Feedzai , a RiskOps platform for financial risk management, and Al Rajhi Bank Malaysia (ARBM) have announced a partnership which will see Feedzai’s solution implemented onto the platform. According to the official press release, Feedzai’s RiskOps meets key industry challenges to solve for identity, real-time data, and collaboration across the customer life cycle.

RiskOps by Feedzai fully integrated cloud offering, covers device authentication, malware defense, behavioural biometrics (along with a package of fraud detection scenarios from scams to account takeover) and a full suite of integrated fraud and anti-money laundering (AML) solutions from customer due diligence to watchlist screening and transaction monitoring. ARBM, a wholly owned subsidiary of Al Rajhi Bank Kingdom of Saudi Arabia (KSA), was locally incorporated in October 2006. Following its official launch in 2007, ARBM became one of the first Arab banks to start its operation in South East Asia, as part of a Shariah compliant banking group that is instrumental in bridging the gap between modern financial demands and intrinsic values.

Benefits of partnerships between banks and fintech A partnership between banks and fintech companies allows banks to offer its customers useful tools and features that it wouldn’t be able to provide without a significant investment. Incorporating application program interfaces (APIs) allows third parties to add-on solutions that can be integrated with bank platforms. Although customers are engaging with these APIs, banks can still directly interact with their customers, allowing them to meet and exceed customer needs and expectations.

As staying in compliance is a number one priority in banking, the average cost to maintain compliance can total up to USD 10,000 per employee. Perks for implementing automated compliance controls via a fintech partnership include cutting out manual tasks and reducing the risk of mistyping or leaving out necessary information; options tailored to the bank to help it stay up to date on the latest compliance regulations. To find more about Feedzai, check their company profile.