To support IATA’s mission to be a proactive, customer-centric services provider for airlines, they collaborated with Featurespace to deliver a solution for advanced global fraud detection across their network.
Challenge
In 2019, IATA members had 2.9 billion total passengers – of which 1.3 billion were travelling internationally. That is a total of 7.9m passengers per day.
IATA launched their New Generation of IATA Settlement Systems (ISS) to deliver faster, safer and more cost-effective and relevant financial settlement services and solutions to airlines and travel agents that rely on the IATA Settlement Systems (ISS).
For airlines, NewGen ISS means faster settlement, safer funds and a lower cost of distribution. For travel agents, NewGen ISS offers more personalized products and services, enhanced customer support and more cost-effective solutions. IATA chose the Featurespace Platform as their central, cloud-based, risk-hub solution to support the NewGen ISS service.
Solution
The Featurespace Platform processes 4.5 million events daily for IATA to spot and stop fraud and identify risky behavior. Today, the Featurespace Platform helps IATA achieve their goal of being a proactive, customer-centric, value-added services provider by safeguarding $348bn annual global sales in real time across over 180 countries.
“IATA has a fundamental responsibility to protect the financial systems that make today’s integrated global air transport network possible. Safer selling is a key component of IATA’s NewGen ISS programme and this agreement with Featurespace will provide IATA’s customers with an additional layer of security.”
Nigel LeeChief Customer Officer, Ingenico
Result
The implementation of the Featurespace Platform at IATA, known as their Risk Monitoring Engine (RME), analyses real-time risk associated with possible fraud through for example ticket sales, and includes:
- Monitoring and reducing risk related to fraud, including non-settlement of funds
- Real-time debit card and payments monitoring of ticket sales
- Providing Remittance Holding Capacity (RHC) alerts based on individual Open Cash Position
- GoGlobal accreditation – accreditation process for travel companies to comply with a single set of global finance requirements
For IATA, the the Featurespace Platform is:
- Live in 120 countries
- Monitoring 95% of the world’s travel agent airline ticket card sales for fraud detection and prevention
- Risk scoring and protecting over 216M transactions a year
Featurespace and IATA continue to work together on next steps to continually improve their Risk Monitoring Engine, including building an Early Detecting System to further monitor fraud.
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