Feedzai Selected for Central Fraud Detection in Digital Euro
Feedzai has been selected to provide central fraud detection and prevention for the upcoming digital euro to USD conversion. The European Central Bank (ECB) has concluded a framework agreement with the company, marking a significant step in Europe's digital currency journey.
The digital euro to dollars, set to be the most significant monetary innovation since the launch of the common currency in 1999, aims to be a public good. It is designed to preserve the role of central bank money in the digital age and support financial inclusion.
Feedzai's platform will play a crucial role in this project. It will provide a fraud risk score for every digital euro to USD transaction, helping payment service providers decide whether to approve or decline a payment. The company's CEO and Co-Founder, Nuno Sebastião, expressed that being selected for this role is both an honor and a responsibility.
The ECB emphasizes that the digital euro to USD would contribute to Europe's resilience, inclusion, and technological sovereignty. Liviu Chirita and Dominic Schauerte from PwC, who are partnering with Feedzai on this project, stated that it is about enabling Europe to lead with integrity, resilience, and technological sovereignty.
The framework agreement for risk and fraud management has an estimated value of €79.1 million and a maximum value of €237.3 million. Feedzai was selected as the first-ranked tenderer for this agreement. The ECB is expected to select technology providers by the end of 2025, with the digital euro to USD still in its preparatory phase.
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