CAMBRIDGE, England & ATLANTA & SINGAPORE--(BUSINESS WIRE)--Featurespace™, the global leader in Enterprise Crime Prevention software, has received the Next Generation Payments award for Payments Risk and Fraud Transformation from IDC in the 2021 FinTech Rankings. The award recognises technology providers that enable a genuine and measurable change for financial institutions.
Featurespace won the Next Generation Payments award because of the performance of ARIC Risk Hub – its proprietary machine learning ecosystem – within a major U.K. financial institution. ARIC Risk Hub allows financial institutions to quickly analyze the entire payment journey and accurately predict customers' genuine behavior, so suspicious behavior can be detected and acted on. Featurespace’s self-learning technology is so adaptable that it protects customers from fraud and scams, while also improving the customer experience.
“Our models are the best at enabling customers and partners to identify genuine fraud attacks and then block them, while also maximizing the number of genuine transactions that come through," said Martina King, CEO of Featurespace. "Our team is ruthlessly committed to solving real world financial crime problems and it is a delight to receive further recognition for our continued care, rigor and innovation to stay ahead of the criminal.”
This year, 68 new companies selected Featurespace's ARIC™ Risk Hub, which now safeguards more than 50 billion events around the globe. This is especially critical as real time fraud prevention increases, along with the continued reliance on online banking and digital payments. Featurespace's ability to deliver best in class analytics and a unique customer culture are the primary drivers for its selection by customers and partners.
“2020 proved to be a year that tested the industry’s ability to stay resilient in the face of challenges on multiple fronts. This year’s IDC FinTech Rankings Real Results program describes examples of financial institutions and technology providers partnering to overcome those challenges in real, substantive ways,” said Jerry Silva, Vice President at IDC Financial Insights. “IDC congratulates the vendors that stepped up to the demands of an unusual year of disruption and helped financial organizations get back to the business of innovation.”
The IDC FinTech Rankings Real Results program is part of the broader IDC FinTech Rankings program that categorizes and evaluates the top global providers of financial technology based on calendar year revenues from financial institutions for hardware, software and/or services. These providers supply the technological backbone of the financial services industry, an industry in which IDC Financial Insights forecasts worldwide spending on IT across the globe to be $590 billion by 2025.
The annual IDC FinTech Rankings and Real Results Awards have become an important measure of the health and direction of technology in the industry and the emergence of innovative solutions from new players. IDC Financial Insights publishes a comprehensive report about the year's findings that is available to view or download.
About Featurespace – www.featurespace.com
Featurespace™ is the world leader in Enterprise Financial Crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and Automated Deep Behavioral Networks, both of which are available through the ARIC™ Risk Hub, a real-time machine learning platform that risk scores events to prevent fraud and financial crime.
ARIC™ Risk Hub is relied on to catch new fraud attacks and identify suspicious activity in real-time by more than 70 major global financial institutions. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank, AK Bank and Permanent TSB.