Retail
Diebold Nixdorf teams with Featurespace on fraud prevention in payments processing
October 20, 2022
Featurespace, a provider in enterprise financial crime prevention, has integrated its fraud prevention technology into Diebold Nixdorf's Vynamic Payments platform, according to a press release.
By partnering with Featurespace, Diebold Nixdorf can provide financial institutions a fully integrated payments solution with real-time fraud detection and prevention capabilities without the concern of managing multiple vendors.
Vynamic Payments is a cloud-native payments platform that allows the reuse of services across acquiring, processing and issuing domains, and has been deployed by financial institutions around the globe. The software's microservice architecture enables business agility and consumer experiences that bridge any channel, integration point, payment type or authentication method.
Featurespace solutions' real-time machine learning leverages only the necessary data from the authorization stream to deliver improved results without latency or large data integration projects and workloads. Its ARICTM Risk Hub, available for integration with Vynamic Payments using open APIs, enables customers to achieve the lowest false positive ratios for cards and payment models to improve fraud catch rates, reducing a bank's total cost of fraud.
The platform's adaptive behavioral analytics can automatically detect and prevent even the most sophisticated types of fraud and financial crime, according to the press release.
"Fraud prevention is a crucial element in any payment's modernization program," Martina King, CEO at Featurespace, said in the press release. "Through this partnership, financial institutions can protect every customer and transaction with ARIC Risk Hub innovations for transaction monitoring integrated into their transaction processing."
"By integrating the holistic solution into our Vynamic Payments platform, we can provide financial institutions with the most powerful and open technology to combat fraud and financial crime," Joe Myers, executive vice president of global banking at Diebold Nixdorf, said in the release.
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DIEBOLD NIXDORF
As a global technology leader and innovative services provider, Diebold Nixdorf delivers the solutions that enable financial institutions and retailers to improve efficiencies, protect assets and better serve consumers.
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