Sybrin yesterday announced the realignment of its fraud risk management (FRM) technology stack to complement Tazama, an open source transaction monitoring system, to represent a transformative advancement in financial technology. Tazama’s innovative framework enhances fraud detection capabilities, providing an affordable, accessible solution to financial institutions worldwide – especially in underserved regions where financial inclusion is key to economic growth.
Tazama is engineered as a powerful transaction monitoring tool that identifies suspicious patterns using ISO 20022 compatibility and over 35 preconfigured rules. Each transaction processed by Tazama undergoes rigorous evaluation across a spectrum of criteria and receives a risk score that indicates the potential for fraudulent activity. This allows financial institutions to promptly identify and address high-risk transactions, offering a proactive defence against fraud and money laundering.
The choice to develop Tazama as open source software ensures accessibility, transparency and scalability. Freely available, it removes financial barriers for low- and middle-income countries, empowering financial institutions to implement robust fraud detection capabilities without prohibitive costs. Additionally, the open source nature of Tazama fosters ongoing innovation and improvements from the global community, allowing the platform to scale to meet increasing transaction volumes as the needs of financial institutions evolve.
Adding the Sybrin touch: Tazama in the Sybrin ecosystem
As the engineering team behind Tazama, Sybrin has integrated the platform within its own expansive fraud risk management product ecosystem, creating a holistic suite of services designed to strengthen financial institutions’ defence against fraud and support their regulatory compliance efforts. Through this integration, Sybrin offers a range of solutions – from advanced identity verification, including liveness and biometric matching, to digital onboarding tools such as identity name screening and KYC case management. Together, these offerings create a comprehensive, multilayered defence mechanism, allowing financial institutions to mitigate fraud risk while enhancing service accessibility.
“With the integration of Tazama, Sybrin's product ecosystem has been greatly enriched, fitting snugly under the fraud risk management technology stack. It enhances our company's ability to offer comprehensive case management and fraud detection services, crucial to maintaining the integrity of financial transactions,” says Barrie Venter, Product Manager at Sybrin.
The collaboration between Sybrin and global foundations has underscored a shared vision of using technology to advance financial inclusion. Tazama now stands as a testament to the potential of open source software to transform industries and empower people around the world. This open source platform is not just a solution; it embodies a movement for open collaboration, bridging digital divides and securing financial inclusion for all.
For more information on Tazama and Sybrin’s suite of fraud risk management solutions, please contact www.sybrin.com/contact.
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Sybrin
Sybrin is a leading global provider of enterprise software solutions for the financial services, insurance, and telecommunications sectors, among other. Everything they deliver is based on their knowledge of complex solutions complemented by 30+ years of experience. They focus on developing, implementing, and supporting end-to-end systems through the Sybrin Platform utilising low-code development technology. Visit www.sybrin.com to find out how they can automate your business processes.
Tazama
Tazama is driven by its mission to create a safer, more inclusive financial ecosystem, particularly for those in regions that don’t have resources. As part of the Linux Foundation, their open-source software transaction monitoring solution is at the forefront of fraud detection. Their work is underpinned by their foundational values: Trust, Equity, Knowledge, and Collaboration. Visit https://tazama.org for more information.