Featurespace™, the leading provider of Enterprise Financial Crime prevention software, announced that Play Digital, the new fintech created by Santander, Galicia and BBVA, has chosen its ARIC™ Risk Hub to protect its new payments platform MODO from fraud. This is a new digital payment solution endorsed by more than 30 public, private and cooperative banks that marks an unprecedented milestone in Argentina.
The platform is free to use and facilitates QR code payments and transfers between customers via smartphone, without requesting the bank identification number. Following a thorough evaluation of fraud solutions, MODO selected the ARIC Risk Hub for its fraud detection and prevention capabilities and flexibility, as well as Featurespace’s reputation, references and responsiveness.
Rafael Soto, CEO of MODO, said: “Cash is no longer king, and we want to give banking customers the freedom and convenience to make payments more easily. Keeping these customers safe from fraudsters is a vital part of the transition to online payments and Featurespace’s solution proved the best in class for preventing such activity.”
Powered by Adaptive Behavioral Analytics, a Featurespace invention, ARIC Risk Hub is an award-winning fraud detection and financial crime prevention platform with fully adaptive machine learning models that deliver real-time transaction monitoring for fraud and financial crime. This allows banks and payment providers to spot more fraud and suspicious activity as it happens, while also reducing the number of genuine transactions declined.
Martina King, CEO of Featurespace, added: “The adoption of instant payments across Latin America is growing considerably and the pandemic has accelerated this. We have seen various initiatives from central banks across Latin America, such as PIX in Brazil and CoDi in Mexico, which are catering for this demand. MODO and its participating banks are at the forefront of instant payments innovation, while also demonstrating that fraud prevention and customer protection is a top priority.”
With MODO and the technology put at the service of people, Argentina consolidates the digital transformation of the financial industry.