Diebold Nixdorf Partners with Featurespace to Provide Fraud Prevention Technology Within its Payments Processing Platform
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.”
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