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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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How are Financial Firms Like Visa, Swift, Pay.UK and Mangopay Using AI to Combat Financial Fraud?

The Fintech Times

The standards body confirmed the pilot in June 2023, after contacting industry partners to test the benefits of the service with a group of participating banks and payment service providers.

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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.

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To Accelerate Payments, Mix Rails Or Nix Rails?

PYMNTS

NPPA does this by establishing different ‘business services’ that have different uses,” FinTech Business noted. “A The industry body said it is also developing a mechanism to support the domestic leg of an inbound cross-border transaction using NPP, as well as expand capabilities to support the use of QR codes. Dwolla Combines ACH With Cards.