Fiserv, a provider of provider of financial services technology solutions, has partnered with Mastercard to offer a decision and fraud detection service.
Financial institutions working with Fiserv will benefit from this service, which helps them increase the accuracy of real-time approvals of genuine transactions, reduce the number of false declines and improve the overall cardholder experience.
Fiserv offers Decision Intelligence to its financial institution clients, which uses artificial intelligence technology to provide a predictive score by applying thousands of data points and sophisticated modeling techniques to each transaction. This helps issuers make more informed authorisation decisions according to the company.
The technology behind Decision Intelligence examines how a specific account is used over time to detect normal and abnormal spending behaviors. It leverages information such as customer value segmentation, risk profiling, location, merchant, device data, time of day, and type of purchase made.
“Minimizing the risk of financial losses while avoiding declining genuine consumer transactions requires delicate balance,” said Patrick Davie, vice president, card services, Fiserv. “False declines can damage the relationship with cardholders, so evaluating multiple factors, including information about the consumer, merchant and issuer, throughout the shopping experience can enhance that cardholder experience and approve more genuine transactions, without increasing risk.”
Earlier this year, LuLu Exchange, which provides cross-border remittance, currency exchange and other financial services, bought in Fiserv’s AML Technology. Fiserv’s AML Risk Manager provides advanced customer risk profiling, risk scoring, transaction monitoring and know your customer (KYC) capabilities. The solution offers behavioural profiling, the ability to quantify risk mitigation through investigation, and beneficial ownership insight. It is also configurable, enabling the LuLu Exchange compliance team to be in complete control of the system.
Mastercard recently committed to guaranteeing that all of its customers will have access to biometric authentication services by April 2019. The company said that everyone of its consumers will be able to identify themselves with biometrics such as fingerprints or facial recognition, when they shop and pay with Mastercard.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
