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In a strategic move to further enhance its payment protection offerings, Tunic Pay, a pioneering fintech company, has welcomed Fabrizia Scivoli as its new Product Leader. This appointment marks a significant milestone for Tunic Pay, known for its innovative approach in safeguarding real-time payments against scams through advanced payment intelligence. Let's delve into Fabrizia Scivoli's journey from being an exacting client to leading the product development at Tunic Pay, and explore how this partnership is poised to redefine the future of secure payment solutions.
Tunic Pay is at the forefront of building trust infrastructure to protect banks and their clientele from fraud, particularly through Authorised Push Payment (APP) scams. Founded by Nicky Golimis and Nico Barawid, Tunic Pay has been gaining momentum with its cutting-edge payment intelligence solutions. By focusing on recipient verification and payment conditionality, the company digitizes and enriches scam investigations, providing a comprehensive view of transactions—something that has been elusive in traditional risk models[1][3].
Fabrizia Scivoli brings a unique blend of client-centric experience and product leadership expertise to Tunic Pay. As a former client, Fabrizia has first-hand knowledge of the challenges faced by financial institutions in navigating the complex landscape of payment security. Her transition from client to product leader is a testament to Tunic Pay's ability to understand and address the needs of its customers through talent acquisition.
This strategic move aligns with Tunic Pay's mission to usher in a new age of payment intelligence, providing full visibility into transactions and empowering financial institutions with the tools needed to combat scams effectively. Fabrizia's leadership is expected to drive innovation by integrating customer insights into the development of Tunic Pay's solutions.
In recent years, payment intelligence has emerged as a critical component in securing real-time transactions. Unlike traditional risk models, payment intelligence provides typology-specific fields on the recipient side of transactions, offering a more comprehensive understanding of payment contexts. This approach is crucial in combating information asymmetry—a common challenge in fraud detection—by ensuring that financial institutions have access to detailed transaction attributes[3].
The payment intelligence solutions offered by Tunic Pay include several innovative features designed to enhance fraud prevention:
Flexible Step-ups: This involves intelligent validation of transactions across digital, voice, and branch channels. By leveraging a no-code platform, SDKs, and APIs, Tunic Pay equips fraud teams with real-time tools to make investigations more efficient and strengthen fraud defense[3].
Data Exchange Modules: Tunic Pay is developing the UK's first APP-specific data exchange, operating on a "give-to-get" principle. This allows for the exchange of a wide range of data types, including transaction monitoring data, biometric data, and device data through Augmented Field Exchange[3].
Privacy-Preserving Infrastructure: Built on zero-trust principles with federated architecture and mandatory encryption, Tunic Pay's platform ensures that sensitive data remains secure while facilitating the seamless exchange of fraud-fighting intelligence among institutions[3].
Fabrizia Scivoli's appointment as Product Leader signals a significant shift in Tunic Pay's strategy to become more client-centric. Here are some key implications:
Enhanced Customer Understanding: With Fabrizia's experience as a former client, Tunic Pay is better positioned to understand and address the evolving needs of financial institutions in combating payment fraud.
Innovative Product Development: Fabrizia's leadership is expected to drive the development of more tailored and effective payment security solutions, incorporating customer feedback and insights into product design.
Market Expansion: This move could also accelerate Tunic Pay's expansion into new markets, leveraging Fabrizia's expertise to identify untapped opportunities and strengthen partnerships with financial institutions globally.
As the fintech landscape continues to evolve, several trends and challenges are shaping the future of payment security:
Real-Time Payments: The increased adoption of real-time payment systems presents both opportunities and challenges for financial institutions. While these systems enhance customer convenience, they also amplify the risk of scams if not properly secured.
Regulatory Compliance: Financial institutions face stringent regulatory requirements aimed at protecting consumers against fraud. Tunic Pay's solutions can help institutions comply with these regulations by providing robust fraud prevention measures.
The Role of AI and Machine Learning: Technology such as AI and machine learning is increasingly being used to detect and prevent scams. Tunic Pay's use of data analytics and intelligence can be further enhanced by integrating these technologies.
The appointment of Fabrizia Scivoli as the Product Leader at Tunic Pay marks an exciting chapter for the company. By combining her client-centric insights with Tunic Pay's cutting-edge payment intelligence solutions, the company is well-positioned to lead the way in safeguarding real-time payments. As the financial sector continues to navigate the complex landscape of payment security, partnerships like this underscore the importance of collaboration and innovation in driving forward secure payment solutions for the future.
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