Featurespace Announces HSBC as the Latest Global Bank Using its ARIC™ Platform to Combat AML and Fraud
LONDON, 03 September 2019
Featurespace announces that the ARIC platform has been selected by HSBC to support efforts to strengthen Anti-Money Laundering and fraud prevention in the insurance and retail fields respectively. HSBC joins a number of other prominent financial institutions in using Featurespace’s ARIC platform, including Worldpay, ClearBank and TSYS, among others.
These institutions are leveraging Featurespace’s Adaptive Behavioral Analytics and machine learning capabilities to monitor transactions, automatically detect anomalies in individual behavior, and prioritize alerts and predict future threats.
Martina King, CEO at Featurespace said; "In the fight against the ever-evolving threat of financial crime, collaboration is key. These firms’ application of our technology will help them in optimising the detection of suspicious activity, ultimately protecting their customers from the global impact of financial crime.”
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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 AML transaction monitoring, 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 HSBC - www.hsbc.com
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide across 67 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,558bn at 31 December 2018, HSBC is one of the world's largest banking and financial services organizations.