- International Processing Providers (GPS) has partnered with Featurespace to launch a brand new issuer processing fraud mitigation answer.
- The brand new providing, GPS Fraud Benefit, will leverage Featurespace’s ARIC Threat Hub to offer real-time fraud risk safety.
- Featurespace made its Finovate debut at FinovateEurope in 2016. The Cambridge, U.Ok.-based firm was based in 2008.
International Processing Providers (GPS) introduced a partnership with Finovate alum Featurespace to create a brand new issuer processing fraud mitigation answer. GPS will combine Featurespace’s ARIC Threat Hub into its suite of fraud and danger administration providers.
The brand new answer will handle fraud threats in real-time, boosting fraud detection charges by greater than 70%, and decreasing false positives by 80%. Named GPS Fraud Benefit and powered by Featurespace, the know-how is anticipated to go stay in mid-2023. The brand new providing will profit from the enlargement of GPS’ Fraud Prevention Crew, offering complete monitoring and administration of fraud alerts all through the funds course of.
“Our know-how and the outcomes our clients obtain are acknowledged as trade main by these dedicated to preventing fraud and monetary crime,” Featurespace CEO Martina King mentioned. “Via this partnership, GPS will be capable to present an enhanced stage of buyer expertise and elevated safety assurances, enabling their purchasers to concentrate on continued innovation and development.”
Featurespace’s know-how gives real-time fraud prevention for playing cards and funds companies in opposition to rising fraud challenges. The corporate’s ARIC Threat Hub leverages machine studying and synthetic intelligence to study from and adapt to the cardholders’ historic transactions to offer danger assessments and alerts when probably fraudulent exercise is suspected. The answer helps companies obtain greater approval charges whereas concurrently minimizing false positives.
Based in 2008 and headquartered in Cambridge, U.Ok., Featurespace made its Finovate debut at FinovateEurope 2016. Of late, the corporate introduced that it was embedding its fraud prevention know-how within the platform of U.Ok.-based funds providers supplier Equals. Featurespace additionally reported not too long ago that it was serving to regtech Vital4 with enhanced watchlist screening. Since inception, Featurespace has protected 500 million shoppers, processed greater than 50 billion occasions a 12 months, and blocked 75% of fraud assaults in real-time, with a false constructive ratio of 5:1.
With traders together with Perception Companions, Future Fifty, and TTV Capital, Featurespace has raised greater than $107 million in funding.
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