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ERIC, INFORM Team Up to Advance Financial Service Security
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Ericsson (ERIC - Free Report) recently announced that it formed a partnership with INFORM, a prominent provider of Anti-Money Laundering (AML) and Fraud Management Solutions. The collaboration will work to bolster the security posture of financial services.
ERIC offers a robust and simple digital wallet and payment service named Ericsson Wallet Platform that combines mobile communications and financial services capabilities. The platform has 114 million active users across 24 countries. Every month, it processes around 3 billion transactions, topping $43 billion. However, ensuring the security and reliability of each transaction is a significant challenge amid growing cybercriminal activities.
In today’s fast-paced digital age, businesses across industries are increasingly relying on online banking services. Cybercriminals are continuously improvising techniques and developing sophisticated fraud schemes and money laundering tactics to take advantage of system vulnerabilities. A successful security breach can lead to substantial financial losses and severely damage an enterprise’s reputation. Amid this backdrop, businesses are looking for a solution that will provide a seamless, secure and efficient digital financial experience.
With the collaboration with INFORM, Ericsson is aiming to address these growing complexities in the financial service sector. The integration of INFORM’s advanced analytics and dynamic rule-making capabilities with ERIC’s mobile financial service will allow real-time detection and prevention of fraudulent activities. Moreover, INFORM’s state of art RiskShield platform will enrich ERIC’s platform with Hybrid AI-powered AML and fraud management capabilities.
Will This Partnership Boost ERIC’s Share Performance?
In the face of rising frequency and sophistication of cyberattacks, banks and fintech companies are driving up investments to mitigate financial risks and prevent fraud. The recent collaboration will significantly strengthen Ericsson’s service offerings and boost its prospect in the fintech industry.
ERIC Stock’s Price Performance
Shares of Ericsson have gained 58.1% over the past year compared with the industry’s 54% growth.
Image Source: Zacks Investment Research
ERIC’s Zacks Rank and Key Picks
Ericsson currently carries a Zacks Rank #4 (Sell).
In the last reported quarter, it delivered an earnings surprise of 8.25%. It is engaged in providing cloud networking solutions for data centers and cloud computing environments. The company offers 10/25/40/50/100 gigabit Ethernet switches and routers optimized for next-generation data center networks.
Ubiquiti Inc. (UI - Free Report) sports a Zacks Rank of 1 at present. The company offers a comprehensive portfolio of networking products and solutions for service providers and enterprises.
Its excellent global business model, which is flexible and adaptable to evolving changes in markets, helps it to beat challenges and maximize growth. The company’s effective management of its strong global network of more than 100 distributors and master resellers improved its UI’s visibility for future demand and inventory management techniques.
Workday Inc. (WDAY - Free Report) carries a Zacks Rank #2 at present. In the last reported quarter, it delivered an earnings surprise of 7.36%.
WDAY is a leading provider of enterprise-level software solutions for financial management and human resource domains. The company’s cloud-based platform combines finance and HR in a single system that makes the process easier for organizations to provide analytical insights and decision support.
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ERIC, INFORM Team Up to Advance Financial Service Security
Ericsson (ERIC - Free Report) recently announced that it formed a partnership with INFORM, a prominent provider of Anti-Money Laundering (AML) and Fraud Management Solutions. The collaboration will work to bolster the security posture of financial services.
ERIC offers a robust and simple digital wallet and payment service named Ericsson Wallet Platform that combines mobile communications and financial services capabilities. The platform has 114 million active users across 24 countries. Every month, it processes around 3 billion transactions, topping $43 billion. However, ensuring the security and reliability of each transaction is a significant challenge amid growing cybercriminal activities.
In today’s fast-paced digital age, businesses across industries are increasingly relying on online banking services. Cybercriminals are continuously improvising techniques and developing sophisticated fraud schemes and money laundering tactics to take advantage of system vulnerabilities. A successful security breach can lead to substantial financial losses and severely damage an enterprise’s reputation. Amid this backdrop, businesses are looking for a solution that will provide a seamless, secure and efficient digital financial experience.
With the collaboration with INFORM, Ericsson is aiming to address these growing complexities in the financial service sector. The integration of INFORM’s advanced analytics and dynamic rule-making capabilities with ERIC’s mobile financial service will allow real-time detection and prevention of fraudulent activities. Moreover, INFORM’s state of art RiskShield platform will enrich ERIC’s platform with Hybrid AI-powered AML and fraud management capabilities.
Will This Partnership Boost ERIC’s Share Performance?
In the face of rising frequency and sophistication of cyberattacks, banks and fintech companies are driving up investments to mitigate financial risks and prevent fraud. The recent collaboration will significantly strengthen Ericsson’s service offerings and boost its prospect in the fintech industry.
ERIC Stock’s Price Performance
Shares of Ericsson have gained 58.1% over the past year compared with the industry’s 54% growth.
Image Source: Zacks Investment Research
ERIC’s Zacks Rank and Key Picks
Ericsson currently carries a Zacks Rank #4 (Sell).
Arista Networks, Inc. (ANET - Free Report) carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the last reported quarter, it delivered an earnings surprise of 8.25%. It is engaged in providing cloud networking solutions for data centers and cloud computing environments. The company offers 10/25/40/50/100 gigabit Ethernet switches and routers optimized for next-generation data center networks.
Ubiquiti Inc. (UI - Free Report) sports a Zacks Rank of 1 at present. The company offers a comprehensive portfolio of networking products and solutions for service providers and enterprises.
Its excellent global business model, which is flexible and adaptable to evolving changes in markets, helps it to beat challenges and maximize growth. The company’s effective management of its strong global network of more than 100 distributors and master resellers improved its UI’s visibility for future demand and inventory management techniques.
Workday Inc. (WDAY - Free Report) carries a Zacks Rank #2 at present. In the last reported quarter, it delivered an earnings surprise of 7.36%.
WDAY is a leading provider of enterprise-level software solutions for financial management and human resource domains. The company’s cloud-based platform combines finance and HR in a single system that makes the process easier for organizations to provide analytical insights and decision support.