Icon Solutions partners with Featurespace to provide instant payments real time fraud protection
London, 6 February 2017, Icon Solutions the specialist provider of instant payments technology, has today announced that it is partnering with Featurespace, the world’s leading supplier of Adaptive Behavioural Analytics technology.
ARIC™, Featurespace’s advanced machine learning platform, detects anomalies in individual behaviour to spot new fraudulent activity in real time. Featurespace’s platform will allow Icon’s Instant Payment Framework (IPF) customers to monitor their data in real time and can reduce genuine transactions declined by over 70% and manual processing by over 50%.
Featurespace’s ARIC platform complements IPF’s software as both are specifically designed for real-time processing.
Icon’s IPF software solves many of the fundamental problems that banks face when delivering 24×7 instant payments. It simplifies the orchestration and integration with back office systems while also providing a state-of-the-art automated testing environment.
One of the key challenges facing banks when connecting to an instant payments network is how to detect payment fraud during transaction processing. With the increased volume in transaction processing accompanying a move to instant payments, fraud control and automation of manual tasks are key factors in the success of instant payments systems.
According to data from InstaPay, there are currently 24 live instant payments schemes globally, with another 19 in the planning phases.
“IPF is designed to be a responsive and flexible solution to the quest for 24×7 instant payments. Featurespace’s advanced ARIC™ platform, which detects anomalies in behaviour for fraud and risk management, is the perfect companion to IPF” said Tom Hay, Head of Payments, Icon. “Working with Featurespace ensures seamless access to the most sophisticated fraud and customer management platform on the market.”
“The combination of Icon and Featurespace’s advanced automation systems is an exciting proposition for banks in the move to instant payments” said Martina King, CEO Featurespace. “It will enable them to seamlessly integrate with instant payment schemes globally, and to spot and block fraud attacks on the scale needed when processing payments in real time.”
CCgroup for Icon Solutions
T: +44 203 824 9200
Head of Marketing • Featurespace
+44 (0) 7841 206976
About Icon Solutions
Icon is an independent award winning IT payment consultancy and specialist technology provider serving global financial institutions. From IT strategy, architecture and design, to project delivery and software development, Icon enables institutions to rapidly capitalise on the latest innovative technology and market drivers to reduce costs, boost revenues, and ensure compliance with regulatory and industry standards.
Icon’s critical advantage is having the combination of consultancy skills, project delivery experience and a deep expert knowledge of both technology and the financial services domain, evidenced by longstanding client relationships with global blue chip clients.
Instrumental in helping financial institutions efficiently deploy Faster Payments services in the UK, Icon’s world class advisory team has a proven track record and unparalleled payments knowledge.
To find out more, visit: www.iconsolutions.com
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 Betfair, Camelot, William Hill, and TSYS, the largest third-party processor of Visa® and MasterCard® credit cards in the U.S.
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.
To find out more, visit www.featurespace.com