Teradata and FICO will launch integrated advanced analytic solutions for real-time payments fraud, insurance claims, and supply chain optimisation. Bringing data, analytics and insights together in one environment streamlines the development of solutions for use cases across industries. This will speed time-to-delivery and make them available for joint customers sooner.
The resulting solutions are part of a new global relationship between the two companies. The aim is to deliver reduced costs, improved profits, increased risk mitigation and greater customer satisfaction for Teradata/FICO customers.
“AI is changing everything. Business will need to adjust to both the threats and opportunities,” said Lisa Stewart, SVP WW Partners and Alliances, Teradata. “From fighting fraud to managing global supply chains, AI-powered analytics and advanced decision management are the new requirements for keeping up as well as creating advantage. These are the core competencies of Teradata and FICO. our partnership will make it easier for our joint customers to innovate in this new AI-driven reality.”
Teradata and Fico have identified three initial offerings.
Fraud detection for real-time payments
FICO fraud solutions protect more than 2.6 billion payment cards worldwide. But this kind of sophisticated protection isn’t available for other kinds of payment products. To address this gap, FICO and Teradata have designed a fraud solution for real-time payments. This will help mitigate the increasing scams and payments fraud in retail banking accounts.
The solution brings together FICO Falcon Fraud Manager and Teradata’s capabilities in enterprise-scale AI/predictive and prescriptive analytics. This is expected to provide a holistic view of a banking customer’s transactional and payments activity. When combined with FICO decision management, the firms say this provides best-in-class fraud prevention for P2P, B2C, ACH and other payment transactions.
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By GlobalDataImproving outcomes for complex medical claims
Predicting and managing healthcare expenditures is a top strategic priority for property & casualty, major medical, and public insurance programmes. Despite industry progress in specific, targeted areas – such as opioid addiction or kidney failure – an approach for containing total cost across any condition still eludes industry leaders.
FICO and Teradata have designed a decision automation solution. This accelerates the inclusion of patient insights into the operations of claims adjusters, case managers, and special investigations units. Using AI in this solution can lower the financial burden while producing superior medical outcomes for the patient.
Enhancing supply chain efficiency and increasing resilience
Once an almost invisible societal benefit, global supply chains are now increasingly under scrutiny. Specifically, they continue to experience strain under the unrelenting pressure to deliver. From food to medicine to transportation and technology, fragile supply chains must navigate this volatile environment.
FICO says that its advanced mathematical optimisation coupled with Teradata’s multidimensional scaling has the potential to enable organisations to build robust capabilities to model, optimise and simulate different scenarios that affect their supply chains, and then deploy the most efficient options.
“Behind these solutions we are developing is incredible IP in decision management technology, predictive analytics, mathematical optimisation and other areas. Teradata and FICO both have outstanding teams and technologies for operational analytics. Together we can make breakthroughs that help businesses worldwide prosper.” said Alexandre Graff, senior vice president of partnerships for FICO.
