Across the globe, challenger banks, neo banks, virtual banks, digital banks are mushrooming rapidly chipping away market share from traditional banks. Offering the latest in innovation and access, these new financial entities are meeting the needs of niche market segments such as immigrants, freelancers and independent contractors, women, and small businesses.

Legacy fraud prevention methods, such as user ID and password, are simply no longer effective — they are simply unreliable and uncomfortable as most challenger banks relay on mobile banking as the main transacting methodology.

Paygilant was specifically designed for mobile banking. The Paygilant solution Combines big data analytics, smart rules and machine learning that validates mobile payments instantly and transparently. Paygilant’s layered security methodology provides superior fraud protection while dramatically reduces  customer friction.

How Does The Paygilant Solution Work with Challenger Banks

1. Paygilant operates in the background of the app and transparently validates the customer’s identity
2. Paygilant analyzes the data in real-time by using its ML algorithms, to determine a trust score:

(i)“Safe” score means a trusted user is authenticated

(ii) “Risky” score, flags a fraudulent behavior

3. The process is completely seamless and transparent to the user to deliver a true frictionless experience and checkout completion
4. This process is continuous, throughout the entire user’s journey from app. launch to checkout