CAMBRIDGE, U.K., November 15, 2021 – In-Solutions Global Ltd (ISG), a pioneer in the payment card industry, is partnering with Featurespace, the leading provider of Enterprise Financial Crime prevention software, to safeguard customers across the Middle East, Africa and India from fraud and money laundering.
Through the partnership, acquirers, issuers and card scheme networks gain the ability to process, reconcile and settle billions of transactions annually through ISG’s versatile Genius and ISGPay platforms, with the added protection of Featurespace’s ARIC™ Risk Hub, built on Adaptive Behavioral Analytics.
“Vastly rising cases of fraud and scams have put the payments industry under pressure to maintain the security of transactions, whilst improving and augmenting the customer’s payment experience. ISG are delighted to announce that our partnership with Featurespace means that payment ecosystems across the Middle East, Africa and India will have the cutting edge protection afforded by the award-winning ARIC Risk Hub, which quickly analyzes the entire payment journey and accurately screens and flags up suspicious individual behavior in real time” said Peter Churchill, CEO International for ISG.
The ISG platform acts as a catalyst to simplifying operational complexities for financial institutions, supporting their transactions in a secure environment. With over 50 clients and a team of more than 1,500 experts, ISG has the requisite domain experience to provide clients with the most intuitive and up to date solutions.
Featurespace’s proprietary machine learning ecosystem is, therefore, painstakingly selected for its market leading performance in safeguarding customers from fraud and minimizing operational costs, while mainstreaming customer convenience. Cited as a fraud scoring market leader and having leading adaptive behavioral models and alert management capabilities, Featurespace’s ARIC Risk Hub meets jurisdictional transaction monitoring requirements for electronic payments and provides a holistic platform on which fraud capabilities can be expanded across several channels to provide a single view of the entire payment journey.
“Featurespace is currently experiencing record international growth as the business continues to provide real time fraud prevention in the era of increased online banking and digital payments. Partnering with ISG extends the safeguards that ARIC Risk Hub already offers to payments ecosystems around the world to ISG customers across the Middle East.” said Martina King, CEO at Featurespace.
Both ISG and Featurespace are committed to protecting people and organizations from the rising threats of fraud and financial crime. In our increasingly digital world, sophisticated criminal activity is taking advantage of individual vulnerabilities, exploiting weaknesses in our global financial infrastructure and generating huge personal and institutional losses.
According to PwC’s Global Economic Crime and Fraud Survey 2020, the aggregate worldwide cost of fraud was ‘an eye-watering US$42 billion’. ‘That’s cash taken straight off companies’ bottom line. And 13% of those who’d experienced fraud said they’d lost US$50 million-plus’.
A similar report from IBM recently revealed that the average costs in the Middle East totaled US$6.9 million, or circa AED25 million.
In Britain, a record £754 million ($1 billion, or AED3.6 billion) was stolen in the first six months of this year, up 30% from the same period in 2020, according to data from banking industry body UK Finance, and up more than 60% from 2017, when it first began compiling the figures.
About In-Solutions Global (ISG) – insolutionsglobal.com
Established in 2004, ISG is a fintech pioneer and trusted full service payments provider with operations across Africa, the Middle East and India. ISG partners with acquirers, issuers and card scheme networks processing, reconciling and settling 18 billion transactions annually.
ISG augments trust among participants within the payments ecosystem, including acquirers, issuers, networks, consumers and partners to facilitate frictionless and effortless e-commerce as they e-converse as part of a vibrant “virtu-real” economy.
An impeccable 17 year track record of dependability and dexterity has led to ISG being highly sought after by consumers, businesses and partners. We believe our technologies, including our new cloud based “Genius Payments-as-a-Service” and white label solutions, will continue to drive digital adoption in the most promising albeit nascent markets.
As a provider of technology, we help make the future of integrated payments, democratised financial services and digital life services come true, supporting communities, serving businesses and delighting consumers.
About Featurespace – featurespace.com
Featurespace™ is the world leader in Enterprise Financial Crime prevention for fraud and money laundering. Featurespace invented Adaptive Behavioral Analytics and Automated Deep Behavioral Networks, both of which are available through the ARIC™ Risk Hub, a real-time machine learning platform that risk scores events to prevent fraud and financial crime.
ARIC™ Risk Hub is relied on to catch new fraud attacks and identify suspicious activity in real-time by more than 70 major global financial institutions. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank, Akbank and Permanent TSB.