18-month-old startup develops product to protect banks from scams
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To protect banks from frauds like Nirav Modi, a fintech startup Globsyn 3rd.Life, has developed a product called Notiva Prime, that can stop financial frauds that happen due to weakness in the linking between the domestic banking software and the Society for Worldwide Interbank Financial Telecommunication messaging system. It will function as per RBI guidelines and alert banks of inconsistencies in real time.