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Artificial-intelligence tools continue to find their way into the payments system. Two companies, Seon and Sigma360, are the latest to incorporate AI into new products.
Austin, Texas-based Seon Technologies Ltd. says its new AI suite can help reduce manual review times on transactions by up to 50%. It does this by detecting linked users, highlighting a risk signal with color-coded indicators, and using an intelligent anti-money-laundering agent. Manual reviews are when a merchant’s staff checks out certain orders that fall outside the norm for that merchant before accepting them.
Seon says the new suite of services—which also can help explain how the AI scores a transaction and uses a natural-language rule and filter building tool—helps provide a context for suspect transactions.
“By capturing risk signals at the earliest customer touchpoints, our AI turns massive data volumes into clear, actionable intelligence,” Tamas Kadar, Seon cofounder and chief executive, says in a statement. “Our first-party data approach gives analysts both accuracy and transparency for confident decision-making.”
One merchant, Kaizen Gaming, says the services have eliminated the lengthy testing cycles and technical back-and-forth it used to experience. It could help the company adapt to new fraud patterns much faster, too, it says.
In related news, Sigma360, a New York City-based risk-screening and -monitoring platform, released Transaction Screening, a service it says can review “hundreds of millions” of transactions in real time while minimizing alert volumes.
Using AI and advanced models, Transaction Screening can help with a core challenge for entities processing large volumes of payments by helping reduce the number of false- positive alerts. Among its features is a database that Sigma360 says is 10 times larger than some others. The database is updated multiple times during a day, with sanctions lists from across the globe.
Transaction Screening should help with compliance and risk management while freeing up time for a client’s analysts and shortening the time needed to better manage risk screening.
