Market Leading payments processor, Paymentology, processes its millionth transaction through its recently launched innovative AI rules engine.
Paymentology is an Issuer side payments processor specialising in provision of fast, scalable and dedicated processing for banks and card issuers around the globe. Whilst the company includes some of the top challengers around the world in its portfolio, including Revolut, Standard Chartered's new bank Mox, and Monzo, it specialises in delivering leading edge processing to retail banks. The company has operations in UK, Europe, Middle East, Far East and Central America.
The company spotted the gap in the market for robust fraud detection, delivered at point of spend. Historically it has proven difficult for legacy systems to perform super-fast, intra-spend, full transaction history analytics. Such analytics are a vital component in the detection of fraud patterns. The company leads the market in this area, by advancing the process of authorisation of consumer spends on credit and debit cards to include their advanced in-flight AI rules engine. Paymentology uses a proprietary wide-data array design to enable high speed card transaction history retrieval and analysis at point of spend.
The technology goes a step further by being capable of streaming the complete analytics to the bank in the middle of the spend.
Chief Executive Officer, Shane O’Hara commented, “We believe we are the only card processor in the world delivering this level of data analytics into the hands of the bank at point of spend. This not only gives the bank incredible control over their card spends, but allows the bank to feed high quality information to their consumers mobiles. This is not simply about better fraud detection. This is about informing the bank about their customer in a much clearer manner than has ever happened in the past.”