British mobile payment firm Zapp has signed a five year agreement with adaptive behavioural analytics company Featurespace to provide real-time fraud protection for its mobile payment customers.
Under the deal, Zapp will deploy a fraud monitoring and alerting system based on Featurespace’s ARIC adaptive behavioural analytics engine to protect its users against fraud in real time.
Featurespace said the engine is powered by machine learning adaptive algorithms, which run in real time and spot subtle changes at individual account level. It also allows existing and new types of fraud to be identified and prevented.
The five-year deal follows a long testing process of the Featurespace system, which will be used to process thousands of events every second by customers of Zapp’s banking partners including Barclays after the launch.
Also, Zapp is planning to launch its Pay by bank app paymark in Autumn 2015 that allows individuals to make payments straight from their bank app on mobile devices.
Zapp CEO Peter Keenan said: "Zapp’s Pay by bank app will provide a great payment experience that is simple, quick and above all, secure.
"We need to ensure that payments are trusted by consumers and merchants alike and our implementation of Featurespace’s incredible real-time analytics capability will be essential over the next five years to delivering a great experience, whilst providing some of the highest levels of fraud protection in the industry."