Cambridge, U.K., Atlanta, Singapore – Featurespace and Monavate have partnered to embed the world-leading fraud and financial crime solution, ARIC™ Risk Hub, to full-service issuing platform Monavate One.
The partnership gives Monavate customers access to Featurespace’s fraud and Anti-Money Laundering (AML) services, direct from the platform. Featurespace’s ARIC Risk Hub will sit alongside a suite of complementary issuing services all within a single portal. The Monavate platform will provide card issuance, processing, IBANs, data analytics, card fulfilment and more for the E2E setup, launch and scaling of fintech-led card products.
ARIC Risk Hub’s self-learning technology gives Monavate the ability to apply adaptive machine learning models to identify fraud that standard rules-based systems would otherwise miss. Ease of implementation backed with Featurespace’s years of experience enables Monavate to jump ahead in their fraud strategy, and to add a next-generation fraud product to their core offering. With Monavate’s clients coming increasingly from leading-edge markets such as Crypto, NFT, and DeFi, equally innovative tech-led risk management is critical.
Scott Lucas, Monavate’s Chief Commercial Officer, commented, “With UK fintech investment reaching over US$37 billion last year, there’s no shortage of great ideas in market. Great ideas however, that are often burdened by complex and lengthy card program set-up, largely a result of a traditionally disjointed and segregated supplier ecosystem. By putting these services in a single platform, including Featurespace’s ARIC Risk Hub, we’re challenging the way card programs are setup, run and scaled.”
By unifying and simplifying this supplier landscape, Monavate is making card issuance smarter, simpler and faster than ever before.
“Monavate’s technology solves a number of operational problems for fast-growing fintechs and helps accelerate their market growth. We’re excited to partner with Monavate so that their customers get access to the very best fraud prevention technology” said Matt Mills, Featurespace’s Chief Commercial Officer.
The partnership unites two Cambridge born, European operating fintechs with high potential, both who pride themselves on their customer-centric approach, smart thinking and passionate teams. Monavate is the latest in a number of high potential businesses putting their trust in Featurespace’s technology. Cited as a fraud scoring market leader by eftpos and, having leading adaptive behavioral models and alert management capabilities by Permanent TSB, Featurespace’s ARIC Risk Hub not only meets the transaction monitoring requirements for electronic payments, as defined in the Payment Service Directive (PSD2), it also provides a platform on which fraud capabilities can be expanded across several channels to provide a single view of the entire payment journey.
According to KPMG, UK fintech investment increased from US$5.2 billion in 2020 to US37.3 billion in 2021 with fintechs being seen as strategically important for the UK’s economic growth. Total global investment in fintechs reached US$210 billion, with US$88 billion into the US, the largest global fintech sector.
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, AK Bank and Permanent TSB.
Monavate provides everything you need to set-up, launch, optimise and scale a card product, in a single place. We’ve replaced a traditionally fragmented, confusing supplier landscape, with a single, fully integrated platform that meets every issuing need.
Our fully managed end-to-end issuing platform has all the features you’d expect (BIN sponsorship, card issuance, fraud services, card bureau integration, data & analytics), plus a range of value-added issuing services from Credit-as-a-Service, IBANs and DeFi support.
Monavate is regulated by the UK Financial Conduct Authority as an e-money institution, and is a principal member of Visa, MasterCard and Discover.
Janine Michaels, Head of Marketing and Communications Operations
Chris Boyes, Head of Marketing