Contis Establishes PSD2-Ready, Automated Fraud Detection in Record Time with Featurespace
Three-month enterprise, on-premise deployment of the ARIC™ Fraud Hub
LONDON, 31st July 2019 – Featurespace, the leading provider of Adaptive Behavioral Analytics for fraud detection and risk management, announced the seamless, 92-day, on-premise enterprise delivery of its ARIC Fraud Hub with Contis, an award-winning banking, payments and processing solution provider.
Contis selected Featurespace's ARIC Fraud Hub in late 2018 to detect and prevent transactional fraud in real-time and began its integration in January 2019. Within three months, Featurespace and Contis completed deployment and training within Contis' existing fraud prevention environment and is now detecting fraud for authorized push payments in real-time. The integration also readies Contis for elements of the second Payment Services Directive (PSD2), which is set to take effect in September 2019.
“The level of our teams’ collaboration is among the best I've ever seen. Record-breaking enterprise, on-premise deployment requires exceptional technologists and teamwork. It’s good to know we can support our clients through the fraud protection and preparation required ahead of legislative change." said Martina King, CEO of Featurespace.
Flavia Alzetta, CEO of Contis, said, "From the onset, Featurespace's team showed why the company is a leader in fraud detection with unmatched expertise and mature technological capabilities." She continued, "Their first-class training and ongoing responsiveness and support ensured cohesion across all teams, enabling us to better protect our banking and payments clients and keep them ahead of criminals."
King continued, “This three-month delivery is a testament to our shared determination to make the banking and payments safer and faster, and we couldn't be more pleased.”
About Featurespace – www.featurespace.com
Headquartered in the U.K. and U.S. and with offices in Atlanta, Cambridge and London, Featurespace™ is the world-leader in fraud prevention and creator of the ARIC™ platform, a real-time AI machine learning software that risk scores events in more than 180 countries.
The ARIC platform combines adaptive behavioural analytics and anomaly detection to automatically identify risk and catch new attacks as they happen. The increased accuracy of understanding behaviour strikes the balance between improving fraud and risk detection and operational efficiencies, while also reducing the number of genuine transactions that would be incorrectly declined due to traditional rules by as much as 70 percent.
About Contis – www.contis.com
Contis is a leading provider of award-winning, end-to-end, banking, payments and processing solutions. Founded in 2008 by Peter Cox, Contis’ proprietary, scalable platform manages both bank and Visa payments in real-time through a single account. One of the FT1000: Europe’s Fastest Growing Companies for two years in a row (2018, 2019). Contis has offices in the UK, Lithuania and India providing modular banking solutions to third parties, in addition to a number of branded and white-label banking products, offering full current account capability. Contis benefits from a full license suite, including FCA and BoL e-money Licences covering the EEA, and is a Principal Visa member with sponsorship capability.