New Zealand international payments software solution company GFG Group has formed a strategic partnership with fraud prevention provider ReD to provide an integrated fraud and payment processing solution.
Under the global agreement, GFG will offer ReD PRISM, a transaction monitoring and risk management solution to GFG’s banking and card processing clients.
Initially, the companies will focus on offering ReD PRISM to GFG clients in Asia and Latin America. GFG will provide integration and customer support services, while ReD will provide strategic fraud and risk consultancy and post-implementation second level support.
There’s been a huge increase in card volumes in the developing markets of Asia and Latin America in recent years.
PRISM employs both predictive neural and rules-based technologies to provide real-time and near real-time fraud decisions, enabling clients to keep pace with constantly changing patterns of financial transaction fraud.
GFG CEO Andreas Kazamias says card and payments fraud is escalating and becoming more sophisticated by the day. “Our card management solution, Cadencie, is online 24x7, which means all transactions are authorised in real time, significantly reducing fraud,” he says. “Cadencie includes a good rules-based risk management module but it has its limitations. Some of our clients are indicated their need for a more advanced risk management solution.”
GFG and ReD have been working together for the past six months to ensure the ReD PRISM upgrade path is seamless for the first of GFG’s clients.
More than 90 organisations in over 30 countries use GFG solutions. ReD’s fraud prevention services support merchants, issuers and providers, processors and switch networks worldwide.