Featurespace's fraud detection and prevention software chosen by everis to protect banks in 16 countries
Featurespace’s machine learning technology will help to detect and prevent fraud at more banks across 16 countries following a deal with business consultancy everis.
The Cambridge company’s ARIC platform was selected by everis following a review of the solutions on the market.
Martina King, CEO of Featurespace, based in the Hauser Forum, said: “Fraud is one of the most prominent, ubiquitous challenges that banks around the world are facing, making everis' commitment to improve efficiencies and mitigate threats vital to the health of the industry.”
The ARIC platform uses machine learning to build and monitor behaviour profiles of customers in real-time. This enables it detect anomalies as they happen across all payment methods and channels, while also avoiding false positives.
Sergio Hermida, manager of digital banking at everis, which employs 21,000 people and had a turnover in the last fiscal year of 1,173 million euros, said: "The application of artificial intelligence in financial processes is still limited.
“Featurespace's machine learning solution is one of the most advanced on the market and allows us to offer our customers world-class technological tools for financial risk management and to significantly reduce transaction fraud."
The adaptive behavioural analytics software will be deployed across banks in countries including the UK, US, Spain, Italy, Mexico and Brazil to combat payments and account fraud. Created using technology invented at the University of Cambridge, is already in use in 180 countries, protecting some of the world’s largest banks, payment processors and merchant acquirers, and has been adopted in the betting industry.
Featurespace is the holder of AI Company of the Year from the 2018 Cambridge Independent Science and Technology Awards.