Artificial intelligence software provider Lynx has entered a strategic collaboration with NTT DATA to utilise its network and insights to scale its solutions across the UK and EU. As part of its partnership with NTT DATA, Lynx is set to leverage the firm’s network and previous experience in the banking and finance sector to deliver its solutions across the UK and European markets.

The decision to collaborate can be attributed to NTT DATA’s expertise and former banking and financial services industry achievements. In addition, with the help of a dedicated team of engineers and data scientists, Lynx developed a tool to advance fraud prevention technologies. Lynx’s development strategy With plans to initially focus on the UK, Ireland, Spain, Latin America, and the DACH region, Lynx intends to concentrate its efforts on the UK and Ireland due to the forthcoming Payment Systems Regulation (PSR) modifications in October 2024, which are set to mandate banks and payment service providers (PSPs) to reimburse scam victims.

The company aims to provide daily adaptive models, which plan to minimise fraud and reduce disruption for genuine users by continuously evolving to spot new fraud attempts. Also, Lynx is set to include Money Mule detection, a real-time risk model to identify inbound, fraudulent transactions, which is critical in decreasing losses once the new PSR regulation comes into effect. Moreover, representatives from NTT DATA underlined that Lynx and their firm share a commitment to provide optimised solutions to the financial services industry. By teaming up, the two companies intend to improve fraud detection capabilities for banks globally, expanding their merged reach and ensuring increased security when conducting transactions.

In addition, officials from Lynx highlighted that by combining NTT DATA’s industry experience with their firm’s solutions, the two companies intend to optimise the landscape of fraud prevention and management across the financial services sector. The partnership with NTT DATA comes shortly after Lynx’s announcement regarding the launch of its new Lynx Mule Account Detection product. With this move, the company aimed to mitigate organised crime and safeguard consumers from fraud. Also, the Lynx Mule Account Detection was projected to stop multiple illicit funds that flow through the global financial system each year.

The product was created as a real-time mule detection solution, with it being set to optimise how banks and financial institutions protect their clients. .