Mexico-based MIT partners with Featurespace to prevent payments fraud for merchants

31st July 2017

Mercadotecnia Ideas y Tecnología (“MIT” – Marketing, Ideas, and Technology), the Mexico-based payments processor, has appointed Featurespace, the leading machine learning Adaptive Behavioral Analytics risk management software company.

Read the coverage in FinovateBusiness Weekly and The Paypers.

Featurespace will provide MIT with real-time merchant monitoring and protection to prevent fraud and reduce both chargebacks and false alerts.

MIT optimize and secure payment channels for merchants by facilitating the handling of card transactions across all sales channels, with high security and availability.

Featurespace’s real-time, machine learning ARIC platform detects anomalies in individual behavior for fraud and risk management.

The ARIC platform will provide MIT with monitoring capabilities and market-leading risk visibility across its merchant portfolio for increased fraud detection, reduced false alerts, and increased transaction acceptance.

MIT services 17,000 merchants with more than 80,000 points of sale throughout Mexico.

Juan Carlos Viramontes, MIT CEO, commented:

“The growth in fraud, as well as the sophisticated forms that attacks take, forces payments ecosystem participants to seek innovative and disruptive solutions to reduce fraud and make manual processes more efficient, without sacrificing customer experience.

“MIT strives to offer its clients cutting-edge technology. Recognizing that fraud prevention and its techniques are constantly evolving, MIT has selected Featurespace as its business partner so that the ARIC platform’s adaptive behavioural analytics can reduce fraud and increase customer approval.”

Martina King, Featurespace CEO, commented:

“Card fraud is a growing issue across the world and poses a serious threat to merchants, which is why we are delighted to be working with MIT to protect their customers from fraud.

“This is a great example of how our machine learning technology can be seamlessly integrated into systems across any geography.”

 


About MIT – http://www.mitec.com.mx/en/

MIT is a leader in payment solution services, servicing 17,000+ small-to-large sized customers in Mexico, in a variety of industries including retail, hospitality and government, with more than 80,000 connected points of sale with 10 million of transactions monthly.

MIT has developed its own payments engine to serve its core solution, known as CENTRO DE PAGOS, in addition to specific products for business segments including restaurants, schools and SMEs.

Founded in 2004, after thirteen years, MIT accomplished 500 million of processed transactions. MIT provides an innovative approach for its solutions, combined with payment experience, specialized personnel and value-added functionality to aid companies to improve operations efficiency. The company’s main differentiator is offering a complete set of additional services, including multichannel payments, fraud prevention and charge back management (eGestor©).

About Featurespace – www.featurespace.com

Featurespace™ is the world leader in Enterprise Financial Crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and created the ARIC™ platform, a real-time machine learning software that risk scores events in more than 180 countries to prevent fraud and financial crime.ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. More than 30 major global financial institutions are using ARIC to protect their business and their customers. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank and Permanent TSB.

For further information, please contact:

Featurespace
Michael Touchton, U.S. Marketing Manager
[email protected]
+1 (423) 364-5491