Sardine makes major announcements to stop fraud

Sardine has taken on fraud in a big way this week, with two major announcements within 48 hours. 

Fraud is becoming an ever-present danger for an increasingly digital financial system. Global payment fraud losses have tripled since 2011 and are projected to reach $40.62 billion in 2027. Over 50% of Americans have been found to be a victim of fraud.  

With the introduction of FedNow next month, there is evidence to suggest from other real-time payments systems that instances of fraud could be set to rise. 

RELATED: FedNow brings innovation, fraud concerns, and conspiracy theories

Sardine has positioned itself to help financial institutions protect themselves from fraud while maintaining compliance with the changing regulatory landscape. The announcements from this week show that they are poised for this evolution. 

Sardine Partners With Treasury Prime

Today, June 28, Sardine announced its partnership with embedded finance company Treasury Prime. The collaboration will allow Treasury Prime and its clients full access to Sardine’s detection, compliance, and risk management platform.

Mark Vermeersch, Chief Platform Officer of Treasury Prime
Mark Vermeersch, Chief Platform Officer of Treasury Prime

“As regulatory scrutiny increases in the financial services industry, companies and banks need effective fraud detection controls. By leveraging Sardine’s expertise, our customers and partners can identify fraud, ensure compliance with regulatory standards, and mitigate operational and reputational risks as their embedded banking programs grow,” said Mark Vermeersch, Chief Platform Officer of Treasury Prime.

Embedded finance has taken the world by storm. In a report conducted by PwC, it was stated that the market is projected to increase fivefold by 2032. However, when it comes to fraud, there have been some sticking points, with some ambiguity on who is responsible for detection.

While Treasury Prime has long had a robust system for compliance with additional partners, the company states that “risk is never one size fits all.” The suite of tools offered by Sardine includes fraud detection, KYC, and BSA/AML compliance and transaction monitoring capabilities. The partnership with Sardine allows Treasury Prime’s clients increased variety on the tools they want to deploy. 

“If the last few months have taught us anything, it’s that enterprises and banks need partners they can trust. This collaboration between Treasury Prime and Sardine takes our shared commitment to trust and confidence from our customers to the next level,” said Ravi Loganathan, Head of Financial Institution Services at Sardine. 

Strength in Numbers

The partnership announcement comes hot on the heels of Sardine’s launch of SardineX, a real-time fraud detection network aimed at improving insight into fraud across the financial ecosystem. 

Made up of a consortium of financial institutions and fintech organizations, SardineX has a broad reach. Visa,, Chesapeake Bank, and Alloy were named as some of the founding partners. 

“How we move money has fundamentally shifted over the past few years, and the only way we can close the massive gaps that fraudsters leverage to hurt shared customers is to improve communication between parties who facilitate payments today,” said Soups Ranjan, Sardine co-founder, and CEO.

Soups Ranjan, Sardine co-founder, and CEO.
Soups Ranjan, Sardine co-founder and CEO.

The consortium was developed as a direct response to increased real-time payment systems that reported numerous accounts of fraud. The instant nature of the payments within the systems made fraudulent and mistaken transactions difficult to recover. 

It offers a shared database where participants can access fraud or compliance-related data on any entity that transacts across financial services. Consortium members will own the cumulative data, and members will set up mutually agreed-upon operating rules and data governance to determine when and how the data will be used. 

The data is then fed into companies’ risk models, allowing them to integrate risk scores, reputation levels, and behavioral intelligence of any entity transacting with consortium members. Data is updated in real-time on a continuous basis allowing them to flag suspicious activity.

“By working together, we can improve fraud detection and recovery so that we can continue to innovate in the payments arena and keep them as a part of everyday life,” said D.J. Seeterlin, Chesapeake Bank’s Chief Innovation Strategy Officer. “We’re proud to be a founding member of the consortium Sardine spearheaded and believe this effort will deliver on greater societal good to curb fraud and keep money where it belongs.”

RELATED: Plaid launches Beacon- fighting fraud in real-time

  • Isabelle Castro Margaroli

    Isabelle is a journalist for Fintech Nexus News and leads the Fintech Coffee Break podcast.

    Isabelle's interest in fintech comes from a yearning to understand society's rapid digitalization and its potential, a topic she has often addressed during her academic pursuits and journalistic career.