June 20, 2024


Swissquote & NetGuardians Team Up to Avoid Financial Crime

Swissquote has selected NetGuardians for better fintech fraud prevention and to meet AML regulations. The NetGuardians, based on artificial intelligence, monitors all bank and digital finance app ‘Yuh’ transactions. The software developed by NetGuardians will assist Swissquote in bolstering the bank’s protection against Authorized Push Payment (APP) along with other forms of payment fraud. It will also assist Swissquote in meeting legal anti-money laundering (AML) needs by reporting suspicious activity, preventing money laundering attempts at an early stage, and detecting the establishment of money mule accounts.

To improve the customer and user experience, NetGuardians’ financial crime solutions seek to provide precise identification and minimal false positives. Its machine-learning algorithms assist financial institutions in identifying and staying on top of emergent fraud schemes and scammers. NetGuardians serves as the fraud-prevention partner of Finastra, Mambu, Avaloq, and Finacle, among other significant banking software companies. Swissquote provides online financial services to 500,000 customers worldwide.

PostFinance and Swissquote launched the ‘Yuh’ financial app in the spring of 2021 as a result of a joint venture. The CEO and co-founder of NetGuardians, Jol Winteregg, stated, “We are delighted Swissquote will implement NetGuardians’ artificial intelligence-based AML transaction monitoring and fraud prevention solutions. We aim to provide consumers with a secure and seamless experience. This can be accomplished by decreasing false positives and reducing the risk of payment fraud. We look forward to collaborating directly with the firm to combat financial crime.”


Lino Finini, chief operating officer of Swissquote, stated, “We want our clients to know that we’re doing everything possible to prevent fraud. NetGuardians provides one of the best solutions for financial crime on the market, allowing us to rapidly identify and stop fraudsters and money launderers. This implies that Swissquote clients can bank with confidence.”

World fintech news provides insightful analyses of the financial industry and keeps you up-to-date with the latest developments in fintech. To read more news and stories about fintech, visit https://worldfintechnews.com/.

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