Bureau partners with M2P Fintech
Following this announcement, the collaboration is set to integrate Bureau’s optimised and secure device intelligence and behavioral biometrics with M2P Fintech’s already existing fraud and risk management products.
In addition, both the fraud prevention and identity decisioning platform and the digital banking infrastructure provider will continue to focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, as well as prioritise the process of remaining compliant with the regulatory requirements and laws of the industry.
More information on the announcement
This strategic deal comes at a critical time, as multiple banks, companies, and financial institutions aim to move beyond the traditional OTP verification methods and towards more robust and efficient security measures. At the same time, the Reserve Bank of India (RBI) has recently advocated for `inherence-based` transaction authentication methods, while also encouraging a shift towards app-based approvals and biometric authentication processes.
The partnership combines the companies’ expertise and suite of solutions, as both Bureau and M2P Fintech are expected to provide a preemptive approach to fraud prevention. The strategy will verify both user and device legitimacy before any transaction or payment is completed, a process that is set to provide businesses and users with overall optimised protection against emerging fraud patterns.
In addition, the collaboration has already seen a successful and secure implementation by several banks in the region of Asia, as both Bureau and M2P Fintech aim to monitor and assess risk and fraud for over 100 transactions in every month by year’s end.
The companies have also developed a solution that is expected to provide a pre-facto analysis of the customer’s identity while ensuring that the payment is initiated from a legitimate device as well. In addition, they will continue to focus on the shared commitment to mitigate the evolving fraud tactics, as well as provide clients with services that prioritise their security and overall payment experience.
