Real-time payments platform Pidgin has announced a partnership with Effectiv, a fraud-fighting and compliance automation platform to support financial organisations in tracking transactions to identify and prevent payments fraud in real time.

As a part of the collaboration, the financial firms employing Pidgin’s faster payments platform will now be enabled to access Effectiv’s fraud mitigation tools.

The transaction monitoring and payment fraud detection solutions of Effectiv are expected to help to maintain account holders’ money secure along with lowering fraud losses for financial institutions.

The solutions utilise machine learning for fraud protection and comply with Bank Secrecy Act/Anti-Money Laundering (BSA/ AML) standards.

Based in the US, Effectiv’s platform can assess events across the customer life cycle, from account opening to financial transactions, in real-time.

Effectiv co-founder and CEO Ravi Sandepudi said: “As adoption of faster payments grows, many financial institutions are concerned about the implications for fraud prevention and risk management.

“Our team ensures financial institutions, regardless of their size, stay secure as fraud continues to evolve and faster payments become more widespread.

“By partnering with Pidgin, we can help more banks and credit unions across the country get ahead of risk and protect their account holders while offering the latest payment options that today’s consumers and businesses want.”

Financial institutions of all sizes are expected to identify threats in real-time across all transaction types with the support of Effectiv, which complements Pidgin’s faster payment platform.

Pidgin stated that its financial institution clients are enabled to leverage Effectiv’s solutions to improve compliance and risk management. This will ensure that all transactions are processed accurately without losing speed or being subject to additional fraud or security threats.

Pidgin founder and CEO Abhishek Veeraghanta said: “Financial institutions are quickly realizing the potential of the rich data that comes with instant payments.

“With Effectiv, Pidgin offers a new way for financial institutions to leverage that transaction data and use it to combat fraud more holistically and effectively without relying on time-consuming back-end processes and manual workflows, which can make it difficult to process payments in a real-time environment.”