Network International taps FICO for fraud protection and credit management

The collaboration highlights increasing development in the payments sector in the MEA region

by | July 18, 2022 | bobsguide

London-listed payments technology group, Network International, and credit analytics provider, FICO, have expanded their partnership to provide fraud protection and credit management services to lenders in the Middle East and Africa (MEA) region.

The deal extends an existing partnership from 2017 to make FICO’s solutions available to lenders from Network International.

Following the latest deal, Network International will now make the FICO Falcon Fraud Manager, a credit fraud solution that protects payment cards, accessible to lenders to protect retail banking accounts.

The firm first rolled out the service back in 2018, with Kuwaiti FI Warba Bank becoming the first Network International client to use the Falcon platform.

Lenders using the FICO Falcon fraud manager platform can screen for fraud, AML, KYC, and sanctions to design rules, execute machine learning models, orchestrate workflows, and manage investigations.

In addition to Falcon, Network International will also install FICO Blaze Advisor Decision Management Systems in its data centres to offer hosted credit management services to lenders, enabling them to make real-time approvals on credit applications.

Digital payments get the spotlight

The partnership extension strengthens Network international’s offer amid the ongoing adoption of digitisation in the MEA region.

“Over the last few years, we have witnessed the accelerated transition to digital payments in the region, making credit controls for real-time decisions more crucial than ever,” said Hany Ferky, group managing director, processing at Network international.

According to a study by Mastercard in 2020, 73% of consumers in the MEA region began shopping more online following the pandemic.

A survey of consumers in the Middle East by Kaspersky Digital Payment aligned with Mastercard’s findings, with 9 in 10 respondents reporting increased use of digital payments in 2021.

Companies reinforce security

As payment companies and technology providers find their footings in the region, they have begun enhancing their security capabilities whilst ensuring a seamless customer journey.

In June, Mastercard expanded its digital payment capabilities in the EEMEA region with the launch of its Digital First program, offering consumers the ease of applying online, instant digital card issuance, real-time card management and secure, straightforward online payments.

In early July, rival Visa also teamed up with Africa-focused UK payment provider, Flocash, to launch Flostore, enabling African small businesses to accept digital payments. The platform uses Visa’s CyberSource payment gateway technology to ensure protection against fraudsters.

The push to improve financial services security incorporate additional anti-fraud technology measures has gained momentum globally in recent months.

In particular, fintech challengers have sought to appease local regulators with fraud protection tech, while prioritising customer experience.

In Poland, Bank Millennium recently into a service agreement with UK real identity platform provider Onfido to use the latter’s identity verification capabilities during the customer onboarding process.

In the Netherlands, payment service provider, Mollie, integrated with open finance network Plaid’s API to provide a more secure and easier bank verification experience for merchants.

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