Remove Agreements Remove Overlay Service Remove Participant
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Pay.UK’s Fraud Detection Pilot Exceeds Expectations, Detecting Over £112m Worth of Fraud

Fintech Finance

The initiative trialled a new overlay service which will allow all UK banks and building societies to analyse money flows and use predictive intelligence to proactively detect fraud and help prevent crime before it occurs, safely and securely. This would see over £112m worth of fraud detected in a year.

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B2B Payments, SWIFT And In The Cloud

PYMNTS

In terms of mechanics, the company has said gpi works across business rules captured in multilateral service level agreements (SLAs) between participating banks. Participation in gpi is open to any supervised financial institution that agrees to comply with its business rules.