announced on Wednesday (Dec. 19) that it has inked a partnership deal with Feedzai, an artificial intelligence (AI) developer for real-time risk management across banking and commerce.
In a press release, Citi said it will integrate Feedzai's transaction monitoring platform, powered by machine learning technology, into its services and platforms, with a focus on control and risk management for payments. Citi Ventures made a strategic investment in Feedzai in 2016, and this partnership is the next phase in their relationship.
“Our strategic partnership with Feedzai demonstrates our deep commitment to using technology to drive innovation. With the help of Feedzai’s solution, we can scale rapidly in an effort to deliver value to our clients, allowing them to make payments securely, efficiently and without friction, across the globe,” said Manish Kohli, global head of payments and receivables for Citi’s Treasury and Trade Solutions, in the press release.
With banks a prime target of hackers, cyberattacks are increasing in frequency and scope, requiring banks to be more vigilant, particularly in an environment that is embracing more automation and digitization of services. At the same time, instant payment adoption is exploding, boosting the expectations that payment processing should be quick and easy.
The companies said Feedzai's technology will adjust controls automatically to monitor discrepancies and changes in the client's payment behavior. That enables the analysis and identification of anomalies in payments before they are sent for clearing. All the while, the machine learning technology ensures that payments are processed quickly.
Citi said it will be live with the service using Feedzai's technology next year. “Citi is one of the most successful banks in the world for a reason, because they invest in their customers’ experience,” said Nuno Sebastiao, Feedzai CEO and co-founder. “We’re proud to continue working together to be part of that innovation that helps Citi continue to show the world what world-class digital transformation for banks looks like.”