istockBottom Line: Barclays' and Kount's co-developed new product, Barclays Transact reflects the future of how companies will innovate together to apply AI-based fraud prevention to the many payment challenges merchants face today. Barclays Payment Solutions' decision to work with AI-based solution Kount is what the future of AI-based fraud prevention for payment providers looks like. Barclays Transact analyzes every transaction in real-time using Kount's AI-based fraud analysis technology, scoring each on a spectrum of low to high risk. Each Barclays merchant's gateway then uses this score to identify the transactions which qualify for TRA exemptions. Barclays and Kount's successful development and launch of a co-developed product is prescient and points the way forward for payment providers who need AI expertise to battle fraud now.

Source: Forbes June 11, 2020 14:15 UTC