Security under control. How Solidityʼs solutions help banks combat fraud

Solidity is trusted by major players in the market, including the National Bank of Ukraine, Oschadbank, Sense Bank, and Kredobank, as well as corporations outside the financial sector, such as Fozzy Group and Ukrnafta. Solidity focuses on combining teamwork, technology, and innovation to help customers scale their businesses while ensuring their security. In an interview with Forbes BrandVoice, Yuriy Fedets, founder and CEO of Solidity, discussed how technologies are transforming banking security. 

Strategic partnership with IBM:

What is Solidityʼs area of expertise?

Solidity is a team of 64 people who combine technological expertise with a deep understanding of the financial sector. We specialise in implementing innovative solutions for banks and payment systems to help them increase efficiency, reduce risks, and accelerate digital transformation. 

Specifically, we implement anti-fraud and customer verification systems for banks, as well as comprehensive infrastructure and integration solutions for corporations. Our goal is to transform technology from a buzzword into a real tool that provides tangible benefits to businesses. 

You are a Gold Partner of International Business Machines (IBM), an American technology corporation that develops and provides solutions for hybrid cloud environments and artificial intelligence. What does this partnership mean, and why is it important to you? 

For us, the partnership with IBM means more than just access to cutting-edge technologies; itʼs also an opportunity to work alongside one of the global leaders in IT, analytics, and security. For over 10 years, Solidity has implemented innovative IT solutions for banks and corporations, and thanks to our IBM Gold Partner status, we will have even more opportunities for our clients. IBM has unique experience working with financial institutions around the world. This allows us to offer our clients solutions that have already proven effective internationally.

Gold Partner status also confirms our expertise in IBM products and our ability to implement complex projects. Gold Partner status is one of the highest levels of partnership with IBM. To obtain it, a company must go through a complex certification process, which includes confirming the qualifications of its employees through specialised certificates, meeting strict requirements for the number of qualified specialists and the level of services provided, and constantly updating its knowledge and technologies. This difficult and lengthy process is overseen by IBM.

Your portfolio includes several IBM solutions. Why did you choose IBM Safer Payments for implementation in banks as a strategic direction?

We recognise the rapid evolution of fraudulent schemes in the financial sector. IBM Safer Payments provides banks with the unique flexibility and speed necessary to counter new threats. The solutionʼs main advantage is its ability to adapt to specific fraud scenarios in real time without lengthy development cycles. 

For us, this is a strategic direction because it directly increases security and customer trust in banks. It has already proven effective in a project with a European bank. 

One of Moldovaʼs leading banks wanted to do more than just respond to fraud; it wanted to predict it. Our task was to find a real-time solution that covers all payment channels without delaying transactions.

What challenges did the bank face regarding payment protection?

There were several. First, the number and complexity of fraudulent schemes were growing rapidly. Second, a significant portion of resources was spent on manually verifying transactions, yet the percentage of false positives remained high. Third, strict regulatory requirements had to be considered, and the new system had to be integrated with all the bankʼs existing IT solutions without disrupting operations.

What was the deciding factor in choosing IBM Safer Payments?

The key factor was its combination of flexibility and intellectual power. IBM Safer Payments adapts to new fraud schemes through machine learning. 

Another important factor is speed. The system analyses transactions in milliseconds, ensuring security without delaying payments.

What were the key stages of implementing the system? How long did the project take?

First, we conducted a thorough analysis of the bankʼs business processes and modelled possible fraud scenarios. Next, we created a unique data processing structure, integrated the system with existing IT solutions, tested it under real conditions, and launched it in stages. From the first meetings to the full transition to production, the entire project took several months.

What technical or organisational challenges did you face?

The main technical challenge was integrating the system with the bankʼs numerous internal systems, each of which had its own characteristics. We developed connectors for each system. Connectors are special software modules or interfaces that allow different systems to communicate and exchange data, enabling them to work together without disrupting their individual functionality. 

Gaining the trust of the bankʼs team was important, so we held joint workshops and training sessions to help the staff feel comfortable with the new tool.

How did the bank team perceive the changes? How quickly did they adapt to the new tool?

The adaptation process was quite fast. First, even users without in-depth technical knowledge can understand the systemʼs interface and logic. Second, noticeable results were seen within the first few weeks, further motivating the team to actively use the tool.  

We recorded a significant reduction in financial fraud and a shorter response time to threats. Meanwhile, the number of false positives decreased, reducing the analystsʼ workload, while the speed of payment processing remained high.

The bank now works proactively, detecting suspicious transactions before they can cause damage instead of waiting for fraudulent cases.

What role did the Solidity team play in this case?

As the bankʼs technology partner, we customised the system to their needs, built a new security architecture, and ensured a smooth transition to the new platform. Importantly, we have remained in contact since the launch to support the development and scaling of the solution.

What is the future of banking security?

What strategic directions for Solidityʼs development do you consider priorities for the coming years?

Our strategy focuses on four key areas.

Which technologies do you think will have the greatest impact on the development of the banking industry over the next three to five years?

First, artificial intelligence (AI) and machine learning are already changing approaches to fraud prevention and service personalisation. Business process automation and low-code/no-code platforms that enable automated processes without in-depth programming knowledge will also have a significant impact. These platforms allow for quick adaptation to market changes. 

Finally, cybersecurity and real-time transaction monitoring are important because modern threats require an immediate response.

What advice do you usually give your clients on preventing financial fraud?

During our initial consultations, we recommend that they not wait until the problem becomes critical. Invest in modern technology now, even if the scale of fraud is still small. Look at this issue strategically. Technology and the team must work in sync. Choose solutions that provide flexibility and speed of response because, in the world of financial threats, those who act proactively win.