Alaric, the highest performing international fraud prevention and payments software provider, today announced that Travelex, the world's largest foreign exchange company, has deployed Alaric's 'Fractals' payments fraud detection platform in Sydney, Australia.
Travelex's Dynamic Currency Conversion (DCC) service permits international cardholders to be charged in their local currency when purchasing goods and services. An essential part of its merchant service offering is the ability to accurately detect potentially fraudulent activity in real-time on the merchant network. Travelex turned to Alaric to deliver its 'Fractals' fraud detection platform to monitor all merchant traffic and raise instant alerts on suspicious activity.
"We assessed several competing products before reviewing Fractals," explains Mark Wingrave, Head of DCC Product Development at Travelex. "It was only Fractals that gave us the confidence we could implement the risk modelling that was appropriate to Travelex and to have the flexibility to configure the platform independently in the future to suit our changing needs. The Alaric team built our confidence by committing to our aggressive deadline for a two month delivery timeframe."
The successful Travelex project has marked an important milestone for Alaric Australia. "Travelex is another great example of the type of astute, tech-savvy organisations that choose Alaric. Unburdened by a legacy view of payments software Travelex were able to select the best of a new breed of open payments technology," says Paul Griffin, Alaric's Regional Director for Asia Pacific. "Flexibility and ownership are key requirements in this new environment and we're delighted to have delivered a solution that brings this independence to Travelex."
The Oracle-based Fractals solution has been deployed in a virtualised environment with Stratus FtServer hardware running Linux.