Ericsson and INFORM Unite to Fortify Fintech Defences
Ericsson, the Swedish telecommunications firm, and INFORM, a German provider of anti-money laundering (AML) and fraud management solutions (FMS), have announced a partnership to enhance financial services security.
The collaboration aims to integrate INFORM's RiskShield, an advanced AML and fraud management solution, with Ericsson's Wallet Platform.
This move strengthens Ericsson's toolkit for combating sophisticated financial threats faced by banks, fintech companies and communication service providers.
Ericsson's Wallet Platform, a key component of its Mobile Financial Services business, has operated in the digital financial and mobile money sectors for over a decade.
The platform currently supports more than 114 million active users across 24 countries, processing over 36 billion transactions annually, with a total value exceeding US$501bn.
Michael Wallis-Brown, Head of Ericsson Mobile Financial Services, says: “Our collaboration with INFORM aims to elevate the value we provide to our customers in the face of increasingly sophisticated threats.
“As financial crime and malicious activities become more advanced, utilising INFORM's cutting-edge AML and fraud management capabilities alongside Ericsson solutions will help CSPs and enterprises to better detect, prevent and combat these threats.”
Enhanced fraud detection
The Wallet Platform's open architecture and extensive application programming interface (API) offerings enable rapid deployment and scaling of services.
This provides a seamless digital financial experience for both digital wallet enterprises and digital banking providers. The integration of INFORM's RiskShield is set to enhance these capabilities further.
RiskShield, INFORM's enterprise Risk & Financial Crime Management solution, uses Hybrid AI technology to provide financial institutions, insurance carriers and telecommunication service providers with real-time capabilities to combat current and future risks.
By incorporating these advanced AML and FMS capabilities, Ericsson seeks to bolster its mobile financial services with dynamic, real-time detection and prevention mechanisms.
Roy Prayikulam, Senior Vice President Risk & Fraud at INFORM, says: “We are excited to expand our collaboration with Ericsson to provide our cutting-edge RiskShield platform for Hybrid AI-powered AML and fraud management to their customers worldwide.
“By combining our advanced analytics and dynamic rule-making capabilities with Ericsson's extensive reach and expertise in mobile financial services, we are confident that we can help create a safer and more secure financial ecosystem for all.”
Streamlined vendor management
The partnership also aims to streamline vendor management for customers by providing a unified solution that addresses all aspects of the fintech ecosystem.
By integrating RiskShield's capabilities directly into the Wallet Platform, Ericsson can offer a more comprehensive and secure solution to its clients without the need for multiple vendors.
This reflects Ericsson's commitment to expanding its ecosystem capabilities, enabling customers to safeguard their financial operations while benefiting from a single, integrated vendor solution.
The move is particularly significant for telecom operators and financial service providers using Ericsson's Wallet Platform to offer mobile financial services to their customers.
Roy concludes: “By combining our advanced analytics and dynamic rule-making capabilities with Ericsson's extensive reach and expertise in mobile financial services, we are confident that we can help create a safer and more secure financial ecosystem for all.”
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