Colombian payment processing company Credibanco has begun working with Feedzai to detect and prevent fraud in real time, and be able to integrate new product offerings.
Feedzai’s AI-driven fraud prevention solutions will enable Credibanco to harness artificial intelligence and machine learning (ML) models to offer secure transactions across multiple channels, including both card-present and digital.
Credibanco has partnered with Feedzai ahead of the rollout of Bre-B, which is Colombia’s instant payment system, enabling it keep pace with evolving regulatory requirements and market demands.
According to a press statement, by deploying Feedzai’s platform, Credibanco will transform its existing “rule-based” fraud prevention framework into “a dynamic, model-driven solution”, providing “continuous risk intelligence” to acquirers, issuers, merchants and networks.
Feedzai’s AI-driven technology means that Credibanco will be able to integrate new product offerings, including real-time payments, account-to-account transfers, and Open Finance.
Its platform also introduces merchant monitoring capabilities, enabling “deeper” merchant profiling so that Credibanco can provide more personalised, data-driven services.
“Our mission has always been to promote electronic payments and financial inclusion in Colombia for the wellbeing of businesses and individuals,” said Ricardo Zambrano, president of Credibanco.
“The partnership with Feedzai allows us to strengthen our fraud prevention capabilities with the most advanced solution on the market.
“In this way, we comply with new regulatory requirements and also empower our clients with security and innovative risk management services, solidifying our position as a leader in Colombia’s financial sector.”
Nuno Pires, global head of sales at Feedzai, said its partnership with Credibanco showcases how advanced AI and ML-based technologies can revolutionise financial institutions’ approaches to fraud prevention.
“Feedzai’s platform enables Credibanco to set a new standard in trust, speed, and security—driving the kind of digital transformation that will shape the future of payments not just in Colombia, but across Latin America,” added Pires.
Last year, Portuguese bank Novobanco implemented Feedzai’s ‘Digital Trust’ and ‘Transaction Fraud for Banking’ solutions to help block fraud attempts before they happen.
