Behavioural analytics platform Featurespace has developed a PSD2-ready fraud solution which can be quickly integrated into banks.
The real-time machine learning ARIC platform has PSD2-specific data feeds and configurations, including rules and adaptive behavioural analytics, can be enterprise-ready within three months, it claims.
Its technology learns individual behaviours in real-time to identify consumer anomalies and decide when a transaction should be escalated to Strong Customer Authentication. Banks can use this to improve fraud prevention rates and lower the number of false positives.
Featurespace CEO Martina King said, “We have worked tirelessly with banks to build a tailor-made, compliant solution for the industry, which financial institutions can deploy quickly and be ready to protect their customers without increasing friction.”
The company recently partnered with Ireland-based retail banking platform Permanent TSB to support it with fraud protection services.
Earlier in the year, the company closed a funding round on £25m from backers including Insight Venture Partners and MissionOG, among others. The capital was raised to boost international expansion efforts and product development.
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