Mobile payment company Zapp announced it’s partnering with adaptive behavioural analytics company Featurespace to bring real-time fraud protection for its customers.
The five-year partnership was also used to announce the launch of Zapp’s Pay by bank app paymark in autumn 2015. The app will enable users to make payments from their bank app on mobile devices.
Zapp will deploy a fraud monitoring and alerting system based on Featurespace’s ARIC adaptive behavioural analytics engine to protect its users against fraud in real time.
The engine is powered by machine learning adaptive algorithms, which run in real time and spot subtle changes at individual account level. The new technology enables existing and new types of fraud to be identified and prevented: a modern technological solution to an age old problem.
Featurespace’s system has been tried, tested and delivered according to schedule at every step of implementation, resulting in this 5-year agreement. Following launch, the system will process thousands of events every second for customers of Zapp’s banking partners, including Barclays.
Featurespace was created out of Cambridge University’s Engineering Department, co-founded by world-renowned expert in applied statistics Professor Bill Fitzgerald.
Peter Keenan, Chief Executive Officer of Zapp commented, “Zapp’s Pay by bank app will provide a great payment experience that is simple, quick and above all, secure. We need to ensure that payments are trusted by consumers and merchants alike and our implementation of Featurespace’s incredible real-time analytics capability will be essential over the next five years to delivering a great experience, whilst providing some of the highest levels of fraud protection in the industry.”
Martina King, CEO of Featurespace, adds: “We’ve been impressed by Zapp’s commitment to providing innovative customer solutions in every area of their business. By analysing individual patterns of behaviour, Zapp can protect their customers from fraud attacks in real-time. It’s a pleasure to work with their team and we look forward to the next five years.”