Vantiv, now Worldpay, Inc. has formalized a partnership with Featurespace, a machine learning platform that makes real-time decisions based on behavioral data and predictive analytics, to power the company’s forthcoming Global Fraud Prevention Suite. Coupling Featurespace’s technology with Worldpay’s powerful data assets, including more than 40 billion annual global transactions, the new solutions will help combat fraud while achieving optimal authorization rates for merchants.
As merchants have shifted their businesses and strategies to meet their consumers’ demand for purchasing goods online, via their phones, while on the move, they have increasingly had to bolster their fraud fighting capabilities. Featurespace’s ARIC™ platform uses behavioral data to detect fraud attacks in real time, which has a two-fold effect: first saving the merchant money by reducing instances of fraud while also driving revenue by making sure genuine transactions are approved.
“Fighting fraud isn’t just about keeping out all the bad transactions; the right fight also has to ensure that the good transactions get through,” said Nicole Jass, vice president of data and fraud products at Worldpay. “Our new fraud solutions, powered by Featurespace, will leverage a unique combination of people, data and technology to help our merchants protect the payment experience so they can confidently push payment boundaries to best serve their customers.”
To learn more click here to read a recent interview Nicole Jass had with PYMNTS.com. The new solution is expected to be available later in 2018. To see if this solution may be right for your business please reach out to your Relationship Manager.