Cognizant announced a planned collaboration with FICO to launch a cloud-based real-time payment fraud prevention solution powered by FICO®? Falcon®?Fraud Manager. The joint offering would leverage both firms' artificial intelligence (AI) and machine learning (ML) technology to help banks and other payment service providers in North America protect their customers from fraud in the growing world of instant digital payments.

While real-time payments have ushered in a new era of speed and convenience, they have also opened the door for scams. The Cognizant and FICO offering would tackle this challenge by providing real-time fraud prevention with a seamless integration of the real-time payments rails. The offering is expected to enable the detection and blocking of fraudulent transactions with greater accuracy, minimizing losses, and creating a secure and seamless consumer experience. For banks of all sizes, this proposed cloud-based solution can be implemented on a pay-per-use or licensing basis, eliminating upfront costs and simplifying the process.

Additionally, the proposed solution will handle complex compliance requirements and integration tasks, allowing businesses to focus on their core operations.