Source: Pixels camp

Aite Group, an analyst firm focused on banking and payments, has named Feedzai as the best in class based on its platforms flexible range of machine learning model development and diverse range of expertise.

The 2019 fraud and AML vendor report highlighted how Feedzai’s technology empowered data scientists at financial institutions to build their own models on the Feedzai platform.

The report found that its product was flexible in various use cases, including transaction fraud for banks and merchants as well as account opening and anti-money laundering.

Founded in 2011, Feedzai uses the power of AI and big data to help companies adapt their risk strategies. It currently spends 24 per cent of its budget on research and development.

Other companies to be featured in the report included Featurespace, Simility and Brighterion. Feedzai was the only one to be featured in the ‘best in class’ category.

The company’s AutoML, a tool used by data scientists to automate feature engineering and other time-consuming parts of the data science loop in fighting financial crime was labelled as the reason behind its high score by Aite Group.

Co-founder and chief executive of Feedzai Nuno Sebastiao said that the group was committed to innovation and helping clients to manage risk across the ecosystem.

“Feedzai is committed to continually developing revolutionary products that can manage risk across the entire banking ecosystem.

“We also work hard to ensure our clients are successful and are proud that Aite has recognized how important that customer support and experience is in being a market leader," said Mr Sebastiao.