Fraud detection and risk management platform Sardine has formed SardineX, an industry consortium, with the aim of curbing the rise in payment fraud. The consortium brings together financial institutions, including banks, fintechs, and payment service providers, to provide real-time technology for verifying the credentials of senders and receivers of funds across different payment rails.
Facts
- Sardine has formed SardineX, an industry consortium, to combat payment fraud.
- The consortium includes founding members such as Chesapeake Bank, Visa, Airbase, Blockchain.com, Alloy Labs Alliance, iLex, and Novo.
- The goal of SardineX is to establish a privacy-oriented data-sharing framework to verify the credentials of senders and receivers of funds, regardless of the payment rail used.
- SardineX will offer a shared database accessible to industry participants, containing fraud or compliance-related data on entities transacting across financial services.
- Participants can query the database in real-time and integrate the data into their existing infrastructure and risk management processes to improve entity assessment.
- The consortium will operate as an independent organization with a privacy-oriented data-sharing framework.
- Any organization involved in initiating or facilitating money movement can join the consortium.
