Swissquote selects AI FinTech NetGuardians to fight financial crime

By Gloria Methri

Swiss digital bank Swissquote has chosen NetGuardians to enhance fraud mitigation and comply with the AML requirements. The NetGuardians AI-based financial crime solutions will monitor all transactions at the bank and on the digital finance app ‘Yuh’.

The software designed by NetGuardians will help Swissquote reinforce the bank’s protection to catch scams such as Authorized Push Payment (APP) and other types of payment fraud.

It will also help Swissquote to maintain regulatory anti-money laundering (AML) requirements through suspicious activity reporting, early-stage prevention of money laundering attempts, and detecting the creation of money mule accounts.

NetGuardians’ financial crime solutions aim to provide accurate detection and minimal false positives, to improve customer and user experience. Its machine-learning algorithms help financial institutions to discover and stay on top of emerging threats from fraud schemes and scammers. NetGuardians is the fraud-prevention partner of major banking software companies, including Finastra, Avaloq, Mambu, and Finacle.

Gland-based Swissquote offers online banking services to 500,000 clients worldwide. ‘Yuh’ is a Swiss finance app launched in the spring of 2021 that emerged from a joint venture between PostFinance and Swissquote.

Joël Winteregg, CEO & Co-Founder of NetGuardians, said, “We are thrilled Swissquote will be deploying NetGuardians’ AI-based AML transaction monitoring & fraud prevention solutions. Financial crime is an ongoing battle; we want to ensure consumers have a safe and seamless experience. This can be achieved by reducing false positives and alleviating the threat of payment fraud. We look forward to working closely with the company in its fight against financial crime.”

Lino Finini, COO of Swissquote, said, “We want our customers to know we are doing everything we can to prevent fraud. NetGuardians offers one of the best financial crime solutions on the market, helping us to quickly identify and stop scammers and money launderers. This means our customers can bank with confidence at Swissquote.”