Soldo partners with Featurespace to fight fraud and financial crime

Tuesday 25 October 2022 13:44 CET | News

UK-based expense management platform Soldo has partnered with Featurespace to protect Soldo’s customers against financial attacks.


Soldo will be enabled through this partnership to get access to card and payment fraud prevention and Anti-Money Laundering solutions through Featurespace's ARIC Risk Hub. In addition, the company will benefit from Artificial-Intelligence driven watchlist, Politically Exposed Persons (PEPs) and adverse media screening (relevant compliance lists of high-risk entities), thus enabling Soldo’s customers to manage risk in an effective manner and ensure compliance across their business systems. 

Following a need to offer complete solutions ranging from AML to card and payment fraud, and from PEP to sanctions, Soldo representatives have stated in the press release that they are excited to partner with Featurespace, as its ‘AI and ML capabilities can be integrated into everything from card and payment fraud through to AML and sanction screening’.

UK-based expense management platform Soldo has partnered with Featurespace to protect Soldo’s customers against financial attacks.

Soldo offering and recent developments

Soldo is a pay and spend automation platform combining Mastercard issued smart company cards with comprehensive management software, enabling over 30,000 companies, from small businesses to multi-national corporations, in more than 31 countries, to track and control spending. Soldo helps customers such as Mercedes Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running spend company money on travel and entertainment, advertising, purchases, software subscriptions, and e-commerce, amongst others, with financial decision-makers being able to control every cost with custom budgets and real-time transactions’ tracking. 

In July 2022, Soldo announced a partnership with Open Banking provider Yapily, looking to launch Open Banking payments for its European customers, beginning with a top-up feature that was believed to allow SME customers to top up their accounts instantly, without having to wait for the funds to clear, or to leave the Soldo app to add funds. 

In May 2022, the company integrated with Apple Pay in a wish to help customers avoid sharing their payment cards, touch buttons or exchange cash. Customers must first add their Soldo card into the Apple Pay wallet, and once it is added they can start using Apple Pay on the device of their choice, be that iPhone, Apple Watch, iPad, or Mac, while continuing to receive all the rewards and benefits offered by Soldo cards.

In April 2022, the spend management platform partnered up with TravelPerk, a travel management platform, enabling customers to sync invoices from TravelPerk into the Soldo platform for travel spendings made using a Soldo card, giving customers the option of seeing reduced manual work, time saved, insights, and data within the Soldo platform. Prior to this announcement, Soldo launched the Google Pay service on all its cards in Italy and the UK in March 2022. Due to this Google integration, Soldo's physical and virtual cards could be inserted into the Google Pay wallets on all Android smartphones.

Featurespace product offering and capabilities

Featurespace is a fraud and financial crime technology provider, helping banks and financial institutions protect customers, and reduce risk and business operating costs by providing machine learning, financial crime prevention solutions. Featurespace created two patent pending technologies that are central to its ARIC Risk Hub: Adaptive Behavioral Analytics and Automated Deep Behavioral Networks and profiled both genuine and fraudulent behavior to help identify and block criminal activity in real time.

For more information about Featurespace, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: partnership, fraud detection, fraud prevention, fraud management, AML, artificial intelligence, compliance, machine learning
Categories: Fraud & Financial Crime
Companies: Featurespace, Soldo
Countries: World
This article is part of category

Fraud & Financial Crime




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