Banking giant Citi through its Treasury and Trade Solutions unit has entered into a partnership with Feedzai to offer its clients improved control and risk management for payments transactions.
Feedzai is a data science company which uses artificial intelligence (AI) technology to fight fraud. Its partnership with the global banking company will focus on bringing real-time risk management across banking and commerce.
Citi’s Treasury and Trade Solutions offers a suite of customized cash management and trade finance services to financial institutions, multinational corporations and public sector organizations across the world.
The collaboration will see Citi integrate the transaction monitoring platform of the fintech firm into its own services and platforms. Feedzai’s transaction monitoring platform is based on advanced machine learning technology.
In October 2016, Citi Ventures made an investment in the fintech company to help it expand its products for commerce and banking systems across new regions.
Citi Treasury and Trade Solutions payments and receivables global head Manish Kohli said: “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.”
According to the fintech company, its machine learning technology will adjust controls automatically to track discrepancies and changes in client payment behavior. This process enables it to carry out analysis and identify potential irregularities in affected payments before they are sent for clearing.
Citi expects to launch the new payment solution developed with Feedzai’s technology in 2019.
Feedzai CEO and co-founder Nuno Sebastiao said: “Citi is one of the most successful banks in the world for a reason, because they invest in their customers’ experience.
“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.”
Last month, Citi rolled out its multi-currency notional pooling capabilities in the Netherlands to give its clients choice and flexibility. The new capabilities are expected to enable clients to better manage their working capital and liquidity as per their treasury models and needs.