Feedzai and CoreCard Partner to Protect Processing Market Against Rising Fraud Levels using Advanced AI

Rhea-AI Summary

CoreCard (Ticker: CCC) Partners with Feedzai to Enhance Fraud Detection Capabilities for Financial Services Clients

Positive

• Partnership with Feedzai strengthens CoreCard's position as a leading card management system and processing services provider
• Integration of Feedzai's fraud detection capabilities expands CoreCard's advanced spending control capabilities
• CoreCard's commitment to providing comprehensive, cutting-edge services to clients is reinforced through the partnership

Negative

• None.

• The partnership enables CoreCard to further protect its financial services client base with intelligent AI-powered defense systems, while minimizing any friction at the point of sale
• CoreCard clients offering credit, debit and pre-paid cards will now have best-in-class fraud protection, as criminal activity levels rise globally
• By incorporating Feedzai’s fraud detection capabilities into its offered services, CoreCard has extended its capabilities as a one-stop-shop for all the key needs of issuers and program managers

SAN MATEO, Calif.--(BUSINESS WIRE)-- Today Feedzai, the leading provider of financial crime and risk management solutions, has partnered with CoreCard, the gold-standard international provider of prepaid and credit technology solutions and processing services to banks and the financial technology and services market.

The partnership will enhance CoreCard’s fraud detection and prevention capabilities to expand on its existing advanced spending control capabilities. The collaboration marks a significant milestone in CoreCard's commitment to providing comprehensive, cutting-edge services to its clients and reinforcing its position as the leading card management system and processing services provider.

In today's rapidly evolving financial landscape, the ever-increasing threat of fraud poses a significant challenge for issuing program managers. CoreCard’s partnership with Feedzai will address this challenge by offering more advanced fraud detection and prevention capabilities, using intelligent AI to monitor for and flag suspicious transactions in nano-seconds with high degrees of accuracy. CoreCard's selection of Feedzai as a partner was guided by the high demands and expectations of its current and future clients.

CoreCard will use Feedzai’s latest AI Card Transaction feature to support clients issuing credit, debit, and prepaid cards carrying the Visa, Mastercard, Amex, and Pulse logos. The easy to use interface provides a flexible case management system for CoreCard’s processing clients. The client-specific, real-time alerts on transaction and cardholder data enables CoreCard to add predictive model-based fraud detection capabilities. The integration allows CoreCard to manage events quickly and effectively protect cardholders while minimizing friction at the point of sale.

The partnership enhances CoreCard's longer-term strategy of extending its issuer processing capabilities to include a wider range of value-added services, providing a seamless route to a successful card program.

Brett Barrett, VP of Sales, Feedzai said: “As criminals become more sophisticated and fraud levels rise across the globe, issuers have a huge role to play in protecting consumers. That’s why our partnership with CoreCard to provide its clients with the most advanced fraud detection solutions available is so important. This collaboration underlines our commitment to delivering cutting-edge technology and reinforces our position as a trusted partner in the fight against financial crime.”

Mark Raleigh, COO of CoreCard, comments: “Feedzai’s track record of successfully delivering services to clients and its customer centric approach made them the ideal vendor. The partnership with Feedzai signifies a significant step forward in our commitment to enhancing the security and reliability of our issuer processing services. By integrating Feedzai's state-of-the-art fraud detection capabilities into our offerings, our clients will be able to protect their cardholders while streamlining their operations.”

About Feedzai: Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.

About CoreCard Corporation

CoreCard Corporation (NYSE: CCRD) provides the gold standard card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure. Contact solutions@corecard.com or visit www.corecard.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231114210334/en/

Roopa Ramaiya, VP Communications, Feedzai: roopa.ramaiya@feedzai.com

Source: Feedzai

FAQ

What does the partnership between CoreCard and Feedzai entail?

The partnership enables CoreCard to enhance its fraud detection and prevention capabilities using Feedzai's AI-powered defense systems to protect its financial services client base.

What benefits will CoreCard clients receive from this partnership?

CoreCard clients offering credit, debit, and pre-paid cards will now have best-in-class fraud protection, as criminal activity levels rise globally.

How will CoreCard's capabilities be extended through this partnership?

By incorporating Feedzai’s fraud detection capabilities into its offered services, CoreCard has extended its capabilities as a one-stop-shop for all the key needs of issuers and program managers.

What are the advantages of using Feedzai's fraud detection capabilities for CoreCard's clients?

The intelligent AI-powered defense systems will monitor for and flag suspicious transactions in nano-seconds with high degrees of accuracy, protecting cardholders while minimizing friction at the point of sale.

Who are the key individuals from Feedzai and CoreCard involved in the partnership?

Brett Barrett, VP of Sales, Feedzai, and Mark Raleigh, COO of CoreCard, are key figures involved in the partnership.