July 31, 2017
Mexico-based MIT partners with Featurespace to prevent payments fraud for merchants
Mercadotecnia Ideas y Tecnología (“MIT” – Marketing, Ideas, and Technology), the Mexico-based payments processor, has appointed Featurespace, the leading machine learning Adaptive Behavioural Analytics risk management software company.
Read the coverage in Finovate, Business Weekly, PayBefore, The Paypers and Banking Technology.
Featurespace will provide MIT with real-time merchant monitoring and protection to prevent fraud and reduce both chargebacks and false alerts.
MIT optimise 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 behaviour 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."
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©).
Featurespace™ is the world-leader in Adaptive Behavioural Analytics and creator of the ARIC™ platform, a machine learning software system developed out of the University of Cambridge.
Head quartered in Cambridge, UK, Featurespace has deployed ARIC to organisations that have services or products deployed in over 180 countries. Customers include TSYS®, Betfair, Vocalink Zapp, Camelot and William Hill.
The ARIC™ platform – a real-time, machine learning software system – monitors individual behaviours to catch new fraud attacks as they happen. The increased accuracy of understanding customer behaviour simultaneously reduces the number of genuine customers whose purchases and transactions are incorrectly declined – a solution that can save the payments industry $16bn annually.
For more, visit featurespace.co.uk
For more information please contact:
Head of Marketing
+44 (0) 1223 345921