July 24, 2017
Featurespace selected by IATA to provide leading fraud protection solution
International Air Transport Association (IATA) enhances safe selling environment with Featurespace's ARIC platform.
Cambridge, U.K. – Featurespace, the leading machine learning Adaptive Behavioural Analytics fraud prevention company, has announced that it was selected by the International Air Transport Association (IATA), the trade association for the world’s airlines, to enhance the safe selling environment of IATA’s Billing and Settlement Plan (BSP) as part of the NewGen ISS program.
After a robust selection process, IATA, which represents over 275 airlines globally, selected Featurespace’s real-time Adaptive Behavioural Analytics platform, ARIC, to further protect payments between travel agents and airlines.
Juan Antonio Rodriguez, Director, Financial and Distribution Services Operation, IATA, commented:
“IATA has a fundamental responsibility to protect the financial systems that make today’s integrated global air transport network possible. Safer selling is a key component of IATA’s NewGen ISS program and this agreement with Featurespace will provide IATA’s customers with an additional layer of security.”
Martina King, Featurespace CEO, commented:
“Protecting airlines in real-time is an innovative use of machine learning in the ever-changing fight against financial risk threats. We are thrilled to have been selected as IATA’s partner following a robust appointment process.”
The machine learning ARIC platform monitors individual behaviour in real-time and detects anomalies to manage risk and automatically identify new fraud types as they emerge.
IATA’s NewGen ISS is a program launched by IATA to ensure the continued relevance and value of the IATA Billing and Settlement Plan to travel agent and airline customers.
The International Air Transport Association (IATA) is the trade association for the world’s airlines, representing some 275 airlines or 83% of total air traffic. IATA supports many areas of aviation activity and helps formulate industry policy on critical aviation issues.
Featurespace™ is the world-leader in Adaptive Behavioural Analytics and creator of the ARIC™ platform, a machine learning software system developed out of the University of Cambridge.
Head quartered in Cambridge, UK, Featurespace has deployed ARIC to organisations that have services or products deployed in over 180 countries. Customers include Betfair, Vocalink/Zapp, Camelot, William Hill, and TSYS, the largest third-party processor of Visa® and MasterCard® credit cards in the U.S.
The ARIC™ platform – a real-time, machine learning software system – monitors individual behaviours to catch new fraud attacks as they happen. The increased accuracy of understanding customer behaviour simultaneously reduces the number of genuine customers whose purchases and transactions are incorrectly declined – a solution that can save the payments industry $16bn annually.
For more, visit featurespace.co.uk
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