PAYSTRAX has announced its partnership with Featurespace in order to tackle fraud across Europe and provide customers with optimised fraud prevention technology. Following this announcement, PAYSTRAX teamed up with global fraud and financial crime prevention company Featurespace in order to optimise security measures against fraudulent activities for clients in Europe.

Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the announcement Featurespace represents a provider of enterprise technology that prevents fraud and financial crime, focusing on a mission to make the world a safer place to transact. PAYSTRAX is a Financial Technology company that specialises in improved and secure services for card payments across the region of the UK and Europe.

Throughout this partnership, PAYSTRAX is set to continue to work with merchants and traders across multiple industries, while also utilising Featurespace’s Technology in order to analyse businesses’ transactional behavior. The solution was developed to identify suspicious transactions, while also safeguarding PAYSTRAX from processing payments that contribute to fraud or other threads. As money laundering remains one of the most significant contributors to losses to financial crime, PAYSTRAX’s focus on high technology, data security, and optimisation aligns with Featurescace in order to provide value and security to its partners and traders.

At the same time, Featurespace's Merchant Monitoring solution has been designed for PAYSTRAX to have real-time data analytics, while also allowing recalibration of rules to identify and prevent already existing and new fraud forms. This functionality is expected to optimise the way PAYSTRAX detects suspicious activities, and identifies a list of high-risk merchants, while also delivering relevant transactional scores. The solution will also predict fraud risk on each payments, while also generating merchant alerts based on where the fraud occurs.

Featurespace is set to provide ongoing consultancy support to PAYSTRAX as part of the collaboration as well. .