Featurespace, supplier of adaptive behavioral analytics technology, has launched a new PSD2-ready fraud solution to support banks and financial institutions.
With the impending September deadline, Featurespace has worked directly in contact with the financial services industry to develop and produce a solution that can be “quickly deployed.”
The companies aim is to simplify the “delivery of powerful fraud prevention technology that minimizes customer friction” in what is considered a “complex regulatory environment.”
Martina King, CEO, Featurespace, commented: “We have worked tirelessly with banks to build a tailor-made, compliant solution for the industry, which financial institutions can deploy quickly and be ready to protect their customers without increasing friction.”
Claimed to be an industry first, Featurespace’s real-time machine learning ARIC platform is now equipped with predefined PSD2-specific data feeds and configurations.
This includes the implementation of rules and adaptive behavioral analytics; the product is said to be able to reach enterprise-ready status within three months, with one organisation completing a two-day implementation through cloud delivery.
The ARIC platform, already employed by more than 20 major financial institutions, understands individual behavior characteristics in real-time to detect consumer anomalies and automatically decide which transactions to escalate to strong customer authentication.
Featurespace recently announced it is collaborating with email risk assessment specialists Emailage to tackle global application fraud.