Nymcard, a card issuer in the Middle East and Africa (MENA), and real-time payments software provider ACI Worldwide have joined forces to combat fraud and financial crime.
Through the partnership, Nymcard has bolstered its fraud platform with ACI Fraud Management to better safeguard its clients from the rising threat of financial fraud.
ACI Fraud Management offers real-time enterprise fraud management capabilities, including advanced machine learning, predictive analytics, and expertly defined rules. These will enable Nymcard to rapidly discover and lower financial fraud within a single comprehensive solution.
Besides, ACI Worldwide’s model generator functionality will help the card issuer to generate and maintain predictive machine learning models in just minutes.
ACI Worldwide payments intelligence head Cleber Martins said: “ACI’s award-winning enterprise fraud management and analytics solution enables all payment service providers to mitigate risks and combat fraud quickly and efficiently.
“Combined with the deployment via the public cloud, this creates a unique value proposition, bringing a globally recognised fraud solution to institutions that previously did not have access to the most advanced fraud prevention and analytics solutions.”
Established in 2018, Nymcard is a payments and banking-as-a-service enabler in MENA. The firm offers modern and customisable solutions to banks, non-banking financial institutions, and fintechs in the market.
Nymcard deployed ACI Fraud Management through the real-time payments software provider’s public cloud environment across several markets in MENA.
It is also leveraging ACI Worldwide’s anti-money laundering module to establish robust risk management methods across domestic and cross-border payments. This will enable the card issuer to report and manage suspected financial crimes in accordance with regulations and global sanctions.
Nymcard founder and CEO Omar Onsi said: “The deployment of the solution on the cloud offers several key advantages: It allowed us to go live in record time, can be scaled up or down depending on transaction volumes, and above all, it is secure.
“Given the state of the global economy and the speed at which fraud attacks are increasing, these crucial features are helping us maximise our fraud monitoring and prevention efforts and offer our customers the best service and experience possible.”
