Global supplier of fraud prevention and payments solutions Alaric, has opened a Rome based data analytics research centre to further develop the ultra-high-performance numerical algorithms for its acclaimed Fractals fraud detection system. Such algorithms are integral to ‘in-flight’ fraud prevention. The investment is seen as a reflection of a long standing relationship with the data-mining group at the Sapienza Università di Roma.
The new centre will enable Alaric to accelerate its algorithmic research programme, thereby enhancing the levels of support delivered to its growing base of analytics customers in Europe, the Americas and Asia/Pacific. It will also allow Alaric to build significantly upon its relationship with the university going forwards.
“Historically, real time model-based analytics have mostly been used by card issuers for third party fraud detection,” says Peter Parke, Operations Director of Alaric Systems. “However, the need for in-flight predictive analytics is exploding to encompass first party fraud, merchant fraud and dynamic credit risk management as well as card fraud prevention. Many banks and processors, whether issuers, acquirers or PSPs, are recognising the benefit they can derive from deploying real time model-based analytics.”
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.