Featurespace develops PSD2-ready fraud detection system
Featurespace has developed a fraud solution suited to meeting the requirements of PSD2 - the EU Payments Services Directive, which brings in new laws to improve consumer rights and enhance online security.
The Cambridge company says its ARIC platform, powered by real-time machine learning, is now equipped with predefined PSD2-specific data feeds and configurations, including rules and adaptive behavioural analytics.
Enterprise-ready in three months, the PSD2-ready ARIC platform has already been successfully deployed at many financial institutions, with one large organisation completing a two-day implementation through cloud delivery.
Martina King, CEO of Featurespace, said, “We have worked tirelessly with banks to build a tailor-made, compliant solution for the industry, which financial institutions can deploy quickly and be ready to protect their customers without increasing friction."
Featurespace, which won AI company of the year at the 2018 Cambridge Independent Science and Technology Awards, identifies fraud by detecting anomalies in consumer behaviour.