HPS, a leading global provider of payment software and solutions, and Enigma, a global leader in artificial intelligence enabled entity resolution and decision-making, today announced a strategic collaboration to deliver cutting-edge AI fraud detection models to businesses worldwide. „This partnership combines Enigma’s advanced AI capabilities with HPS’s comprehensive payment platform, offering clients unprecedented security and efficiency in navigating the complexities of modern payment systems.” – according to the press release.
In an era where fraud methods are becoming increasingly sophisticated, with phishing, vishing, identity theft, and other forms of fraud, it is essential for financial institutions to have tools that adapt and respond to dynamic threats. This solution protects transactions while ensuring a smooth and frictionless experience for customers.
The strength of this system lies in the combination of two complementary approaches: on one hand, an advanced AI model that anticipates and detects emerging fraud patterns; on the other hand, a proven rule-based detection system that ensures effective identification of known suspicious behaviours. This synergy between AI and business rules provides optimal coverage against a wide range of threats, from the most sophisticated to the most common.
In this powerful partnership, Enigma brings years of expertise in developing advanced machine learning models designed to detect and predict fraudulent activities with exceptional accuracy. These models analyse vast datasets, uncovering subtle anomalies that traditional rule-based systems may overlook.
Meanwhile, HPS, with its scalable and versatile payment platform operating in over 95 countries, provides the necessary infrastructure to seamlessly integrate Enigma’s AI capabilities into the business management of payments. „This includes fraud prevention, detection, and mitigation mechanisms, covering both payment issuance and acquisition management, as well as authorisation management. This synergy ensures optimised protection for clients while maintaining smooth, uninterrupted operations across the globe.” – the company explained.
Enigma has already gained the trust of several of the world’s largest financial and technology players. The company collaborates with over 50% of the Top 10 banks in the United States, a consortium of the largest American banks, as well as industry giants such as Chase Bank, PayPal, and Equifax. These references highlight the strength and effectiveness of the AI model applied to fraud prevention, now integrated into HPS’s payment platform.
“This partnership aligns perfectly with Enigma’s mission to make financial ecosystems safer and more intelligent through the power of AI and our global expansion,” said Hicham Oudghiri – CEO of Enigma. “Together with HPS, we’re setting a new benchmark for fraud prevention and compliance.”
“This alliance with Enigma represents a major leap forward in payment security, combining cutting-edge artificial intelligence with HPS’s world-class payment platform,” said Abdeslam Alaoui Smaili – CEO of HPS. “By leveraging AI-driven fraud detection, we’re able to offer businesses a truly innovative solution that not only anticipates and prevents fraud but also enhances the overall transaction experience. This is more than just a step forward in security; it’s a transformation in how businesses can confidently navigate the future of digital payments.„
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HPS is a multinational company and a leading provider of payment software and solutions for issuers, acquirers, card processors, independent sales organisations (ISOs), retailers, mobile network operators (MNOs), and national & regional switches around the world.
PowerCARD is HPS’s comprehensive suite of solutions that covers the entire payment value chain by enabling innovative payments through its open platform that allows the processing of any transaction coming from any channel, initiated by any means-of-payment. PowerCARD is used by more than 500 institutions in over 95 countries.
Enigma builds AI and data enabled solutions that support mission critical decisions, including KYB & customer onboarding, underwriting, sanctions screening, fraud detection, and more. Enigma’s developer-friendly, intelligent tools to automate trusted decisions about every business. Enigma makes risk frictionless so that their customers can focus on growing their businesses and radically improving their products and experiences.
Founded in 2011, Enigma has raised $130M of capital from major venture capital firms such as NEA as well as global financial companies such as American Express, Two Sigma, and Capital One.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
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