Sionic Announces Fraud Protection Service Using Google Cloud AI Technology
August 15 2024 - 10:00AM
Business Wire
Financial institutions and retailers may offer
trusted, real-time bank-to-bank payments at the point-of-sale
Sionic, a leading provider of real-time, Pay-by-Bank Commerce
(PbBC) services, today announced the launch of its comprehensive
fraud detection and mitigation service built exclusively for
real-time, bank-to-bank payments at checkouts, whether online,
mobile or in-store. Using Google Cloud’s Vertex AI platform, Sionic
is able to help financial institutions and retailers detect fraud
more effectively.
The Sionic Fraud Protection Service (FPS) is the final component
required for true Pay-by-Bank transactions at the point of sale,
alongside verified buyer and seller credentials, a consistent
customer experience and automated dispute resolution instantly
between payers and payees.
Sionic is committed to ensuring financial institutions,
merchants and consumers enjoy the benefits of real-time bank
payments without the worry of fraud. Sionic teamed with Google
Cloud Consulting to design and build the specific use case AI
models. Fellow Google Cloud partner Slalom, as subject matter
experts in creating AI-based synthetic data, supported the data
creation to train the models based on their global bank fraud
detection practice.
"We are investing heavily in a comprehensive and innovative
instant payments system, with the kind of security that is lacking
in today’s real-time payment landscape,” said Matt Watson, chief
technology officer at Sionic. ”By utilizing Google Cloud’s Vertex
AI platform, and implementing essential payment security features,
we’ll be able to tackle fraud in a unique way that will give us the
edge over our competitors.”
Sionic is addressing the largest use case for real-time payments
by consumers using their Apple or Google wallet to pay for goods
and services directly with a Bank Perks pass and earn instant perks
from participating merchants. Merchants receive the digital direct
deposits in seconds and bypass expensive credit card processing
fees.
US financial institutions participating in either real-time bank
payment rail and wanting to offer Pay-by-Bank Commerce services to
their business and personal account holders will be required to
likewise participate in FPS. Enterprise retailers may also join the
Beta Program, which will be available for enrollment on August 15,
2024 through the company’s website sionic.io.
About Sionic
Atlanta-based Sionic is a leader in faster digital payments,
delivering real-time, bank-to-bank payments at the point of sale.
Sionic’s market-first Pay-by-Bank Commerce (PbBC) service enables
financial institutions participating in either real-time bank
payment rails to offer their personal and business customers
instant cash payments -- whether via mobile, online, in-store, or
in-vehicle experiences. Sionic's Fraud Protection service uses
Google AI-based fraud detection and mitigation protocols. Merchants
accepting real-time bank payments bypass expensive card swipe fees
and receive cash deposits immediately. Consumers may also receive
Perks from merchants when paying with their bank accounts using
Apple or Google wallets. To learn more, visit www.sionic.io, follow
us on X, or connect with Sionic on LinkedIn.
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Anna Stanley 251.517.7857 anna@williammills.com