Enfuce, a leading card issuing and processing company, has been recognized by Celent for its embedded payment fraud prevention practices and its Card as a Service (CaaS) offering. Enfuce received a Model Risk Manager award from Celent, a global research and advisory firm for the financial services industry.

The annual Model Risk Manager Awards by Celent acknowledge the best practices in technology usage for risk management. Enfuce‘s nomination underwent a rigorous evaluation process by Celent analysts, who assessed the degree of innovation, technology or implementation excellence, and demonstrable business benefits.

Enfuce, led by co-founders and co-CEOs Monika Liikamaa and Denise Johansson, offers an agile alternative to traditional issuer processing platforms. Its technology supports various card programs, including debit, credit, prepaid, fleet and fuel cards, and digital wallets.

Enfuce stands out as the first company in the world to fully migrate card issuing to the cloud. With its turnkey CaaS model and comprehensive regulatory compliance, it provides organizations with a streamlined solution for card issuance. Since its launch in 2016, Enfuce has processed nearly €2 billion in transactions annually for over 16 million active card users.

The award recognizes Enfuce’s innovation in embedded fraud prevention for its CaaS solution through the use of ARIC Risk Hub, an anti-money laundering technology developed by Featurespace. ARIC Risk Hub allows Enfuce to monitor and score complex payment types and non-monetary events at an enterprise level, ensuring efficient risk management without hindering transactions.

Enfuce incorporated ARIC Risk Hub into its CaaS solution within just six months, meeting its speed-to-market goals and effectively managing the risk associated with outbound and inbound payments. The technology enables Enfuce to provide excellent customer experience, low false positives, speedy onboarding for new customers, and compliance with regulatory requirements.

By leveraging ARIC Risk Hub’s machine learning models and adaptive behavioral analytics, Enfuce gains a better understanding of genuine customer behavior and can identify suspicious transactions, even when customers have authenticated themselves but may be victims of scams. Since implementing ARIC Risk Hub, Enfuce has achieved impressive metrics, including scoring over 2 million transactions per month, an average fraud detection rate of 99.44%, and an average fraud basis point of 0.67, which is remarkably lower than industry averages.

Enfuce’s commitment to fraud management and its comprehensive services have earned it recognition in the financial industry. The company’s CaaS offering, combined with its compliance expertise and anti-fraud capabilities, has positioned Enfuce as a trusted partner for businesses worldwide. By prioritizing secure and seamless payment options, Enfuce aims to build customer trust and loyalty.

This recent award is a significant milestone for Enfuce, following its successful Series C funding round of €45 million from Vitruvian Partners, a global investment firm. With a growing list of partnerships and its expertise in card issuance and embedded payment services, Enfuce continues to establish itself as a preferred choice in the B2B and B2C sectors.

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