• Featurespace’s solution will give PAYSTRAX the tools to identify and manage fraud in merchant transactions across the UK and Europe.
  • From 2023 to 2027, merchants’ cumulative global losses in online payments due to fraud are expected to total $343 billion.

1st August 2024: PAYSTRAX, the payment processing solution for merchants across the EU and UK, has teamed up with global fraud and financial crime prevention company Featurespace to enhance security measures against fraudulent activities.

PAYSTRAX works with merchants across various industries and will utilize Featurespace’s Technology to analyze merchants’ transactional behavior. The solution identifies suspicious transactions, safeguarding PAYSTRAX from processing payments that contribute to fraud.

Research data published by Merchantsavvy shows that cumulative global losses in online payments due to fraud are expected to amount to $343 billion for merchants between 2023 and 2027. Money laundering remains one of the most significant contributors to losses to financial crime, with the United Nations Office on Drugs and Crime (UNODC) totaling up to $2 trillion USD, or up to 5% of global GDP.

PAYSTRAX has over 500 customers across the UK and the European Economic Area. It acquires merchants through trusted partner networks and collaborates with over 20 global partners. Focused on high technology, data security, and innovation, the company’s ethos aligns with Featurespace’s to provide value to its partners and merchants.

Featurespace’s Merchant Monitoring solution has been configured for PAYSTRAX to have real-time data analytics, allowing quick recalibration of rules to identify and prevent existing and new fraud forms. This functionality will help PAYSTRAX detect suspicious activity, identify a list of high-risk merchants, and provide relevant transactional scores. The solution also predicts fraud risk on each transaction, generating merchant alerts based on where the fraud occurs. Featurespace will provide ongoing consultancy support to PAYSTRAX as part of the partnership.

Featurespace’s multi-award-winning technology is proven to deliver results. For one Global Payments Processor, the solution minimized the risk of merchant fraud with proven results resulting in a 50% reduction in fraud losses and 81% fewer genuine transactions declined.

Wolfgang Specht, Head of Merchant Risk and Project Management at PAYSTRAX, adds:

“Featurespace’s solution provides unprecedented speed and accuracy of insight into merchant transactional behaviors and history, giving us peace of mind as we optimize our decision-making and the processing of genuine or fraudulent transactions.

With Featurespace, we can process data within minutes and quickly adapt to changing rules. Featurespace is an invaluable partner. Their technology will undoubtedly enhance our ability to support merchants in today’s real-time transaction landscape.“

Martina King, CEO at Featurespace, comments:

“We thank PAYSTRAX for their selection of Featurespace to support their fast-growth trajectory and meet the needs of their customers across the UK and Europe.  

 PAYSTRAX can now quickly, securely, and cost-efficiently protect the electronic payments of their merchants. In partnership we can identify and stop fraud and financial crime and make the world a safer place to transact.”   

-ENDS-

Media contact: [email protected]

About Featurespace

Featurespace is the world leader in enterprise technology that prevents fraud and financial crime. With a mission to make the world a safer place to transact, Featurespace helps banks and financial institutions protect customers, and reduce risk and business operating costs by providing industry-leading machine learning, fraud & financial crime prevention solutions via its award-winning ARIC™ Risk Hub.

Over 70 direct customers and 200,000 institutions have put their trust in Featurespace’s technology including HSBC, NatWest, TSYS, Worldpay, Contis, Danske Bank, Akbank, Edenred and Permanent TSB. Founded in 2008, and headquartered in Cambridge, UK Featurespace has a team of over 400, operating globally from seven locations.  

About PAYSTRAX

PAYSTRAX is an innovative Financial Technology company specializing in cutting-edge solutions for card payment transactions across the UK and Europe. Recognized for its expertise in tokenization, fraud prevention, and chargeback management, PAYSTRAX ensures merchants receive fast, secure, and cost-effective payment solutions, including multi-currency settlement and transaction management for POS terminals, e-commerce, m-commerce, and mail/phone orders.

Committed to innovation, PAYSTRAX provides scalable, cloud-based solutions tailored to meet the diverse needs of merchants. Empowering Payment Service Providers with efficient onboarding and a versatile product portfolio, PAYSTRAX is led by a team with extensive experience in the financial transaction industry. PAYSTRAX previously led a startup FinTech company to rank no. 106 on Inc. magazine’s 5000 Europe list of fastest-growing companies in 2016.