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Featurespace Experiences Record Growth as Real-Time Fraud Prevention Becomes Business Critical

Featurespace, the provider of Enterprise Crime Prevention software, is experiencing record international growth as the business continues to provide real-time fraud prevention in the era of increased online banking and digital payments. 

So far this year, 68 new companies have selected Featurespace’s technology to deliver an enhanced level of fraud and risk management. These include: eftpos, the Australian debit card payment system; a large Irish financial services company; a major Nigerian payments and switch services provider; and multiple banks across the US and Europe.

“Financial institutions are putting their trust in Featurespace as they undertake significant digital transformations to reduce their market share of fraud and protect their customers,” said Martina King, CEO of Featurespace. “ARIC Risk Hub is designed exactly for this task, providing banks and financial institutions with a single customer view across the entire payment journey, accurately predicting individual behaviour in real-time and automatically recalculating risk, despite shifts in data flows.” 

Featurespace’s growth aligns with the need for banks to ensure they have the best technology in place to deal with new types of fraud and scams that target online and mobile channels. The recent and rapid shift in consumer behaviour to online and card not present transactions has accelerated forward-thinking financial institutions’ digital transformation plans. This includes upgrading fraud and financial crime programs to provide better protection against increasingly sophisticated attacks, as well as reducing the cost of regulatory compliance.

Proven best in class analytics and a unique customer culture are declared as the primary reasons for selection in nearly all competitive tenders won by Featurespace so far this year. 

Featurespace’s proprietary machine learning ecosystem is consistently selected for its market-leading performance in safeguarding customers from fraud and minimising operational costs, while also protecting customer experience. Cited as a fraud scoring market leader by eftpos and, having leading adaptive behavioural models and alert management capabilities by Permanent TSB, Featurespace’s ARIC Risk Hub not only meets the transaction monitoring requirements for electronic payments, as defined in the Payment Service Directive (PSD2), it also provides a platform on which fraud capabilities can be expanded across several channels to provide a single view of the entire payment journey. 

Increased demand for Featurespace’s ARIC Risk Hub comes after the latest version of the software was announced this month. ARIC Risk Hub v3.19 includes stronger case management, addressing the need for anti-money laundering teams to streamline their investigations and ensure full auditability for regulators. ARIC Risk Hub provides enhanced opportunities for financial institutions to interrogate and apply the same complex sets of data in milliseconds for use by both fraud and anti-money laundering teams. 

Alongside significant business wins, Featurespace has received global recognition from reputable industry organisations such as Aite-Novarica Group, Forrester, FStech and Finovate. Featurespace will be presented the Queen’s Awards for Enterprise – International Trade by HM Lord-Lieutenant of Cambridgeshire on 23 September 2021. 

The Featurespace team will be active at Money20/20 Europe in Amsterdam, September 21- 23.

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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