ClearBank picks Featurespace for fraud & AML detection

ClearBank, the UK’s first new clearing bank, has picked Featurespace’s ARIC platform to address fraud and AML detection.

Featurespace was selected for its ability to deliver a custom, machine learning-driven solution that learns individual behaviours and detects anomalies in real time, according to statement by the bank.

ARIC platform’s allows ClearBank to deliver advanced fraud detection and AML transaction monitoring to multiple clients with a single deployment and without requiring additional integrations, was a critical factor in its decision.

The bank can also share specific data between its clients, while maintaining the privacy and security of customer data.

“ClearBank is changing the U.K.’s financial ecosystem by offering clearing and banking services that are collectively cost-effective, robust and cloud-based. As such, we needed a fraud and AML transaction monitoring detection platform that could operate across all of our portfolios and protect our customers” said Charles McManus, CEO at ClearBank.

“Featurespace not only delivers that cutting-edge ability better and faster than anyone, it also shares our spirit of revolutionising financial services. That’s an intangible quality that cannot be overstated and is exceptionally rare today.”

Featurespace was created by a Cambridge University Professor, Bill Fitzgeraldm and his PhD student, Dave Excell. Its ARIC platform monitors all customer data in real-time, spotting anomalies to enable the user to outsmart risk, protect their customers and increase revenue.

It claims to Stop new and known attacks in real-time, enable a 50% improvement in operational efficiency, and a 70% reduction in false positives. The ARIC platform is live and deployed in some of the world’s largest banks, payments processors, merchant acquirers, insurance companies and gaming organisations.

“ClearBank’s ability to modernise banking demonstrates its bold, forward-looking approach to addressing industry issues in a new way, ” added Martina King, CEO at Featurespace. “We are very excited to partner with them in bringing next-generation financial crime prevention with the ARIC platform. In addition to maximizing its customers’ satisfaction, we’re looking forward to seeing the ongoing positive impact that our collaborative efforts will have on the UK’s banking sector.”

Contis, a banking, payments and processing solution provider, also recently partnered with Featurespace to fight transactional fraud. The company said it will integrate the AI fraud prevention system onto its platform through the new partnership.

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