SIA, an Italian company specializing in electronic payments, has entered into an agreement Inform, a provider of risk management and fraud prevention solutions, to offer a fraud prevention and risk management service to SIA’s acquiring banks and financial clients across Europe.

The agreement will see Inform integrating its RiskShield platform inside SIA’s infrastructure to securely protect acquiring banks and financial clients.

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The integration will also enhance the security of payment and card transactions through real-time prevention and to protect both the client’s business and reputation.

Initially aimed to protect the card acquiring unit of SIA, the agreement will be extended to SIA’s ecommerce transactions, bank accounts and Telco services.

RiskShield is a multi-channel fraud detection and prevention solution, which integrates software technologies such as fuzzy logic, dynamic profiling and machine learning capabilities in a single platform to monitor over 5,000 payment and card transactions per second.

SIA financial institutions director Gabriele Boni said: "SIA manages more than 9 billion clearing transactions and 3.6 billion card payments and we found in RiskShield the innovative anti-fraud solution that could match our strategic ambition and deliver a robust and reliable service.

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"Seamlessly integrated in our payment infrastructure, RiskShield monitors every transaction that occurs in order to detect any unusual behavior within a few milliseconds."

Inform director risk & fraud division Andreas Meyer said: "We are confident that our award-winning anti-fraud solution will be instrumental to SIA’s strategic plans and we look forward to partnering with them for the long-term."