London, United Kingdom:
Global Processing Services (“GPS”), a main international funds expertise platform, at this time introduced it’s partnering with Featurespace, the world’s main supplier of adaptive behavioural analytics for fraud detection and danger administration, to create a market main issuer processing fraud mitigation answer.
GPS will incorporate Featurespace’s trade main ARIC™ Risk Hub into its suite of fraud and danger administration providers globally. ARIC Risk Hub will additional strengthen GPS’ fraud expertise by enhancing fraud detection charges by over 70%, decreasing false positives by 80%, and addressing fraudulent exercise in real-time.
GPS Fraud Advantage, powered by Featurespace, will probably be enhanced with the growth of GPS’ Fraud Prevention Team, enabling its clients to totally monitor, motion and handle fraud alerts all through the funds course of. GPS Fraud Advantage powered by Featurespace is anticipated to be obtainable by mid-2023 with the section one roll-out beginning earlier in 2023.
“The sophistication and scale of payments fraud continues to evolve at a rapid pace making it one of the biggest risks in the payments industry today,” mentioned Kevin Schultz, Chief Executive Officer, GPS. “Minimising payment fraud is a strategic priority for both GPS and our customers worldwide who put the protection of their cardholders’ accounts first.”
Schultz added: “This partnership with Featurespace is the first of many enhancements to our issuer payments capabilities that GPS will be announcing in the coming months. Our commitment to our customers is to provide a comprehensive range of industry leading payments services in a secure and reliable fashion to allow them to deliver on their business objectives.”
Featurespace’s ARIC Risk Hub is an trade main real-time fraud prevention instrument chosen by a lot of the world’s main playing cards and funds companies to allow them to efficiently guard towards evolving fraud challenges and drive greater approval charges, while minimising false optimistic alerts. Using a mixture of machine studying and synthetic intelligence (AI), ARIC Risk Hub learns and adapts from every cardholders’ historic transactions to generate danger scores, alerts and actions on doubtlessly fraudulent transactions.
“Our technology and the results our customers achieve are recognised as industry leading by those committed to fighting fraud and financial crime,” mentioned Martina King, Chief Executive Officer, Featurespace. “Through this partnership, GPS will probably be in a position to present an enhanced stage of buyer expertise and elevated safety assurances, enabling their purchasers to give attention to continued innovation and progress.”
-ends-
View supply model on businesswire.com: https://www.businesswire.com/news/home/20221018005117/en/
