Dec. 19, 2018
Citigroup Inc.'s Treasury and Trade Solutions unit is in a strategic partnership with Feedzai to integrate the company's machine learning technology into Citi's proprietary payments platform, according to a press release.
Feedzai's technology monitors client payment patterns to detect changes in payment behavior, as a means of protecting against cyber attacks and other potential fraud, according to the release. Citi said it expects to roll out a new solution featuring Feedzai's technology starting in 2019.
"Our strategic partnership with Feedzai demonstrates our deep commitment to using technology to drive innovation," Manish Kholi, global head of payments and receivables at at Citi's Treasury and Trade Solutions, said in the release. "With the help of Feedzai's solution, we can scale rapidly in an effort to deliver value to our clients, allowing them to make payments securely, efficiently and without friction, across the globe."
The partnership follows a 2016 investment Citi Ventures made in Feedzai, according to the release. In October 2017 Feedzai announced a Series C round of $50 million, led by an undisclosed investor as well as Sapphire Ventures. That investment brought the total venture capital investment to $82 million Other investors include Oak HC/FT, Capital One Growth Ventures and First Data.
Feedzai CEO Nuno Sebastiao recently interviewed Virgin Chairman Richard Branson at the at the Money 20/20 conference in Las Vegas.
Topics: Mobile Banking, Security, Technology Providers
Companies: Citi
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