Embedded finance platform Railsr will bolster its financial crime and fraud prevention efforts through a partnership with Featurespace.
Through this partnership, Railsr will combine its existing fraud team with Featurespace’s card and payment fraud prevention and anti-money laundering solutions. The latter’s fraud and AML solution will provide a single integration point, enabling Railsr’s platform to grow in line with business expansion and maintain regulatory compliance.
Within 12 months, Railsr will provide its customers with access to Featurespace’s Risk Hub, enabling them to manage their own analytics directly. This will give Railsr’s customers a one-stop-shop for FRAML in a multi-tenancy instance with a harmonised UI for fraud and AML.
Speaking on the partnership, Railsr global head of product for fincrime and operations Stuart Hartley said, “As the market accelerates towards embedded finance, consumers expect a frictionless payment experience that is built into the transaction process. With Featurespace’s AI and ML capabilities, Railsr can provide an enhanced level of customer experience, making consumers’ lives simpler and safer.
“After an extensive review, the Featurespace platform, multi-tenancy capabilities, team and proven track record meant they stood out as the right technology partner for us. We share the same goals for the industry and have enjoyed building a strong collaborative relationship.”
Railsr is an embedded finance platform that helps companies put customer experience at the centre of their operations. Its platform offers a variety of financial products and solutions, including banking, wallets, cards, credit and rewards.
Featurespace has established several partnerships this year. It recently teamed up with “connected commerce” company Diebold. The FinTech, which helps automate and digitise the way people bank and shop, will leverage Featurespace to provide financial institutions with an integrated payments solution that has real-time fraud detection and prevention.
Diebold Nixdorf executive vice president Joe Myers said, “Fraud management is a critical part of the payment’s ecosystem. By integrating the holistic solution into our Vynamic Payments platform, we can provide financial institutions with the most powerful and open technology to combat fraud and financial crime.”
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