Feedzai acquires Demyst to unify KYC, fraud risk data

Financial crime prevention and behavioral biometrics provider Feedzai has acquired data management provider Demyst to unify data orchestration and risk management in a single platform.

Feedzai plans to make use of the Zonic data workflow orchestration platform, intellectual property and sophisticated data integration capabilities acquired with Demyst. Those capabilities will support Feedzai’s strategy of serving financial institutions with real-time data, analytics and trusted AI for informed decisions about transaction risk.

“There is no shortage of data in our industry — the trick is how to access the right data as quickly as possible so that you can accelerate risk decisions with the fewest consumer friction points,” says Nuno Sebastiao, Feedzai CEO and co-founder. “Demyst is a first mover and leader in accessing necessary data — internal or external — at the critical moment for any part of the user journey. Paired with Feedzai’s market-leading AI, this ensures every data point is fully utilised to drive smarter and faster decisions. More broadly, this acquisition marks a pivotal moment in continuing Feedzai’s evolution from a data consumer to a data provider.”

Together, Feedzai and Demyst can help strengthen the RiskOps lifecycle, add contextual intelligence to risk decisions and improve customer experience with faster onboarding and reduced false positives, according to the company announcement. The companies’ combined technology allows businesses to orchestrate fraud and financial crime prevention measures, delivers data from a network of banks, payment providers and other organizations to yield insights into fraud risk, and increases operational efficiency for non-technical teams by allowing them to build and manage data workflows without relying on the IT department.

“External data is the next frontier of business impact for financial institutions, yet it is notoriously complex, involving a labyrinth of sources for KYC/AML, identity, fraud, credit checks, and compliance,” Demyst CEO Mark Hookey.

Hookey and other key members of his team will join Feedzai.

The details of the transaction were not disclosed.

Feedzai also launched generative AI fraud prevention software ScamAlert just a month ago.

Article Topics

acquisitions  |  behavioral biometrics  |  Demyst  |  Feedzai  |  financial crime  |  identity verification  |  KYC