- Partnership Expansion: Saudi Awwal Bank (SAB) expands partnership with Mastercard to enhance its financial risk assessment using AI.
- Technology Adoption: SAB is adopting Mastercard Gateway’s Transaction Risk Management (TRM) technology to prevent payment fraud and ensure secure digital transactions.
- AI-Powered Risk Mitigation: The TRM technology, powered by AI, assesses all transactions for vulnerabilities, aiming to mitigate financial risks associated with fraudulent activities.
- Comprehensive Application: The technology is set to extend across SAB’s corporate, retail, private banking, treasury, and investment services, covering a wide range of financial operations.
- Trusted Partnership: Yasser Al-Barrak, the bank’s chief corporate and institutional banking officer, considers Mastercard a “long-standing trusted partner” that can boost SAB’s capabilities to mitigate financial risks.
- Cybersecurity Assurance: Adam Jones, Mastercard’s country general manager for MENA Central, emphasizes that Mastercard’s cybersecurity solutions have been successful in foiling cyberattacks worth billions of dollars annually. This technology will be extended to SAB for enhanced protection of its digital transactions.
- Continued Development: The adoption of AI-powered cybersecurity elements is the latest development in SAB’s payment capabilities, following a previous partnership with UK fintech Wise to provide international remittance services to customers.
