US payments powerhouse leverages Cambridge fraud-busting tech
A US-based global payments powerhouse is using machine learning technology from Featurespace in Cambridge in a collaboration designed to create next-generation detection.
Georgia-based, Wall Street-quoted TSYS had Featurespace on its mind when it wanted to add real-time fraud-busting capability to its huge international payments operations.
TSYS® unlocks opportunities in payments for payment providers, businesses and consumers. It operates in more than 80 countries through local offices across a network throughout the Americas, EMEA and Asia-Pacific.
Cambridge University spin-out Featurespace has become a global leader in adaptive behavioural analytics that reduces fraud for its clients with a revolutionary machine learning software platform – the ARICSM engine – that monitors every individual, one customer at a time, to deliver real-time decision capabilities.
Andrew Mathieson, group executive for the TSYS issuer product group, said: “TSYS’ collaboration with Featurespace aligns with our overall strategy of integrating with advanced, innovative technology partners to help our clients grow their business, reduce costs, and deliver an exceptional customer experience.
“We will incorporate these capabilities across the credit risk lifecycle, enabling our issuers to catch more fraudulent transactions while dramatically reducing false-positive alerts for genuine transactions – a sharp contrast to the industry paradigm of blocking more valid transactions in order to detect actual fraudulent activity.”
Featurespace CEO Martina King (pictured) added: “TSYS has a long-standing leadership position in authorisation processing and fraud management and we are excited to integrate our ARIC engine for TSYS’ clients. We are proud to be working with TSYS to deliver world-leading machine learning fraud protection and exceptional customer management to their clients.”
The collaboration with Featurespace is yet another example of TSYS’ partner-centric approach with new, innovative technology partners, particularly in the fraud and risk-management space.
Earlier this year, the US giant announced the TSYS Transaction Recovery NetworkSM, powered by Ethoca, to enable card issuers and e-commerce merchants to stop online fraud, recover lost revenue and eliminate chargebacks by providing merchants with immediate notification of confirmed fraud.
Headquartered in Cambridge UK, Featurespace has deployed ARIC to organisations in the UK, US and Europe serving over 180 countries. Customers include TSYS, Callcredit, Betfair, KPMG, Vocalink/Zapp, Camelot, and William Hill.
It provides the ARIC Fraud Hub to organisations in banking, payments, and gaming to spot new fraud attacks as they occur, reduce customer friction by reducing false fraud alerts and improve operational efficiencies in managing fraud, risk and compliance.