Diebold Nixdorf Partners with Featurespace to Provide Fraud Prevention Technology Within its Payments Processing Platform
Diebold Nixdorf (NYSE: DBD) has partnered with Featurespace to enhance its Vynamic® Payments platform with advanced fraud prevention technology. This integration will allow financial institutions to benefit from real-time fraud detection while managing a single vendor relationship. Featurespace's ARIC™ Risk Hub, utilizing machine learning, aims to reduce false positives and improve fraud catch rates. The partnership aims to streamline the payment modernization process for banks, enhancing transaction security for customers.
- Partnership with Featurespace enhances Vynamic® Payments with advanced fraud detection capabilities.
- Real-time fraud prevention aims to reduce false positive ratios significantly.
- Integration of ARIC™ Risk Hub provides a competitive edge in payment modernization.
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Award-winning solution uses machine learning and Adaptive Behavioral Analytics to help financial institutions combat fraud and financial crime
CAMBRIDGE, England and HUDSON, Ohio, Oct. 21, 2022 /PRNewswire/ -- Diebold Nixdorf (NYSE: DBD), a world leader in automating, digitizing and transforming the way people bank and shop, and Featurespace, a world leader in enterprise financial crime prevention, today announced that the companies are partnering to integrate its highly specialized, fraud prevention technology into Diebold Nixdorf's Vynamic® Payments platform.
By partnering with Featurespace, Diebold Nixdorf can provide financial institutions a fully integrated payments solution with proven 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 proven with leading financial institutions around the globe. The software's microservice architecture enables business agility and consumer experiences that seamlessly bridge any channel, integration point, payment type or authentication method.
Featurespace's solutions are uniquely suited for deployment into payments platforms thanks to their world-leading, real-time accuracy even at huge scale: the unique approach of its real-time machine learning is to leverage only the necessary data from the authorization stream to deliver improved results without latency, or large data integration projects and workloads. Its ARIC™ Risk Hub, available for integration with Vynamic Payments using open APIs, delivers the best performing models in the cards and payments world and supports customers to achieve the lowest false positive ratios alongside industry-leading fraud catch rates, reducing a bank's total cost of fraud. The platform's Adaptive Behavioral Analytics and Automated Deep Behavioral Networks automatically detect and prevent even the most sophisticated types of fraud and financial crime.
Martina King, CEO, at Featurespace said: "Featurespace is on a mission to make the world a safer place to transact, and this new partnership with Diebold Nixdorf is an important milestone on this journey. Fraud prevention is a crucial element in any payment's modernization program. Through this partnership, financial institutions can protect every customer and transaction with ARIC Risk Hub integrated into their transaction monitoring and processing."
Joe Myers, executive vice president, Global Banking, at Diebold Nixdorf said: "We are excited to begin this partnership with Featurespace as the technology and product features of ARIC Risk Hub perfectly align with Diebold Nixdorf's payments transaction processing. Fraud management is a critical part of the payment's ecosystem. 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."
Meet with Featurespace in Las Vegas at Money20/20 USA on booth 2521 or catch Featurespace experts in discussion at the show.
- It's Time to Think Like a Cop to Prevent Cryptocrime, with Todd Raque, Financial Crime Subject Matter Expert Featurespace, Sunday 23 October, 3:30pm PDT
- Fraud Prevention & AML in Payments as a Service, with Dave Excell, Founder, Featurespace, Tuesday 25 October, 1:00pm PDT
About Featurespace
Featurespace™ is the world leader in enterprise grade technology that prevents fraud and financial crime. With a mission to make the world a safer place to transact, Featurespace helps banks and financial institutions protect customers, and reduce risk and business operating costs by providing industry-leading machine learning, financial crime prevention solutions. Featurespace invented Adaptive Behavioral Analytics and Automated Deep Behavioral Networks and is the first to profile both genuine and fraudulent behavior to identify and block criminal activity in real time. Both are patent pending technologies that are central to Featurespace's award winning ARIC™ Risk Hub. Over 70 direct customers and 100,000 financial institutions have put their trust in Featurespace's technology including HSBC, NatWest, TSYS, Worldpay, Marqeta, Contis, Danske Bank, Akbank, Edenred and Permanent TSB. Founded in 2008, and headquartered in Cambridge, UK Featurespace has a team of over 400, operating globally from seven locations.
About Diebold Nixdorf
Diebold Nixdorf, Incorporated (NYSE: DBD) is a world leader in enabling connected commerce. We automate, digitize and transform the way people bank and shop. As a partner to the majority of the world's top 100 financial institutions and top 25 global retailers, our integrated solutions connect digital and physical channels conveniently, securely and efficiently for millions of consumers each day. The company has a presence in more than 100 countries with approximately 22,000 employees worldwide. Visit www.DieboldNixdorf.com for more information.
Twitter: @DieboldNixdorf
LinkedIn: www.linkedin.com/company/diebold
Facebook: www.facebook.com/DieboldNixdorf
YouTube: www.youtube.com/dieboldnixdorf
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