Feedzai, a fraud and financial crime prevention company, has announced its acquisition of New York-based Demyst.
The deal includes Demyst’s Zonic data workflow orchestration platform, intellectual property, and its data integration capabilities.
This move supports Feedzai’s aim to merge data orchestration and risk management into a single platform, offering financial institutions access to real-time data, analytics, and AI for improved risk decision-making.
“There is no shortage of data in our industry, the trick is how to access the right data as quickly as possible so that you can accelerate risk decisions with the fewest consumer friction points,”
said Nuno Sebastiao, Feedzai CEO and co-founder.
He described Demyst as an early leader in data access at key moments in the user journey.
According to Sebastiao, the integration with Feedzai’s AI capabilities ensures that all data points are used efficiently to support faster, more informed decisions.
He added that the acquisition represents a shift in Feedzai’s role from being a data consumer to also becoming a data provider.
The acquisition will see the companies combine their technologies into a single platform that supports real-time data integration and fraud prevention.
The platform will enhance the RiskOps lifecycle by improving account opening procedures and maintaining a consistent view of customers from onboarding through to ongoing transactions.
It will also support fraud detection by combining various data types such as identity, credit, behavioural patterns, and financial history.
Additional expected benefits include reduced false positives, quicker onboarding, and improved customer experience.
Non-technical users such as product managers and analysts will also benefit from automation features that allow them to manage data workflows without relying heavily on IT teams.
Mark Hookey, CEO of Demyst, who will remain at Feedzai along with key members of the team, commented:
“External data is the next frontier of business impact for financial institutions, yet it is notoriously complex, involving a labyrinth of sources for KYC/AML, identity, fraud, credit checks, and compliance. We’re thrilled to join Feedzai to bring AI and data together at scale for our customers.”
Featured image credit: edited from freepik
