Teradata and FICO have partnered to develop artificial intelligence (AI)-powered decision management solutions.
The first solutions created by this partnership will focus on real-time payments fraud, insurance claims and supply chain optimization and are expected to be launched globally in the third quarter, the companies said in a Thursday (May 18) press release.
“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,” Lisa Stewart, SVP WW partners and alliances at Teradata, said in the release. “These are the core competencies of Teradata and FICO, and our partnership will make it easier for our joint customers to innovate in this new AI-driven reality.”
As PYMNTS reported May 9, AI solutions can improve any process that has large data volumes and is complex.
Many activities like sales, billing and inventory management generate large quantities of potentially valuable data that may yield potential new kinds of commercial knowledge because of computation and practical analysis.
With one of the first three products being developed by their new partnership, Teradata and FICO will use banking customer data and decision management to provide fraud prevention in peer-to-peer (P2P), B2C, Automated Clearing House (ACH) and other payment transactions, according to the press release.
Their insurance claims-focused option will use an AI-powered decision automation solution to identify pathways to care that will reduce costs while delivering superior outcomes, the release said.
The third product being developed by the partnership will enable organizations to model, optimize and simulate different scenarios that affect their supply chains in order to identify and mitigate risks, per the release.
“Teradata and FICO both have outstanding teams and technologies for operational analytics,” Alexandre Graff, senior vice president of partnerships for FICO, said in the release. “Together we can make breakthroughs that help businesses worldwide prosper.”
The announcement of this partnership comes a day after FICO announced that it has made 19 enhancements to its applied intelligence platform, FICO Platform.
The enhancements include new transactional analytics capabilities, improved data visualization, better performance of action-effect-modeling, and unified platform orchestration that allows customers to rapidly deploy across the enterprise.
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