Xceed forms card fraud partnership with First Performance Global
17 August 2017 | 6316 views | 0
Source: Xceed Group
Xceed Group, an IT change consultancy, is delighted to announce its strategic partnership with First Performance Global, a leading financial technology company, to bring an innovative cards engagement platform to the UK, Europe and beyond.
The partnership combines First Performance Global’s breakthrough platform with Xceed Group’s IT change and transformational capabilities, enabling card issuers in the UK and Europe, Middle East and Africa (EMEA) regions to reduce fraud and operational costs, create new revenue streams and increase customer satisfaction and loyalty. The formal agreement cements the current relationship to enable the partnership to grow.
With UK and EMEA fraud losses steadily increasing for the fifth consecutive year, reaching £618 million and €1.76 billion respectively in 2016 (FICO), it is an ever-growing problem for both card issuers and users. First Performance Global’s platform provides a strategic solution enabling issuers to proactively manage fraud protection and prevention, card and travel controls and geolocation services. Customers are provided with real-time controls and self-service card management through the issuer’s mobile app, enabling them to set parameters, monitor activity and initiate actions, like turning their card on or off or establishing where their cards will work, offering security and peace of mind.
Gary Stewart, Founder and Board Member of Xceed Group commented: “We are very excited about the prospects of this collaborative partnership and believe this solution can bring huge value to our core client base in the Financial Services sector and its customers. Our proven track record in implementing big change for Financial Services businesses makes Xceed Group an ideal fit to partner with First Performance Global to take this proposition to market.”
“Our partnership with Xceed Group extends the reach and value of our digital transformation platform in the UK, Europe and Middle East regions,” said Bill Hernandez, Chief Executive Officer with First Performance Global. “After implementing our platform within a regional bank in South America, over 300,000 suspected fraudulent online transactions were prevented within first 90 days, with a total transaction value in excess of $5M USD. Our combined goals are to deliver similar results to financial institutions in the new regions.”
In additional to fraud reduction, the platform also addresses changes to open banking under PSD2 (revised payment service directives). In 2018, banks must comply with the revised directive, which allows customers to use third party providers to manage their finances and First Performance Global’s platform will enable banks to meet PSD2 compliance requirements in a simple, yet secure manner.