TSYS and Featurespace to Provide New Fraud Fighting Solution, Foresight Score

 

Courtesy of its partnership with FeaturespaceTSYS had added new fraud prevention capabilities to its suite of risk and fraud offerings. The new solution, TSYS Foresight Score, leverages Featurespace’s machine learning technology and adaptive behavioral analytics platform, ARIC, to better fight fraud and reduce false positives. The tool is the product of an agreement to work together the companies announced more than a year ago.

Featurespace CEO Martina King pointed to ARIC’s particular effectiveness against transactional card fraud, adding that the combination of Featurespace’s technology and TSYS’ “industry experience and robust client base” would give TSYS Foresight Score “tremendous potential in the fight against fraud.” TSYS president and COO Pam Joseph said the tool would also help “increase revenue and improve operational efficiency. In the press release accompanying the announcement, TSYS cited a Nilson Report that put total fraud losses by FIs and merchants on payment cards at more than $21 billion in 2015 and on track to reach $31 billion by 2020.

TSYS Foresight Score pledges a 20% increase in overall fraud detection ability, a 35% increase in CNP (card not present) fraud detection, and a 79% gain in high-ticket transaction fraud detection. What makes the tool unique is its self-learning technology, which enables it to become better and more precise in detecting and stopping fraudulent transactions with increased use, and its ability to anticipate and score customer behavior in real-time. With Featurespace’s Bayesian-based statistical modeling, TSYS Foresight Score provides a strong compliment to traditional, consortium-based, anti-fraud approaches such as FICO scores and even TSYS’s own fraud detection solution, Falcon. ForeSight Score will be available to TSYS customers via the TSYS CardGuard ecosystem.

Featurespace Commercial Director Matt Mills demonstrated ARIC Fraud Manager at FinovateFall 2016. Headquartered in Cambridgeshire, U.K., the company was named to FinTechCity’s FinTech50 for 2017. This spring, Featurespace teamed up with digital family banking platform, goHenry, and partnered with merchant payment solution specialist, CashFlows. Featurespace has raised more than $16 million in funding, including a venture round in June. The company includes TTV Capital, Nesta Ventures, Imperial Innovations, Cambridge Capital Group, and Cambridge Angels Group among its investors. Martina King is CEO.

TSYS demonstrated its Authorization Controls at FinovateAsia 2013. Founded in 1983 and headquartered in Columbus, Georgia, TSYS announced an extension of its partnership with Tesco Bank last month and in May, enabled tokenization across its commercial card platforms in North America. TSYS began the year with news that both Avanzia Bank and BBVA were renewing their card and payments agreements with the company. Trading on the NYSE under the ticker, “TSS,” TSYS has a total market capitalization of more than $10 billion.

 

Finovate Alumni News

On Finovate.com

  • TSYS and Featurespace to Provide New Fraud Fighting Solution, Foresight Score.
  • Holy Transatlantic Transactions! Vantiv to Merge with Worldpay in $10 Billion Deal.

Around the web

  • Kashoo celebrates earning the #2 spot in PC Mag’s accounting software ranking.
  • BancPass, makers of the PToll app, hire John Freund as President.
  • Capsilon partners with Optimal Blue to enhance its mortgage PoS solutions.
  • International Business Times quotes Finicity co-founder Nick Thomas.
  • Flybits CEO Hossein Rahnama named to Canada’s Top 40 Under 40 for 2017.
  • Pendo Systems CEO Pamela Pecs Cytron discusses extracting insights from unstructured data at MarketWatch.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Cardlytics Closes $12 Million Round.
  • Payfone to Power Mobile ID Authentication for Zelle.

Around the web

  • PayNearMe facilitates $1.6M in child support payments for the state of Michigan.
  • TSYS partners with Featurespace to deliver real-time decision capabilities.
  • Expensify and Bill.com deepen integration for shared clients.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

European Alums Shine in FinTechCity’s FinTech50 2017

Less than a week before FinDEVr London 2017, we’ve learned that fifteen of the companies selected by FinTechCity for this year’s FinTech50, a list of top European fintechs, are alums of Finovate and FinDEVr conferences. This is up from last year, when 13 alums who made the list. last year’s list. Six of the companies on the 2017 roster are making repeat appearances: BehavioSec, Fenergo, Kantox, Mambu, Meniga, and Revolut.

Eight of the alums in the FinTech50 are headquartered in the U.K., three hail from Germany, two from Switzerland and one each from Ireland and Sweden. The judges for the FinTech50 are a panel consisting of 60 financial services professionals from banking, payments, venture capital, and public policy-making, among other relevant fields.

2017 marks the fifth year that FinTechCity has produced its roster of the most innovative fintech companies headquartered in the U.K. and Europe. The list is designed to focus on the technology innovations each company has developed rather than the amount of money the companies have made from their technologies.  In a statement at the FinTechCity website, the organization explains the sole criteria for inclusion in the FinTech50 as “the potential to become a game-changer or the competitive staying power to continue being one.”

Here are our winning alums for 2017.

Check out the full 2017 roster. FinTechCity also honored ten fintech startups in an honorable mention category, Hot Ten 2017. Ten companies have also been recognized as the founding members of the FinTech50 Hall of Fame, including Finovate/FinDEVr alums Currencycloud, eToro, Klarna, Nutmeg, TransferWise, and Zopa. Founded by Julie Lake (CEO) and Nicky Cotter, FinTechCity will also unveil the inaugural FinTech50 Asia later this year.

Finovate Alumni News

On Finovate.com

  • Digitization, Data, and Automation: A Look at Tech Trends Driving MorgageTech.
  • The Way to San Jose: FinovateSpring 2017 Begins This Week.

Around the Web

  • Roostify taps former Appfluent Technology CEO Frank Gelbart as new Chief Revenue Officer.
  • Fraud prevention innovator Featurespace partners with UK digital family banking solution, goHenry.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Finovate Alumni News

On Finovate.com

  • Coinbase Launches Open Source Ethereum Wallet to Promote Financial Inclusion.

Around the web

  • Expensify partners with TravelPerk to make business travel easier.
  • Bento for Business welcomes Lou Friedmann as Chief Revenue Officer.
  • Featurespace’s ARIC platform to power fraud prevention for GoHenry.
  • BBVA and Ripple complete blockchain cross-border money transfer pilot.
  •  Larky to power location-based perks platform for Sharetec’s CU clients.
  • Icon Solutions enhances Instant Payments Framework (IPF) to connect to The Clearing House for US Real-Time Payments.
  • Walletron helps Transactis grow its electronic billing and payments service, BillerIQ.
  • NICE Actimize unveils new, cloud-based, fraud analytics optimization technology, ActimizeWatch.
  • Global financial services firm chooses Mobile Verify and Mobile Fill from Mitek.
  • IBS Sales League recognizes Temenos as “number one best-selling digital and channels solution” worldwide.
  • Algomi teams up with OpenFin to deploy software updates faster.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On FinDEVr.com

On Finovate.com

  • Finovate Debuts: ICAR Builds a Digital Identify Profile for Client ID Verification.
  • Spring Forward: FinovateSpring 2016 Alums Top $200 Million in Funding.
  • How Virtual Reality, Big Data, and the Blockchain Are Changing Proptech.

Around the web

  • eWise partners with TSWG to drive digital banking innovation.
  • OutsideIQ partners with SAP Ariba to help corporations quickly screen vendors for risk and regulatory compliance.
  • Featurespace to provide machine learning fraud and risk management solution to CashFlows.
  • Financial Times: Misys close to deal to combine with rival DH Corp.
  • National Bank of Abu Dhabi (NBAD) Egypt launches internet banking courtesy of CR2’s BankWorld Internet platform.
  • FinDEVr alum Capital One joins the chatbot revolution with its new SMS virtual assistant, Eno.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Practicing Perfection Before FinovateEurope 2017.

Around the web

  • BAI’s Banking Strategies takes a look at Wells Fargo’s deployment of eyeprintID from EyeVerify. Catch EyeVerify at FinovateEurope this week.
  • Entersekt CIO Gerhard Oosthuizen shares advice on passwords and protecting personal data in Moneyweb.
  • HotDocs teams up with Irish enterprise scale applications and infrastructure provider, Codec-dss. See HotDocs at FinovateEurope in London this week.
  • Klarna acquires German online payment provider BillPay from Wonga.
  • Icon Solutions joins forces with Featurespace to bring anti-fraud protection to instant payments. Meet Icon Solutions at FinovateEurope this week in London.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: Test Driving iBank Marketing’s Wallet+””
  • “Fintech Trending: Making Fintech Great Again?”

Around the web

  • LendingTree acquires credit card comparison and education provider, CompareCards.
  • Fiserv adds new UX and UI to its Unified Wealth Platform.
  • Featurespace earns ranking in Deloitte 2016 U.K. Technology Fast 50.
  • Forrester Research names Vantiv a leader in its report on global commerce payment providers.
  • The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) grant Turnkey Lender a fintech award in the SME category.
  • CustomerXPs ranked 31 on the Deloitte Technology Fast 50 India 2016.
  • LiftForward lands $100 million in debt capital.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • CrowdFlower Brings AI to Business Processes via Partnership with Microsoft
  • Fintech Trending: Bots Break Out, AI Gets Personal, and Blockchain Buys the Farm
  • SocietyOne Strikes Up Partnership with Beyond Bank, Reeling in $1.5 Million

Around the web

  • Payoneer to facilitate cross-border payments for e-commerce marketplace, Rakuten, in new partnership.
  • eWise unveils its new financial transaction Categorization-as-a-Service (CaaS) API for FIs.
  • Let’s Talk Payments interviews Swych CEO Deepak Jain. See video of Swych’s Best of Show winning performance at FinovateFall.
  • Bank of America, Santander, and the Royal Bank of Canada to form global blockchain payments network with distributed ledger technology from Ripple.
  • Azimo’s Facebook Messenger bot is now live.
  • Project Juno highlights Featurespace in its European Machine Intelligence Landscape.
  • Larky partners with Credit Union Association of the Dakotas (CUAD).

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.