Led by SquareOne, BANKiQ is Redefining Fraud Detection with Sub-100ms Response Times and Cognitive Intelligence

The Silicon Review

Modern tools for detecting and preventing fraud are essential for shielding financial institutions from ever-more-complex financial crimes. Without this

technology, banks and fintech businesses are more vulnerable to fraud losses, fines from the government, harm to their reputations, and a

decline in consumer confidence. By offering real-time, AI-powered transaction monitoring, risk

assessment, and anti-money laundering solutions designed for issuers, acquirers, and payment providers, BANKiQ makes a substantial contribution. BANKiQ helps financial companies maintain security, compliance, and trust in the digital payments ecosystem by enabling proactive threat identification and mitigation with lightning-fast response times of less than 100 milliseconds.

Powering the Future of Fraud Prevention

The solutions offered by BANKiQ™ tackle a range of financial crimes that banks (both issuers and acquirers), financial services firms, payment service providers, payment aggregators, payment processors, and hybrid fintechs encounter. With the use of a sophisticated real-time, fast-data, machine learning platform, it can enable sophisticated AI applications and help its clients solve problems by mimicking human intelligence in all its forms. BANKiQ™ offers a ready-to-use line of intelligent and real-time fraud management products.

SquareOne is the promoter of BANKiQ™. The banking, financial services, and payment services provider sectors need preventive and real-time risk management solutions. Today, fraud and risk management affect all financial institutions, including lenders, issuer banks, acquirer banks, and payment service providers. In order to safeguard their clients and shareholders from fraud, abuse, and misuse, they must comply with regulatory compliance standards and deal with a new generation of financial crimes. Through better governance and control and the effective prevention of these catastrophes, they help financial institutions lower risk and financial loss.

Tools for Real-Time Financial Defense

Suspicious Transaction Reporting (STR)

The BANKiQ FRC solution has automated preventive capabilities, is real-time, and is cognitive (learning gradually). The STR Module of the BANKiQ FRC software is seamlessly integrated with both the Sanctions screening software module and the BANKiQ FRC-FRM module. Providing Acquiring Banks, Payment Service Providers (PSP), and Payment Aggregators (PA) with maximal automation (thus reducing costs and friction) and robust integrated business tools for managing exceptions, it is both discrete and potent.

As a pre-packaged component of the Rule library, it may deliver real-time alerts against FIU-defined Rules & Scenarios. The solution comes out of the box with additional STR Reporting in XML format as required by the FIU or Regulator.

Real-Time Transaction Monitoring

The BANKiQ FRC solution has automatic preventive capabilities and is cognitive and real-time. The STR and FRM modules of the BANKiQ FRC software are seamlessly connected. Through its Fraud & Risk adaptor, the solution seamlessly interacts with the Payment platform or Transaction Channels and is designed for real-time transaction monitoring and intervention. It has an automatic perspective and a response time of less than 100 ms.

Inbound/outbound integration capabilities to exercise controls and interventions, investigations, real-time transaction monitoring, pre-packaged STR Rules, STR Reporting, pre-packaged Acquirer Fraud Rules & Scenarios, case management, workflow management, link analysis, management accounting, vigilance, and access portals to acquiring banks and merchants are just a few of its capabilities.

Digital Banking Fraud Prevention

The avenues available to scammers have expanded along with the number of digital channels. Additionally, with the introduction of Open Banking and the Payment Services Directive (PSD2), their options are set to increase once more. Fraudsters are coming up with new strategies to take advantage of weaknesses in technological systems and procedures. In addition to collecting private information, they use phishing, SMSishing, whaling (phishing directed at high net worth individuals), and malicious software or malware attacks in cases of fraud involving smaller sums.

Focusing on the scammers doesn't prevent fraud. In order to identify financial transactions that are out of character, they prevent it by learning about the habits and behaviors of bank employees and clients. Real customers develop routines, but scammers are always changing their behavior to evade discovery.

Final Thoughts

BANKiQ is transforming the financial ecosystem's approach to fraud prevention by providing real-time, intelligent solutions that guard against a constantly changing threat scenario. Led by George Varghese, a seasoned industry veteran, and supported by SquareOne, the platform uses cutting-edge AI, machine learning, and cognitive analytics to proactively identify and reduce financial crimes in the banking and digital payment industries. It is a dependable partner for financial institutions around the world due to its smooth integration, reaction time of less than 100 milliseconds, and regulatory compliance readiness.

George Varghese | Director - Business Operations

George oversees Business Development & Alliances in addition to managing Business Operations at SquareOne. Throughout his nearly three decades in the IT sector, George has held senior roles in sales, marketing, alliances, and solution practices with organizations such as Oracle, SAS, IBM, and APC in India and the Middle East. His background includes business management for mid-market and big enterprise accounts, partner ecosystem management, and sales and marketing across verticals.