NetGuardians teams up with Masaref Business & Systems Consulting
Back of the net!
Swiss firm NetGuardians and Masaref Business & Systems Consulting have partnered to bring the former’s anti-fraud solutions to FIs in the Middle East, reports David Penn at Finovate (Banking Technology‘s sister company).
“Fraud is a growing concern worldwide and the Middle East is no exception,” NetGuardians director and board member Olivier Trancart says. “So we think NetGuardians’ expertise can really make a positive impact.”
NetGuardians Middle East business development manager Abdallah Djedid credited Masaref’s knowledge and experience in both Temenos’ technology and Islamic core banking systems, calling the firm “an obvious choice for a local partner”.
Masaref is a major Temenos T24 implementation partner. The firm, based in Cairo, with offices in Riyadh and Beirut, was founded in 2014 after the merger of Masaref Consulting and Business & Systems Consultancy.
NetGuardians’ technology automates compliance and enables financial institutions to more effectively combat fraud. The company’s platform leverages big data, dynamic profiling, pattern-based intelligence, and predictive analytics to analyse not just transaction level activity, but real-time behaviours across the entire bank system.
This is key, NetGuardians believes, because out of the $67 billion in estimated banking fraud costs every year, 70% of that fraud is internal and remains undetected.
Founded in 2007, NetGuardians is headquartered in Yverdon-les-Bains, Switzerland and has offices in Singapore, Kenya and Poland. The company began 2017 with news that Nigeria’s Keystone Bank would deploy its real-time fraud protection platform.
More recently, NetGuardians raised more than $8 million in Series C funding, taking its total capital to more than $14 million. Joel Winteregg is CEO and co-founder.
