Compare SEON vs GIACT

How does consumer reporting brand GIACT compare with SEON when it comes to preventing fraud and gauging who among your customers is legitimate and who is a bad actor?

Read on for a head-to-head comparison to find where each one shines and who it’s best suited for.

Disclaimer: Everything written about the companies mentioned in this article was gleaned from online research including user reviews. We did not have time to manually test all the tools. However, we ensured the information was correct as of Q1 2023. Feel free to contact us to request an update/correction.

About GIACT

Also known as Giact Systems, this vendor was founded in 2004 in Dallas, Texas. Its success as a startup culminated in an acquisition by financial data infrastructure company Refinitiv in December of 2020.

Then and now, the focus has been on providing advanced functionality and assurance for financial companies in their dealings with the public. To do so, GIACT targets four primary touchpoints: account opening, account maintenance, compliance, and securing payments.  

Protection from fraud and other threats is the goal of this brand, and it employs both traditional and non-traditional data sources to achieve it.

Over the years, the London Stock Exchange-listed compay has continued to add new features to its suite of products, and in 2023, it announced a partnership with Mastercard to leverage its Open Banking capabilities for payment verification.

Key Products

• EPIC Platform: Fully integrated product to manage the entire customer lifecycle, from digital enrolment and onboarding to payments.
• gAUTHENTICATE: Authenticate customers’ identity and ownership of bank accounts.
• gVERIFY: Consumer and business bank account status verification for safer transactions – in real-time or batch mode.
• gIDENTITY: a multi-tiered suite of services that combines traditional and non-traditional data sources for KYC.
• Beneficial ID: an automated data collection solution for ultimate beneficial ownership information (UBO) 
• gOFAC Monitoring: a compliance solution that combines 57 regulatory screening lists. 
• Open banking account verification: a feature of the aforementioned Mastercard partnership, which helps secure the direction connection between businesses and customers’ financial institutions. 

Pros of GIACT

• A wide range of solutions enabling financial organizations to verify and authenticate customers at different points of their transactions.
• Each of GIACT’s products can be used as standalone, combined or as part of an end-to-end platform.
• PEP lists for real-time OFAC screening.

Cons of GIACT

• A more legacy-based system with no option to implement custom rules.
• Limited integration options with other products & vendors; only focused on combining other Refinitiv acquisitions.
• Opaque pricing and no free trial option.

SEON vs GIACT Features Comparison Table 

Where SEON Wins Over GIACT

• A focus on flexibility and agility that lets risk managers take control of their own custom rules.
• Intuitive interface and ease of integration.
• Can be trialed for free, and the available demo is conducted with customer batch data.

Where GIACT Wins over SEON

• Casts a wider risk prevention net for financial companies in particular by verifying open banking data.
• Provides consumer and business authentication functionality using different methods – phone, internal data, third-party databases.

Further Reading

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Browser Fingerprinting | Data Enrichment | Fraud Detection API | Fraud Detection & Prevention

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