LONDON – Featurespace announced that Ireland-based Permanent TSB, a provider of retail banking, mortgage, insurance, and other financial services, will deploy the Featurespace ARIC™ platform to help the bank comply with the forthcoming regulatory requirements of PSD2, which comes into effect in 14 September 2019 and mandates stronger customer authentication practices and fraud reporting.
The Featurespace ARIC Risk Hub uses machine learning and Adaptive Behavioral Analytics to build and monitor individual behavioral profiles for customers in real time, detecting anomalies and preventing fraud across all payment methods and channels.
“Identifying genuine behavior of our customers is essential and as the sophistication of fraud attacks within the industry increase, having the most advanced risk detection and fraud prevention tools is paramount in providing protection for our customers, providing better customer journeys and assisting in the bank’s continued success, “ said Kevin Curley, Head of Payments and Fraud at Permanent TSB. “With leading adaptive behavioral models and alert management capabilities, the ARIC platform will provide us with a solution that is capable of unprecedented real-time decisioning, enhancing our capability to prevent and detect fraud and to ensure regulatory alignment.”
“Permanent TSB is our very first Irish bank client and we’re delighted in its selection of the ARIC platform,” said Martina King, CEO of Featurespace. “There has never been more scrutiny on banks to protect customers and deliver a frictionless experience. Equipped with advanced risk review and decisioning, Permanent TSB reaffirms their status as a leader in the industry and for real-time fraud prevention and detection.”
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, including 4 of the 5 largest banks in the UK. Publicly announced customers include HSBC, TSYS, Worldpay, RBS NatWest Group, Contis, Danske Bank, ClearBank, Permanent TSB and Betfair.
For further information, please contact:
Michael Touchton, U.S. Marketing Manager
+1 (423) 364-5491