GPS will integrate Featurespace’s ARIC Risk Hub into its existing technology. Credit: mrganso from Pixabay.

Payments technology platform Global Processing Services (GPS) has collaborated with fraud detection and risk management firm Featurespace to develop a new tool to prevent issuer processing fraud.

Under the tie-up, GPS will integrate Featurespace’s ARIC Risk Hub into its existing fraud and risk management solutions across the globe.

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The integration is expected to improve GPS’ fraud detection rates by more than 70%. It will also minimise positivity of false rates by 80% and handle fraudulent acts in real-time, noted the firm.

In addition, the new tool, GPS Fraud Advantage powered by Featurespace, will be further improved by expanding GPS’ fraud prevention team.

As a result, GPS customers will be able to observe and manage fraud alerts during the entire course of payments.

The companies aim to roll out the new solution by the middle of next year, with the first phase of the launch scheduled in early 2023.

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GPS CEO Kevin Schultz said: “The sophistication and scale of payments fraud continues to evolve at a rapid pace making it one of the biggest risks in the payments industry today.

“Minimising payment fraud is a strategic priority for both GPS and our customers worldwide who put the protection of their cardholders’ accounts first.”

Schultz added: “This partnership with Featurespace is the first of many enhancements to our issuer payments capabilities that GPS will be announcing in the coming months.

“Our commitment to our customers is to provide a comprehensive range of industry leading payments services in a secure and reliable fashion to allow them to deliver on their business objectives.”

In March this year, GPS teamed up with Mastercard to provide improved payments technology to fintech firms worldwide.