Contis, a banking, payments and processing solution provider, has 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. Contis will use the Featurespace ARIC Fraud Hub to detect and prevent transactional fraud in real time, bringing increased security benefit to all its clients.
Featurespace’s ARIC Fraud Hub will be integrated within Contis’ existing fraud prevention environment to detect suspicious activity for card and account transactions in real time.
Clavia Alzetta, chief executive, Contis commented; “Adding Featurespace’s AI to the Contis armoury allows us to offer best in class prevention and protection to all clients who use our banking and payment services. We want to ensure our clients keep ahead of the increasing challenge of fraud.”
Founded in 2008, Contis provides alternative, end-to-end banking and payments solutions. The platform is fully owned is PCI DSS Level 1 compliant, which means its doesn’t rely on multiple third-party providers (eg. BIN sponsors, card issuers, payment processors) for its delivery.
“We are grateful to Contis for trusting Featurespace to protect its expansive set of customers from current and evolving fraud challenges,” added Martina King, CEO, Featurespace.
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.
Copyright © 2018 RegTech Analyst
