Cognizant, FICO join forces against payment fraud
NEW JERSEY and MONTANA, UNITED STATES — Outsourcing firm Cognizant and analytics software company FICO have announced a partnership to launch a cloud-based fraud prevention solution.
This joint offering aims to provide banks and payment providers with protection powered by artificial intelligence (AI) and machine learning (ML) technologies.
Using AI and ML to combat real-time payments fraud
By combining their AI and ML expertise, the companies aim to detect and block fraud with granular precision, reducing losses and enhancing consumer experience.
The collaboration comes at a critical time when the convenience of digital payments has also opened doors for scammers to exploit vulnerabilities.
The solution will integrate with real-time payment rails, leveraging Cognizant’s communication layer, clearing gateway, and FICO’s Falcon Fraud Manager – a payment fraud management solution.
“By working together, we’re striving to ensure a safe and secure future for real-time payments for multiple payment clearings such as FedNow, RTP, and SEPA Instant Credit Transfer,” said Alexandre Graff, Global Head of Partners & Alliances at FICO.
“Our collaboration with FICO intends to provide an AI- and ML-based layer of protection against sophisticated threats by detecting and blocking fraud with granular precision, reducing losses, and improving consumer experience,” said Nageswar Cherukupalli, Senior Vice President & Business Unit Head of Banking & Capital Markets and Strategic Initiatives of Cognizant.
Expanding Cognizant’s cross-industry partnerships
This deal expands Cognizant’s growing portfolio of cross-industry partnerships aimed at driving digital transformation for clients.
The IT services firm recently secured a five-year, multi-million dollar infrastructure agreement with McCormick & Company, a global leader in the flavor industry.
The deal aims to transform and manage McCormick’s global technology infrastructure across 150 countries and territories.
Through Cognizant, McCormick expects to integrate new capabilities such as self-service capabilities, improved service productivity, and significant cost savings.
Cognizant, a Fortune 500 company recognized among the world’s most respected businesses, combines technologies like IoT, AI, and cloud to help clients stay ahead of workforce and market changes. It ranked #6 in the OA500 2024, an objective index of the world’s top 500 outsourcing companies.
