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Image credits: Sjoerd Slot

Leusden, Utrecht-based Sygno (previously Fraud Dynamics), a provider of Automated Machine Learning (AutoML) transaction monitoring models, announced on Monday that it has been selected to participate in the seventh FIS Fintech Accelerator programme in partnership with The Venture Center. 

The 12-week 2022 programme began July 19 and will culminate with Demo Day on November 9, when fintechs will demonstrate their refined solutions to hundreds of leading financial institutions, potential investors, and industry participants. 

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Sygno: What you need to know

Founded by Sjoerd Slot, Sygno has built an automated model generation technology to enhance the existing transaction monitoring environment of  financial institutions. 

The Dutch company’s automated modelling of good behaviour uncovers transaction monitoring risks and reduces false positives.

By reducing the number of false positives for fraud and compliance teams, Sygno helps increase the ratio of previously undetected crime and lower the pressure on scarce data scientists teams. 

Sygno says it will add tremendous value for banks and make their compliance and KYC processes much more efficient and agile. 

“Sygno being chosen for the FIS Fintech Accelerator programme is an honour,” says Sjoerd Slot, Founder at Sygno. “Our solution supports banks and other financial institutions with automated modelling in the areas of Fraud and AML and is primed to help bankers and financial institutions innovate throughout the ongoing digital revolution, and we’re excited about the opportunity to meet with FIS’ network.” 

FIS Fintech Accelerator program

The FIS Fintech Accelerator programme brings bankers, subject matter experts, and financial service executives together with pre-vetted, market-validated fintech companies to advance the financial services industry. 

FIS says graduates of the programme have gone on to secure additional capital funding, win industry awards, and form partnerships with FIS to bring their innovations to market. 

Besides Sygno, other startups selected for the FIS Fintech Accelerator programme are:

• Connect Earth – Green environmental impact banking
• Equipifi – Buy now pay later
• Neural Payments – P2P (peer-to-peer) payments
• Nickels – Credit card debt management for financial wellness
• Privacy Lock – Data privacy automation
• Sardine – ACH money movement and crypto currency risk management
• Redactable – Cloud-based compliance
• Tapcheck – Earned wage access for employee financial wellness
• Themis – Regulatory compliance solutions

“We’re excited to be working with Sygno, one of the fintech companies selected for the 2022 FIS Fintech Accelerator programme,” says Elaine Duff, Head of FIS Impact Ventures Fintech Advocacy, FIS. “We’re constantly engaging the most innovative startups and look forward to helping these solutions evolve so they can serve the fintech industry.” 

The Venture Center

The Venture Center’s accelerator programmes are designed to accelerate the growth of early-to-late-stage companies and help validate their solutions for real-world problems. 

“We are excited to kick off the seventh year of our partnership with FIS and the State of Arkansas to produce the 2022 FIS Fintech Accelerator,” says Wayne Miller, Executive Director of The Venture Center. “Our work with FIS is more important than ever as digital transformation continues to revolutionise everything we do. This year’s cohort demonstrates what fintech partnership is all about, and the programme is certain to be elevated as we work with the President of FIS Impact Ventures, Rob Lee, and his team, whose dedication to fintech advocacy, diversity, and inclusion is perfectly aligned with our own goal to drive meaningful impact.”