Switzerland-based fintech NetGuardians has partnered with TM-Pro to power its financial crime prevention services for European banks. Through this partnership, TM-Pro will integrate NetGuardians' AI-powered fraud and anti-money laundering (AML) transaction monitoring solutions into its cloud-native banking platform to combat financial crime more effectively in Europe.

This strategic alliance leverages the complementary strengths of both companies in the financial services sector. NetGuardians' machine-learning algorithms will complement TM-Pro's cloud-native offerings, which include services such as Know Your Customer/Business (KYC/B), Personal Finance Management tools, identity and access management, Open Banking, and data warehousing. According to the official press release, financial institutions globally are facing rising volumes of financial crime, especially as they transition to digital and online services.

According to the UN Office on Drugs and Crime, money laundering may reach up to USD 2 trillion annually. Traditional bank compliance teams are struggling with the increasing number of false positive alerts, with up to 90% of suspicious reports going unaddressed, as reported by McKinsey. To address these challenges, banks and payment providers are recognising the importance of incorporating advanced technology into their financial crime prevention methods.

NetGuardians utilises AI-based solutions to monitor unusual transactions in real time, accurately detect and reduce false positives, and prevent fraudulent payments. TM-Pro simplifies banking services for businesses by offering a cloud-native software solution that meets customer and compliance requirements. This solution combines AWS serverless technology with banking expertise.

Through ongoing strategic partnerships, TM-Pro aims to provide customers with a seamless service without the substantial costs and risks associated with custom implementations. In the official press release, representatives from NetGuardians emphasised the collaboration's commitment to combat financial crime using new technologies. By integrating NetGuardians' AI-based AML transaction monitoring and anti-fraud solutions into TM-Pro's BaaS platform, customers, particularly in the Dutch and German markets, will benefit from real-time protection and a seamless customer experience.

Representatives from TM-Pro expressed enthusiasm about the partnership, highlighting NetGuardians' expertise in fraud prevention and AML transaction monitoring. The collaboration is expected to address banking challenges effectively and create new opportunities in the industry. Other developments from NetGuardians In July 2023, NetGuardians announced a partnership with Bank Al Etihad to deploy its AI-enabled payment fraud prevention service at the Jordan-based bank.

Following this announcement, Bank Al Etihad was able to further strengthen its fraud prevention capabilities in order to mitigate the risk of fraudulent activities that might happen across all its payment channels. Included in the suite of solutions provided by the NetGuardians was the AI-based financial fraud and anti-money laundering (AML) service, which was designed to protect institutions and companies in real time from online threats. For more information about NetGuardians, please check out their detailed profile in our dedicated, industry-specific Company Database.

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