Zapp announces a five-year agreement with Featurespace to provide real-time fraud protection for its mobile payment customers. Zapp is the UK's leading mobile payment innovator, the launch of its ‘Pay by bank app’ paymark in Autumn 2015 will enable individuals to make payments straight 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. Today, the Cambridge-based company employs the University’s brightest researchers, software engineers, and data analysts, combined with the best of commercial and industrial IT experience. Because of the ground-breaking nature of its technology, Featurespace has been recognised worldwide and is backed by investment from Nesta, Imperial Innovations, Betfair, and Cambridge Angels.
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.”
Zapp is the UK’s leading mobile payment innovator, backed by many of the UK’s banks. Zapp’s technology lets consumers make near real-time payments on their phones and tablets, whenever they see the Pay by Bank app paymark. Zapp is part of the VocaLink group of companies. VocaLink is the UK payments provider, in 2014 VocaLink processed over 10 billion UK payments with a value of over £6 trillion. For more information on Zapp visit: . For more information on VocaLink visit.