In 2023 ANZ, one of Australia's largest banks, began a global search for a solution to help address payment fraud for their business customers. Launching a reverse pitch event, ANZ asked the fintech community to present solutions on three major problem statements.
After multiple rounds of pitching, questions, and presentations - VigilantPay was announced as the solution ANZ Institutional wished to collaborate with to help make cross-border payments safer.
Read the announcement here
The collaboration between VigilantPay and ANZ will focus on cross-border payments, beneficiary verification, and tighter payment integration with ANZ’s business banking platforms ANZ Transactive Global and ANZ Direct Online.
Two other fintech companies were also selected to collaborate on the other two problem statements - Shaype (a platform designing solutions to help customers transition away from cheques) and Greener (a software developer helping businesses adapt to climate change).
Vigilance Ltd will continue to build on the innovation VigilantPay has been delivering to its user base. VigilantPay uses AI-powered algorithms to assist approvers of payments by analyzing creditor and payroll batch files preemptively and in real-time - checking payments against a company’s payment history for unusual transactions or fraud. Expanding into the cross-border space, VigilantPay is excited to collaborate with ANZ to offer fraud protection for Australian and New Zealand customers.