Embedded finance platform Railsr is teaming up with fraud prevention company Featurespace this week to bolster fraud prevention efforts for Railsr as a company, as well as for its clients.
Railsr will leverage Featurespace’s ARIC Risk Hub, combined with its own fraud teams, to provide its clients with a compliance tool to stay on top of regulations. The fraud tools will be available to Railsr clients with a single integration, making it easier for them to focus on growth while remaining compliant.
“As the market accelerates towards embedded finance, consumers expect a frictionless payment experience that is built into the transaction process. With Featurespace’s AI and ML capabilities, Railsr can provide an enhanced level of customer experience, making consumers’ lives simpler and safer,” said Railsr Global Head of Product for Fincrime and Operations Stuart Hartley.
The ARIC Risk Hub will enable Railsr customers to view and manage their fraud analytics, as well as offer them a single place to access Featurespace’s fraud and AML (FRAML) solutions.
“The Railsr platform is a natural fit for Featurespace,” said Featurespace Chief Commercial Officer Matt Mills. “As embedded finance increasingly becomes expected by consumers, making sure they are protected from fraud and financial crime must be expected in equal measure. Railsr have recognized this early and added a critical layer of self-learning technology to ensure their customers get only the best experience.”
Railsr anticipates the new fraud tools will be available within the next year.
Today’s news comes amid a string of high-profile partnerships for Featurespace last month, including with BBVA, Diebold Nixdorf, and Global Processing Services. Featurespace has more than 30 major bank clients including four of the five largest banks in the U.K. Among Featurespace’s customers are HSBC, TSYS, Worldpay, RBS NatWest Group, Danske Bank, ClearBank, and more.
Founded in 2005 by a university professor and his PhD student, Featurespace has raised $108 million, including its most recent investment of $37 million received in 2020.