The Centre will allow customers the benefits of BAE System’s financial crime solutions driven by ML and AI, along with domain-specific service offerings of Mphasis
IT services and solutions provider, Mphasis and British multinational in defense, security, aerospace – BAE Systems, have entered into a partnership to set up a Center of Excellence (CoE). The Centre is to be set up around NetReveal – the fraud detection and prevention solution of BAE System, in order to enable the customers in accelerating the adoption of NextGen maturity in FinCrime detection and prevention functions.
The CoE is coming at the right time as the cases of financial fraud have been increasing day-by-day. The Centre will allow customers the benefits of BAE System’s financial crime solutions driven by Machine Learning (ML) and Artificial Intelligence (AI) along with domain-specific service offerings of Mphasis.
To address financial fraud attacks
Speaking on the development, Nitin Rakesh, Chief Executive Officer and Executive Director, Mphasis, said, “While financial crime has been there since the beginning of financial systems; the evolution of financial criminals and their ability to use technology to disrupt economies is a bigger threat than ever.”
“This CoE in partnership with BAE Systems will bring best of both worlds to keep businesses of financial organisations safer thus raising the bar on the security of financial systems globally,” he said.
Charles Woodburn, CEO, BAE Systems, said, “Given that incidence of fraud attacks continues at a rapid pace, this partnership will help our customers proactively address these malicious attempts, as we develop the scope and scale for NetReveal globally through Mphasis’ domain expertise and technology, while we bring in-depth knowledge and experience of financial crime products.
The Center will be working to offer major elements of NetReveal. According to the partnership, BAE Systems will offer its powerful AI-driven fraud detection platform to cover the entire depth and breadth of financial crimes for banking, financial services and insurance (BFSI) clients across the globe. While Mphasis would bring its strong portfolio of services and expertise in technology and systems.
