MELBOURNE, AUSTRALIA – Media OutReach – September 25, 2023 –
Rear basethe global leader in engagement banking, today announced its strategic partnership with FrankieOne, an Australian industry-leading identity verification and fraud prevention platform provider with strong experience in the banking industry .
The alliance will enable banks and credit unions in Australia and New Zealand (ANZ) to easily onboard their customers and members, combining Backbase’s personalized banking experience platform with robust credit verification solutions. identity of FrankieOne, making it easier than ever for end customers to securely access digital financial services.
Safe and secure digital banking has never been more of a priority for Australian consumers, with the epidemic of fraudulent activity costing Australian consumers billions of dollars.
According to
Australian Payment Fraud Report 2023, in 2022, fraud on payment card transactions increased by 16.5% from the previous year to reach $577 million, in line with the increase in total spending on cards, which increased by 16% to reach $1,000 billion over the same period. The fraud rate on Australian card payments was 57.5 cents per $1,000 spent, up slightly from 57.3 cents in 2021.
Partnership with FrankieOne enables Backbase’s engagement banking platform to access a broad range of know-your-customer (KYC), anti-money laundering (AML), biometric verification, transactions, fraud detection and compliance from a curated selection of local and international suppliers. . This partnership will provide local financial institutions with increased confidence during seamless, customer-led onboarding journeys. The net result for the local banking sector is greater customer loyalty, combined with simplified compliance requirements.
Backbase recently launched its
Engagement Banking Cloud (EBC)) which offers customers a single platform that spans all industries and supports the complete customer lifecycle with seamless customer journeys. The partnership and capability offering built with strategic partners such as FrankieOne is a critical tool for Backbase to execute this offering on a global scale.
Elliott Haralambous, Director of Partnerships and Alliances at Backbase, said: “As pioneers in digital banking, we are excited to partner with FrankieOne to bring a new level of innovation to the ANZ banking industry. This collaboration allows us to deliver seamless digital experiences while maintaining the highest standards of security and compliance.
“This partnership reinforces Backbase’s global commitment to enhancing our offering and meeting the needs of financial institutions in the region. These partnerships allow us to accelerate the integration of best-in-class capabilities into the Backbase engagement banking platform,” explained Mayank Somaiya, Director and Global Head of Fintech-As-a-Service at Backbase.
Ashleigh McManus, Global Head of Partnerships at FrankieOne, said: “FrankieOne and Backbase are united by a common goal: transforming consumer banking experiences in Australia and New Zealand. Our collaboration combines the strength of identity verification and engagement banking, providing financial institutions with a powerful tool. toolbox for success. This partnership underlines our unwavering commitment to the evolving needs of banks and credit unions in Australia and New Zealand and enables financial institutions to deliver secure, efficient and customer-centric banking experiences.
Hashtag: #Backbase #digitalbanking #engagementbanking #retailbanking #omnichannelbanking
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