ClearBank selects Featurespace for real-time fraud detection

Source: Featurespace

Featurespace, the world’s leading provider of Adaptive Behavioural Analytics for fraud detection and risk management, announced that ClearBank, the U.K.'s first new clearing bank in more than 250 years, has selected its ARIC™ platform to provide clients using its clearing and banking services with an innovative approach to fraud and AML detection.

Following a competitive evaluation process, Featurespace was selected for its ability to deliver a custom, machine learning-driven solution that learns individual behaviours and detects anomalies in real time. The ARIC platform's multi-tenancy functionality, which allows ClearBank to deliver advanced fraud detection and AML transaction monitoring to multiple clients with a single deployment and without requiring additional integrations, was also a critical factor in ClearBank's decision. With multi-tenancy, the bank can share specific data between its clients, while maintaining the privacy and security of customer data.

"ClearBank is changing the U.K.'s financial ecosystem by offering clearing and banking services that are collectively cost-effective, robust and cloud-based. As such, we needed a fraud and AML transaction monitoring detection platform that could operate across all of our portfolios and protect our customers" said Charles McManus, CEO at ClearBank. "Featurespace not only delivers that cutting-edge ability better and faster than anyone, it also shares our spirit of revolutionising financial services. That's an intangible quality that cannot be overstated and is exceptionally rare today."

"ClearBank's ability to modernise banking demonstrates its bold, forward-looking approach to addressing industry issues in a new way, " said Martina King, CEO at Featurespace. "We are very excited to partner with them in bringing next-generation financial crime prevention with the ARIC platform. In addition to maximizing its customers' satisfaction, we're looking forward to seeing the ongoing positive impact that our collaborative efforts will have on the UK's banking sector."
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