TRACE is said to be the first network-level RTP solution to detect money mules and track fund dispersion. Credit: Diego Thomazini/ Shutterstock.

Mastercard has launched the TRACE (Trace Financial Crime) solution in the Asia Pacific, designed to combat money laundering and financial crime using artificial intelligence.  

TRACE leverages payments data from various financial institutions, offering a view beyond individual banks to trace crimes across payment networks. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The company stated that the growth of Real-Time Payments (RTP) in Asia Pacific has been exploited by money launderers, while traditional detection methods such as often semi-manual or in-house AI solutions, lack the “network-level” insight needed.  

TRACE aims to fill this gap, employing data science to identify suspicious transaction patterns and alert banks to potential fraud.  

It integrates data points across domestic networks, pinpointing money mules and providing a network-level perspective. 

The first Asia Pacific deployment of TRACE was in the Philippines, in partnership with BancNet, the local interbank network with 36 domestic banks onboarded.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

TRACE enables institutions to trace illicit funds, identify money mule activity, and flag suspected money laundering accounts, aiding new Anti-Financial Account Scamming Act (AFASA) compliance. 

TRACE is said to be the first network-level RTP solution to detect money mules and track fund dispersion.  

Launched in 2018, the solution is also live in the UK, where it is being utilised by 21 institutions, covering 90% of Faster Payments Service.  

Mastercard Asia Pacific Services executive vice president Matthew Driver said:  “The launch of TRACE in Asia Pacific marks a transformative step toward safeguarding the integrity of Real-Time Payments while combatting the corrosive effects of financial crime.”  

“Mastercard is proud to have collaborated with BancNet on its pilot rollout in the Philippines and is ready to collaborate with other stakeholders across the region to implement TRACE to create a stronger, more resilient global financial system.”  

BancNet CEO Emmie Reyes said: “Our partnership with Mastercard and leveraging TRACE gives us and the network participants the intelligence to help detect fraud faster, making scam prevention sharper and more effective.” 

Last month, Mastercard released it Q4 2024 results, with net income standing at $3.3bn in the quarter. This marks a 22% increase from $2.8bn in Q4 2023, on a currency-neutral basis, with the growth attributed to increased consumer spending during the holiday season.