As per the alliance, Zapp will implement a fraud monitoring and alerting system based on Featurespaces ARIC adaptive behavioural analytics engine. The engine is powered by machine learning adaptive algorithms, which spot subtle changes at account level. The new technology enables existing and new types of fraud to be identified and prevented.
Zapp enables payments on people’s mobile phones through their existing mobile banking application. Zapp is expected to be open to all financial institutions, merchants, acquirers and consumers from autumn 2014 and its partners include HSBC, first direct, Nationwide, Metro Bank, Santander, WorldPay, Elavon, Sage Pay, Realex Payments and Optimal Payments. Zapp is part of the VocaLink group of companies. VocaLink is a UK payments provider.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now