#India #Persistent Systems #Pune #Fraud Prevention #Databricks AI

Persistent's New Merchant Risk Management Solution

Persistent Systems, a renowned leader in Digital Engineering and Enterprise Modernization, has recently launched a state-of-the-art Merchant Risk Management and Fraud Detection solution. This innovative offering is powered by the Databricks Data Intelligence platform and aims to tackle the escalating challenges of fraud and compliance risks faced by financial institutions, payment providers, and digital platforms.

Addressing Growing Challenges in Fraud Detection

As digital transactions continue to soar, the financial landscape has become a breeding ground for fraudulent activities. Traditional methods of fraud detection often rely on outdated rules and post-transaction analysis, which hinder timely detection and response. To address these concerns, Persistent’s new solution shifts the focus upstream, allowing for the early detection and proactive management of merchant risks.

By utilizing real-time intelligence and automated workflows, the solution enhances accuracy in detecting fraud while significantly reducing manual efforts in reviewing transactions. Financial institutions are empowered to make immediate, informed decisions that safeguard against potential losses and reputational damage.

How It Works

At the heart of this new system is Agentic AI, which conducts a comprehensive vetting process during the onboarding of merchants. It examines various factors such as business profiles, compliance histories, transaction patterns, and external indicators to assess risk before any transactions take place. Once operational, the solution keeps a continuous watch over transactions and chargebacks, identifying emerging risks in real time.

When a risk signal is detected, the system automatically initiates pre-configured actions. These can include enhanced monitoring, watch listing certain transactions, or placing restrictions on transactions, all while maintaining complete audit trails for governance. This proactive stance is designed to curb fraud before it results in financial loss.

Measurable Business Impact

The newly deployed Merchant Risk Management solution is expected to yield significant improvements for its users:

• - 20-40% Reduction in Chargeback and Fraud Losses: Thanks to earlier risk detection capabilities.
• - 30-60% Improvement in Detection Accuracy: Utilizing multi-signal intelligence to enhance precision.
• - 50-70% Decrease in Manual Review Efforts: Allowing teams to pivot focus to higher-value investigative work.
• - 10-20% Reduction in Risk Management Costs: Through automation and streamlined workflows, effectively lowering operational expenses.

These projected measures not only promise to fortify the financial institutions against rising threats but also to streamline their operational effectiveness, ultimately enhancing client trust and experience.

Collaboration and Industry Positioning

Persistent has solidified its role as a Databricks Global Systems Integrator partner, showcasing its capabilities with a team of over 900 Databricks certified professionals. This partnership has resulted in the development of multiple accelerators on the Databricks platform, ensuring the latest technologies are available to counteract evolving challenges.

Barath Narayanan, Global BFSI and Europe Geo Head at Persistent, emphasizes the urgency of adapting to the growing complexities of merchant risk. "With transaction volumes growing and regulatory scrutiny intensifying, it is imperative for financial institutions to harness the power of data intelligence in real time," he stated, highlighting the collaborative efforts with Databricks that made this revolutionary solution possible.

Josh Meyer, Global Head of Partner Solutions at Databricks, reiterates the importance of unifying data at scale. He asserts that as payment ecosystems mature, the focus will increasingly shift towards intelligence-driven risk management strategies that enhance visibility throughout the merchant lifecycle.

About Persistent Systems

Persistent Systems is dedicated to driving innovation across industries through its suite of AI-led, platform-driven services. With a global workforce exceeding 26,500 across 18 countries, the company is committed to enhancing client success through solutions that range from software engineering to cloud computing and intelligent automation. Recently recognized for its sustainability efforts and stellar workplace culture, Persistent is striving to bolster its position in the global market with cutting-edge technologies and practices.

In conclusion, with Persistent's new Merchant Risk Management solution, financial institutions can look forward to a more secure and efficient approach to mitigating risks in an ever-evolving digital transaction landscape.