Swissquote chooses AI FinTech NetGuardians to combat financial crime

By Gloria Methri

The Swiss digital bank Swissquote has chosen NetGuardians to improve fraud prevention and comply with AML requirements. NetGuardian’s AI-based solutions for financial crime will monitor all transactions in the bank and on the digital financial app “Yuh”.

The software designed by NetGuardians will help Swissquote strengthen the bank’s protection to catch fraud such as Authorized Push Payment (APP) and other types of payment fraud.

It will also help Swissquote maintain anti-money laundering (AML) regulatory requirements through reporting suspicious activity, early prevention of money laundering attempts and detecting the creation of mule accounts.

NetGuardians’ financial crime solutions aim to provide accurate detection and minimal false positives to improve the customer and user experience. The machine learning algorithms help financial institutions detect and stay abreast of new threats from fraud schemes and fraudsters. NetGuardians is the fraud prevention partner of major banking software companies including Finastra, Avaloq, Mambu and Finacle.

Gland-based Swissquote offers online banking services to 500,000 customers worldwide. ‘Yuh’ is a Swiss financial app launched in spring 2021 that emerged from a joint venture between PostFinance and Swissquote.

Joël Winteregg, CEO and co-founder of NetGuardianssaid, “We are excited that Swissquote will implement NetGuardians’ AI-based AML transaction monitoring and fraud prevention solutions. Financial crime is an ongoing battle; we want to ensure that consumers have a safe and seamless experience. This can be achieved by reducing fraudulent positive and mitigate the threat of payment fraud We look forward to working closely with the company in the fight against financial crime.

Lino Finini, COO of Swissquotesaid, “We want our customers to know that we do everything we can to prevent fraud. NetGuardians offers one of the best financial crime solutions on the market, helping us quickly identify and stop fraudsters and money launderers. This means that our customers can bank with confidence at Swissquote.”