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Manipal Technologies Ltd (MTL), which is a secure print solutions organization, has acquired CrossFraud – an advanced fraud detection and anti-money laundering solution -- from the Bengaluru-based Saraansh Software Solutions Pvt Ltd for an undisclosed amount.
Abhay Gupte, Chief Executive Officer of MTL, told BusinessLine that the acquisition comes with four international patents in risk and fraud detection area. He said that CrossFraud is already implemented in two banks in Thailand and six banks in India.
Stating that the fraud detection and anti-money laundering space is identified as one of high growth businesses for the future, he said anti-money laundering and fraud detection are top on the agenda for all the banks.
“We aspire to build a global business spanning emerging markets in Asia, Africa and Middle East. CrossFraud gives us newer capabilities to provide end-to-end integrated solutions along with our current offering of payments and financial inclusion,” he said.
With increasing adoption to online banking and internet trading, the threat of organised and automated fraud looms large. MTL’s foray into fraud detection and anti-money laundering solutions are aimed at fulfilling the group’s vision of ensuring cent per cent secure and risk-free transactions, Gupte said.
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