- Global Processing Services (GPS) has partnered with Featurespace to launch a new issuer processing fraud mitigation solution.
- The new offering, GPS Fraud Advantage, will leverage Featurespace’s ARIC Risk Hub to provide real-time fraud threat protection.
- Featurespace made its Finovate debut at FinovateEurope in 2016. The Cambridge, U.K.-based company was founded in 2008.
Global Processing Services (GPS) announced a partnership with Finovate alum Featurespace to create a new issuer processing fraud mitigation solution. GPS will integrate Featurespace’s ARIC Risk Hub into its suite of fraud and risk management services.
The new solution will manage fraud threats in real-time, boosting fraud detection rates by more than 70%, and reducing false positives by 80%. Named GPS Fraud Advantage and powered by Featurespace, the technology is expected to go live in mid-2023. The new offering will benefit from the expansion of GPS’ Fraud Prevention Team, providing comprehensive monitoring and management of fraud alerts throughout the payments process.
“Our technology and the results our customers achieve are recognized as industry leading by those committed to fighting fraud and financial crime,” Featurespace CEO Martina King said. “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.”
Featurespace’s technology provides real-time fraud prevention for cards and payments businesses against emerging fraud challenges. The company’s ARIC Risk Hub leverages machine learning and artificial intelligence to learn from and adapt to the cardholders’ historical transactions to provide risk assessments and alerts when potentially fraudulent activity is suspected. The solution helps businesses achieve higher approval rates while simultaneously minimizing false positives.
Founded in 2008 and headquartered in Cambridge, U.K., Featurespace made its Finovate debut at FinovateEurope 2016. Of late, the company announced that it was embedding its fraud prevention technology in the platform of U.K.-based payments services provider Equals. Featurespace also reported recently that it was helping regtech Vital4 with enhanced watchlist screening. Since inception, Featurespace has protected 500 million consumers, processed more than 50 billion events a year, and blocked 75% of fraud attacks in real-time, with a false positive ratio of 5:1.
With investors including Insight Partners, Future Fifty, and TTV Capital, Featurespace has raised more than $107 million in funding.
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