Science & Technology

VR Payment and Hawk AI Join Efforts to Prevent Financial Crime With AI

VR Payment, part of the cooperative financial group Volksbank Raiffeisenbanken and DZ BANK Group, partnered with AML and fraud prevention software provider Hawk AI to fight financial crime

VR Payment and Hawk AI Join Efforts to Prevent Financial Crime With AI

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The partnership between VR Payment, the payment specialist of the Raiffeisen cooperative, and German anti-money laundering and fraud prevention software provider Hawk AI is aimed at identifying financial crime while reducing false alarms for suspicious transactions and customers to a minimum.

The cooperation will enable VR Payment to fight financial crime with the help of innovative technologies such as artificial intelligence, machine learning, and software-as-a-service. At the same time, AI-enabled software allows for significantly reducing false alarms for suspicious transactions and clients.

Hawk AI’s solution is tailored to the requirements of high-volume payment service providers and banks. It has a modular architecture and the optimised interaction of rules and artificial intelligence. VR Payment considered a few fraud prevention software variants and found Hawk AI’s technology to be the most suitable for its operational needs.

In particular, the payment provider appreciated the speed of Hawk AI’s software implementation and the result-oriented dynamic of the project.

VR Payment offers solutions across the entire value chain of modern payments, including network operation, card acceptance, innovative in-app solutions and issuing services. It also works with cashless payment for the Volksbanken Raiffeisenbanken cooperative financial network.

Hawk AI makes the fight against financial crime more efficient by using cloud infrastructure technology and artificial intelligence. AI use dramatically reduces false-positive alerts with fully transparent and auditable Machine Learning mechanisms applied to high-volume transactions. Its software is suitable for banks, payment processors and fintechs, currently processing billions of transactions in over 60 countries worldwide.

Many European financial institutions are currently considering the utility of AI in tackling financial crime. Thus, CaixaBank participates in the European research consortium to improve cybersecurity by leveraging AI and big data. Along with 11 other international entities, the bank is exploring a fraud prevention pilot case that allows testing solutions developed in a real-life environment.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.