NTT DATA has announced a strategic partnership with Lynx Tech, a fintech company specialising in AI-driven fraud detection.
This collaboration will leverage NTT DATA’s network and extensive experience in the banking and finance industry to scale Lynx’s solutions across the UK and European markets.
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By GlobalDataLynx identified NTT DATA as a partner for scaling its operations due to NTT DATA’s expertise and past successes in the banking and financial services sector.
Lynx has developed a product built by a dedicated team of engineers and data scientists committed to advancing fraud prevention technologies.
Lynx recognised the need for a partner like NTT DATA to successfully achieve its growth goals at pace
This partnership will initially focus on the UK, Irish, Spanish, LATAM, and DACH markets, with particular emphasis on the UK and Ireland due to the upcoming Payment Systems Regulation (PSR) changes in October, which will mandate banks and payment service providers to reimburse scam victims.
Key features and benefits of Lynx’s solutions include daily adaptive models. These models reduce fraud and minimise disruption for genuine users by constantly evolving to detect new and sophisticated fraud attempts.
It also includes Money Mule detection, a real-time risk model to detect inbound, fraudulent transactions, which is crucial for minimising losses once the new PSR regulations become effective.
Sumant Kumar, CTO, Banking and Financial Markets | Head of Innovation, at NTT DATA UK&I, said: “We are thrilled to partner with Lynx, a company that shares our commitment to innovation and excellence in the financial services industry. With this new partnership, we will enhance fraud detection capabilities for banks worldwide, expanding our combined reach and ensuring safer transactions for all.”
Lucy King, Director of Global Alliances, at Lynx, commented: “Our collaboration with NTT DATA marks a significant milestone for Lynx. By coupling NTT DATA’s extensive industry experience with our cutting-edge solutions, we are poised to transform the landscape of fraud prevention across the financial services industry.”
