Sionic Announces Fraud Protection Service Using Google Cloud AI Technology
Sionic, a prominent player in the realm of real-time Pay-by-Bank Commerce (PbBC) services, has unveiled its new fraud detection and mitigation service tailored specifically for real-time bank-to-bank payments during checkouts, whether they are conducted online, on mobile devices, or in brick-and-mortar stores. Leveraging the power of Google Cloud’s Vertex AI platform, Sionic aims to empower financial institutions and retailers in enhancing their fraud detection capabilities.
The newly introduced Sionic Fraud Protection Service (FPS) serves as a crucial component for enabling seamless Pay-by-Bank transactions at the point of sale, alongside verified buyer and seller credentials, a consistent customer experience, and automated dispute resolution between payers and payees in real time.
In an effort to provide a secure environment for financial institutions, merchants, and consumers utilizing real-time bank payments, Sionic collaborated with Google Cloud Consulting to develop and implement AI models tailored to the specific use case. Additionally, Slalom, a trusted partner of Google Cloud, contributed their expertise in creating AI-generated synthetic data to train the models based on their extensive experience in global bank fraud detection.
Matt Watson, Chief Technology Officer at Sionic, underscored the company’s commitment to revolutionizing instant payments with robust security protocols that are often lacking in the current real-time payment landscape. By harnessing the capabilities of Google Cloud’s Vertex AI platform and integrating essential payment security features, Sionic aims to combat fraud in a distinctive manner that sets them apart from their competitors.
Sionic’s focus is on addressing the significant use case for real-time payments by consumers utilizing platforms like Apple or Google wallet to make direct payments for goods and services through Bank Perks pass, allowing them to earn instant perks from participating merchants. These transactions facilitate merchants to receive digital direct deposits within seconds, bypassing traditional credit card processing fees.
For U.S. financial institutions engaged in real-time bank payment rails seeking to offer Pay-by-Bank Commerce services to their business and personal account holders, participation in FPS will be mandatory. Enterprise retailers interested in joining the Beta Program can enroll starting August 15, 2024, through Sionic’s official website, sionic.io.
By employing innovative technologies and forging strategic partnerships, Sionic is poised to revolutionize the real-time payment ecosystem, paving the way for enhanced security, convenience, and efficiency in financial transactions.
