New Featurespace services will significantly enhance GPS’s existing real-time fraud prevention capabilities to reduce fraud throughout the payments journey
Global Processing Services, a leading global payments technology platform, announced it is partnering with Featurespace, the world’s leading provider of adaptive behavioural analytics for fraud detection and risk management, to create a market leading issuer processing fraud mitigation solution.
“Through this partnership, GPS will be able to provide an enhanced level of customer experience and increased security assurances, enabling their clients to focus on continued innovation and growth.”
GPS will incorporate Featurespace’s industry leading ARIC™ Risk Hub into its suite of fraud and risk management services globally. ARIC Risk Hub will further strengthen GPS’ fraud technology by improving fraud detection rates by over 70%, reducing false positives by 80%, and addressing fraudulent activity in real-time.
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GPS Fraud Advantage, powered by Featurespace, will be enhanced with the expansion of GPS’ Fraud Prevention Team, enabling its customers to fully monitor, action and manage fraud alerts throughout the payments process. GPS Fraud Advantage powered by Featurespace is expected to be available by mid-2023 with the phase one roll-out starting earlier in 2023.
“The sophistication and scale of payments fraud continues to evolve at a rapid pace making it one of the biggest risks in the payments industry today,” said Kevin Schultz, Chief Executive Officer, GPS. “Minimising payment fraud is a strategic priority for both GPS and our customers worldwide who put the protection of their cardholders’ accounts first.”
Schultz added: “This partnership with Featurespace is the first of many enhancements to our issuer payments capabilities that GPS will be announcing in the coming months. Our commitment to our customers is to provide a comprehensive range of industry leading payments services in a secure and reliable fashion to allow them to deliver on their business objectives.”
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Featurespace’s ARIC Risk Hub is an industry leading real-time fraud prevention tool chosen by many of the world’s leading cards and payments businesses to enable them to successfully guard against evolving fraud challenges and drive higher approval rates, whilst minimising false positive alerts. Using a combination of machine learning and artificial intelligence (AI), ARIC Risk Hub learns and adapts from each cardholders’ historical transactions to generate risk scores, alerts and actions on potentially fraudulent transactions.
“Our technology and the results our customers achieve are recognised as industry leading by those committed to fighting fraud and financial crime,” said Martina King, Chief Executive Officer, Featurespace. “Through this partnership, GPS will be able to provide an enhanced level of customer experience and increased security assurances, enabling their clients to focus on continued innovation and growth.”
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