Smarter Faster Payments: Remote Connect
Andrew Davies, Vice President, Global Market Strategy, Financial Crime Risk Management, Fiserv, and Dave Excell, Founder, Featurespace, share how data and machine learning are used to detect and stop fraud without impeding the customer experience of faster payments.
By using real-time risk decisioning at the enterprise level to detect and prevent fraud, criminals are stopped from exploiting evolving payments systems and sabotaging what should be a frictionless customer experience
Last year, the number of participating financial institutions for The Clearing House’s RTP® network more than doubled and with the launch of the Federal Reserve’s FedNowSM Service as early as 2023, real time payments ubiquity in the U.S. could be possible by 2025. This opens up a world of possibilities, however it also brings a more sophisticated level of financial crime and in greater volumes. During the pandemic, we saw this in the surge of new scams, account takeover and identity fraud.
How can Financial Institutions prepare for the next unpredictable event?