The Linux Foundation last week announced the launch of an open source digital financial transaction monitoring platform.
The new platform, Tazama, is meant to provide powerful, scalable, and cost-effective monitoring of digital payments, to make advanced financial monitoring more broadly available, as well as fraud detection and AML Compliance.
The platform evaluates transactions before their completion to detect fraud, it submits specifically formatted messages to an API, and supports user customization of detection behavior using configuration files that are separate from the execution code.
Based on the set rules meant for single evaluation tasks, the platform can deliver clear assessments of transaction behaviors.
Launched with support from the Bill & Melinda Gates Foundation and hosted by Linux Foundation Charities, which will take care of its operation and function, the solution focuses on data sovereignty, privacy, and transparency, to align with governmental requirements worldwide.
Tazama, the Linux Foundation notes, also showcases how open source solutions can drive evolution in critical infrastructure such as national payment switches.
Organizations such as BankservAfrica, BCEAO, IPSL, and JoPACC are already exploring synergies with Tazama, including evaluating its adaptability, effectiveness, and scalability in real-world scenarios and ensuring that it meets the needs of digital financial services providers.
“Innovation in financial technology is critical and Tazama is at the forefront of that evolution. We are excited to see an open source solution that not only enhances financial security but also provides a platform for our community to actively contribute to a project with broad societal impacts,” Linux Foundation executive director Jim Zemlin said.
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