Worldpay invests in leading machine learning fraud prevention company, Featurespace

Bharath Kumar — Wed, 04 Oct 2017 13:48:22 +0000

Worldpay, a leader in global payments, is pleased to announce that it has participated in Featurespace Limited’s (“Featurespace”) latest £16.5m funding round as a new investor, alongside other existing and new investors, as part of its commitment to fast-growing ventures in the payments ecosystem. The round, led by Highland Europe, was also supported by Invoke Capital and existing Featurespace investors such as Touchstone Innovations plc.

Alongside committing investment, Worldpay has formed a commercial partnership with the leading machine learning, fraud prevention company, to help further accelerate the development of fraud prevention services for Worldpay’s own merchant customers. As part of the agreement, Worldpay will licence Featurespace’s advanced behavioural analytics technology for a number of key use cases, including risk management and fraud prevention for merchants.

Featurespace, based in Cambridge, England, is an Adaptive Behavioural Analytics company that is addressing the fast-growing fraud detection and prevention market, which according to MarketsandMarkets, was worth $14.23bn in September 2017 and is growing at 20% per annum.

Through the partnership, Worldpay expects to further develop industry-leading fraud and risk management products for its merchant customers around the world through the combination of technology and Worldpay’s own Data Science capability and state-of-the-art Enterprise Data Platform. Worldpay also expects to use Featurespace’s technology to enhance its own capabilities in areas such as the development of Intelligent Payment services.

Mark Kimber, Chief Information Officer at Worldpay, said: “We are delighted to be partnering with Featurespace, a business with world-class machine learning technology. We are always looking to work with innovative companies and are confident that this partnership will deliver superior outcomes for our customers, by preventing more fraudulent transactions whilst reducing the number of genuine transactions that are declined. We‘ve been incredibly impressed by the evolution of this business and believe it has the potential to grow significantly. With our investment in the company, we are looking forward to supporting the Featurespace team as they grow their business and capabilities.“

Martina King, Featurespace CEO, commented: “Following an extensive product Request for Proposal and thorough investment due diligence, we are delighted to be selected by Worldpay.

“Featurespace and Worldpay will combine our considerable technology and experience to protect merchants against the ongoing fight against fraud and risk. We are delighted to welcome Worldpay to our list of customers and investors.“

About Worldpay

Worldpay is a leading payments company with global reach. We provide an extensive range of technology-led payment products and services to around 400,000 customers, enabling their businesses to grow and prosper. We manage the increasing complexity of the payments landscape for our customers, allowing them to accept the widest range of payment types around the world. Using our network and technology, we are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. We help our customers to accept more than 300 different payment types.

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TSYS enhances real-time fraud capabilities

International Finance Desk — Fri, 20 May 2016 05:07:36 +0000

Collaboration with Featurespace to provide next-generation detection

May 20, 2016: TSYS announced an agreement with Featurespace, a global leader in adaptive behavioural analytics, that will reduce fraud for its clients with a revolutionary machine learning software platform — the ARIC engine — that monitors every individual — one customer at a time — to deliver real-time decision capabilities.

“TSYS’ collaboration with Featurespace aligns with our overall strategy of integrating with advanced, innovative technology partners to help our clients grow their business, reduce costs, and deliver an exceptional customer experience,” said Andrew Mathieson, group executive, issuer product group, TSYS. “We will incorporate these capabilities across the credit risk lifecycle, enabling our issuers to catch more fraudulent transactions while dramatically reducing false-positive alerts for genuine transactions — a sharp contrast to the industry paradigm of blocking more valid transactions in order to detect actual fraudulent activity.”

The new agreement allows TSYS to strengthen its position in faster payments by leveraging machine learning to provide clients with actionable insights in real time, using adaptive behavioral analytics that result in operational efficiencies.

“TSYS has a long-standing leadership position in authorisation processing and fraud management and we are excited to integrate our ARIC engine for TSYS’ clients,” said Martina King, chief executive officer, Featurespace. “We are proud to be working with TSYS to deliver world-leading machine learning fraud protection and exceptional customer management to their clients.”

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Worldpay invests in leading machine learning fraud prevention company, Featurespace

TSYS enhances real-time fraud capabilities