FSS (Financial Software and Systems), a global digital payment and financial technology company, announced its AI and ML-driven innovations - FSS Paynalytix-As-a-Service and FSS Secure3D - have won top honors at the 2019 edition of the annual Technoviti Awards.
The award was presented by Suresh Prabhakar Prabhu, Union Minister Commerce, Industry & Civil Aviation, at a glittering ceremony at the ‘International Trade Fair and Conference on Banking Technology, Equipment and Services’ in Mumbai, India.
FSS Paynalytix-As-a-Service, a Big Data payment analytics solution, enables banks and payment service providers to leverage a wealth of transactional data to deepen customer engagement, improve operating efficiencies, grow revenues and manage risk.
The solution collates vast repositories of transaction data from the Switch as well as discrete Issuance, Acquiring and Reconciliation payment systems to generate actionable business intelligence along the dimensions of customer, market, product and risk.
FSS Secure3D, modelled on EMVCo 3D Secure 2.0 guidelines, provides a frictionless approach to authenticate customers and combat fraud in card-not-present scenarios.
The solution deploys sophisticated machine learning algorithms to continually learn customer transactional patterns and authenticate customers behind the scenes. Issuers can use a combination of variables including merchant, cardholder details, device, location and transaction related parameters to risk score transactions and determine if it was initiated by the legitimate cardholder.
More than 95% of customers are authenticated in the background, with zero friction whilst shopping online. This improves customer experience, reduces false positives and minimizes the incidence of fraud.
Commenting on the win, Suresh Rajagopalan, President, Software Products, FSS said, “We are delighted at receiving the recognition. Globally, Payment Analytics and Adaptive Risk-based Authentication are fast-emerging as the most promising use cases of Artificial Intelligence and Machine Learning. This win validates FSS’ strong leadership position in the payments industry when it comes to driving innovation.”
FSS is making significant investments in artificial intelligence and machine learning to drive its next phase of growth, by adding business value to its customers across a wide range of applications including Digital Banking, Payment Analytics, Digital Security, Reconciliation, ATM Monitoring and Data Centre Operations.
Initiated in 2014, Technoviti is an annual award that celebrates the best innovations from the financial sector. This year Technoviti received nominations in the areas of artificial intelligence, blockchain, data analytics, machine learning, cybersecurity. The awards were judged by a jury comprising 22 CXOs from the industry.