Lombard Odier picks NetGuardians for AI-based risk tech
Private bank Lombard Odier has selected NetGuardians to provide its enterprise rise platform for the prevention of banking fraud.
The Swiss private bank, which claims to be the oldest in existence, will deploy NetGuardians into its existing solutions portfolio.
“With our proprietary banking platform, we want to make sure that we have cutting edge fraud-prevention systems in place,” says Geoffroy De Ridder, head of technology and operations at Lombard Odier.
“We constantly invest to stay at the forefront of technological developments and therefore forge partnerships.
“NetGuardians’ software solution complements our infrastructure solutions to reinforce advanced fraud mitigation.”
NetGuardians claims its platform uses AI technology to prevent fraudulent activity. It claims it can monitor all transactions linked to an account in real-time across multiple channels.
The firm is a fraud prevention partner for a handful of core banking firms, including Finastra, Avaloq, Mambu, and Infosys Finacle.
NetGuardians nabbed $19.2 million in funding at the end of 2020, which it said at the time would go towards the development of its software-as-a-service (SaaS) model.
A growing list
Joël Winteregg, the firm’s CEO, says Lombard Odier is joining a “fast-growing list of wealth managers” on its client list.
He adds: “Our innovative AI analytics algorithms monitor behaviour and detect anomalous activity linked to private banking customer accounts.
“[This is] something notoriously more complex to do than for other banking segments such as retail.”
Lombard Odier is a Swiss banking group based in Geneva, and formed in 2002 from the merger of Lombard, Odier & Cie, and Darier, Hentsch & Cie.
Hentsch & Cie was originally founded in 1796, leading to the group’s claim towards seniority in private banking.
The bank has officers scattered across the world, with locations in Europe, North America, Asia, and Latin America. It claims to manage $336 billion across the group.