Swiss Payment App Twint Taps NetGuardians to Enhance Fraud Prevention Capabilities

Swiss payment app Twint has tapped Swiss regtech NetGuardians to enhance its fraud prevention capabilities.

NetGuardians's solution will leverage behavioural analytics, machine learning (ML) and artificial intelligence (AI) to detect anomalous payments on the app, monitoring transactions in real time and providing a risk score via profiling.

Twint said it chose the financial fraud prevention solutions provider thanks to this capability to monitor, process and store large volumes of transactions in real time.

NetGuardians added that Twint would also benefit from the software's ML algorithms' ability to keep false positives to a minimum, maintain customer trust and keep operational costs low.

Joël Winteregg, NetGuardians Co-Founder and CEO, said: "This is more than a new contract for NetGuardians, it is the perfect example of two Swiss fintechs who both became leaders in their respective domains and are partnering to make Swiss payments faster and safer."

Twint is jointly owned by Switzerland's BCV (Banque Cantonale Vaudoise), Credit Suisse, PostFinance, Raiffeisen, UBS, Zürcher Kantonalbank as well as SIX and Worldline.

In June 2022, Basellandschaftliche Kantonalbank​ (BLKB), a Swiss cantonal bank, had selected the Swiss regtech as part of a program of enhanced fraud prevention.

Source: Fintech Futures