Citi’s Treasury and Trade Solutions has entered into a strategic partnership with Feedzai, a leader in Artificial intelligence (AI) for real-time risk management across banking and commerce.
Citi will be integrating Feedzai’s transaction monitoring platform powered by advanced machine learning technology, into its own proprietary services and platforms to provide clients with enhanced control and risk management for payments transactions. This collaboration follows a strategic investment made by Citi Ventures in Feedzai in 2016.
“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, Citi’s Treasury and Trade Solutions.
Cyber-attacks have become increasingly frequent and sophisticated, and banks need to be more vigilant than ever, especially given increasing automation and digitization. Simultaneously, given the rapid growth of instant payments, client expectations for speed in processing payments continue to rise. Feedzai’s machine learning technology will automatically adjust controls to monitor discrepancies and changes in client payment behavior, allowing for the analysis and identification of potential anomalies in affected payments before they are sent for clearing. It will do this while ensuring that payments are processed quickly and efficiently. Citi expects to be live with a new solution leveraging Feedzai’s technology in 2019.
“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 to continue to show the world what world-class digital transformation for banks looks like.”