Source: ai Corporation
Guildford-based ai Corporation has acquired Iridium Corporation and its PayVector payment processing gateway for an undisclosed sum.
PayVector was founded in 2007 to offer a wide range of payment solutions using a next-generation processing platform, developed entirely in-house. PayVector supports all types of payments processing through multiple channels, including e-commerce, m-commerce, mail/telephone orders and cards. PayVector currently powers payment brands all over the world, including some of the largest payment providers in the UK. The system also services over 38,000 merchants of all sizes, processing £2 billion of transactions per year.
Robin Whitehead, director, PayVector, said, “The combination of the PayVector gateway and ai’s fraud detection system provides a compelling, integrated solution that will deliver a deeper experience for both merchants and partners, enabling them to do what they do best - run their businesses using the rich features of the payment platform, with the confidence that their transactions are protected by a best-of-breed fraud prevention system.”
Already fully integrated into the PayVector gateway, ai’s multi-dimensional fraud detection system is based on a self-service rules engine, acknowledged as one of the best in the world. It operates through user-defined rules and parameter mapping, supplemented by artificial intelligence and automated machine-learning techniques.
Mark Goldspink, chief executive officer, ai Corporation, said, “Although this is technically an acquisition, ai and PayVector have been moving closer together for many months. The addition of PayVector to our existing suite of fraud detection and prevention software has already received an enthusiastic reception from our customers.”
Contributed | what does this mean?