NetGuardians today announces that it has become a Temenos Complementary Solution Provider.
Already more than 15 Temenos customers use NetGuardians' solution for fraud mitigation and risk assurance, and the agreement will see the two companies work much more closely together, including undertaking joint marketing activities.
The announcement is timed to coincide with TCF2015, the sixteenth annual gathering of Temenos customers, partners and other community members, which this year takes place in Istanbul in Turkey.
NetGuardians is a fast-growing Swiss company that develops solutions to fight fraud and facilitate regulatory compliance. Their innovative methods correlate transactional data and human behavior across channels and bank application layers. Today, more than 20 financial institutions use NetGuardians for internal fraud detection, including numerous Temenos core banking customers, such as Commercial Bank of Africa and Zenith Bank.
"Fraud is a growing concern for financial institutions worldwide," states Ben Robinson, Chief Strategy and Marketing Officer at Temenos. "However, since the focus tends to be on cybercrime, it is often overlooked that up to 70% of fraud is committed by internal users at banks. The NetGuardians solutions offer Temenos customers a smart, cost-effective and integrated platform to detect internal fraud and unusual employee behaviour across the hundreds of points of human interaction with their core banking systems."
"From our experience with clients who use Temenos, we know that our products offer a specific, important added benefit," says Joël Winteregg, NetGuardians CEO. "Clients appreciate our unique capacity to cover human behaviour patterns in addition to transactions. It's also significant to them that we have solutions that integrate very smoothly into the Temenos platforms. Temenos is indisputably a market leader and we're definitely thrilled that they also recognize the value-added we bring. Thanks to this agreement, more clients will now be able to take advantage of this value."