Today, Marqeta launched their new RiskControl solution, a comprehensive product suite, developed with Featurespace, to help card issuers better optimize their card programs and take control of end-to-end risk management. With global card payments and card fraud increasing annually, Marqeta have been hearing how the threat of fraud is consistently top of mind for their customers. RiskControl is designed to provide businesses with comprehensive risk, compliance, and fraud management capabilities, allowing them to focus on their business growth.
RiskControl is anchored by the introduction of a powerful new fraud management solution – Real-Time Decisioning – enabling card programs to develop fine-tuned transaction controls to help limit payment fraud. RiskControl also includes newly enhanced versions of Marqeta’s Know Your Customer (KYC) and Disputes products, alongside previously announced 3D Secure tool. The core products in RiskControl are designed to manage risk and compliance across the entire cardholder lifecycle, starting with customer onboarding and KYC, to payment transactions, through to the management of disputes.
A few customers already using RiskControl include Klarna, ConnexPay, Yonder and Branch, with Yonder being an early adopter of the newest Real-Time Decisioning solution. Real-Time Decisioning empowers companies to develop fine-tuned controls for card transactions from hundreds of data attributes – including card network risk scores – to help manage payment fraud. Developed in partnership with Featurespace, Real-Time Decisioning has already been rolled out in beta to select customers and is expected to be generally available later this year.
Featurespace Founder, Dave Excell said, “As one of the pioneers in the modern card payments market, Marqeta is driving growth in digital payment issuing and processing. Featurespace’s mission is to protect the entire payment journey and we’re delighted that our technology has been chosen by Marqeta to help power their Real-Time Decisioning engine. Through our partnership, Marqeta can continue to break barriers in the payments industry while knowing it has made major advancements in the management of risk exposure.”
Marqeta’s RiskControl offering enables users to take their risk management to the next level. Customers will have full control of the card program by gaining real-time insights and building controls tailored to cardholders. RiskControl aims to overhaul the old-fashioned way of doing risk management and implement an innovative, end-to-end solution built for risk teams managing card programs.