ACI Worldwide, a leading international provider of software for electronic payment systems, today announced that it has signed 11 deals in the Europe, Middle East and Africa region (EMEA) over the last twelve months, bringing the total number of ACI Proactive Risk Manager™ customers to more than 120 worldwide. With fraud on the rise, the number of customers using ACI’s comprehensive fraud detection solution has grown more than 60 percent during the past three years, making it one of the company’s fastest selling products. The software now monitors more than 1.8 billion transactions every day for banks worldwide, including Alliance & Leicester, National Australia Bank, BNP Paribas, Fortis, CIBC and ING Direct.
“ACI continues to build on its leadership position in the electronic payments industry,” said Philip Heasley, president and CEO of ACI Worldwide. “Our top-of-the-line product suite provides all the services that financial institutions demand to protect their customers from identity theft and potential fraud. With ACI solutions, banks are able to fully protect a customer’s account as a whole, rather than piecing together a variety of different products to offer less effective protection.”
Identity Theft is on the Rise
According to the European Central Bank, there are currently more than 350 million cards in circulation in the euro area, which are used to make more than 12 billion payment transactions and six billion cash withdrawal transactions per year. Whilst the European migration to EMV is making a significant impact on reducing the number of fraudulent transactions, fraudsters are constantly adapting to take advantage of a wider number of banking channels. As banks support the customer drive towards greater flexibility and increased speed of transactions through such initiatives as the UK’s Faster Payments scheme, it is imperative that banks address their risk management needs adequately.
Alliance & Leicester was the first European customer to implement ACI Proactive Risk Manager to prevent fraud and to detect suspicious, potentially fraudulent behaviour. The solution combines the pattern recognition power of neural network scoring technology with expert, rules-based strategies and advanced client/server workflow management software. The solution monitors and scores all aspects of fraudulent activity, including skimming and counterfeit cards.
Geoff Lloyd, Head Fraud at Alliance & Leicester, comments, “Our Fraud Risk Management and Compliance department is continually attempting to minimise the business exposure to fraud by monitoring activity to isolate unusual transactions, early in the transaction lifecycle. ACI solutions have further increased our confidence in the legitimacy of the transactions approved by the bank, thus enabling us to focus more resource on the high risk activity.”
By using ACI Proactive Risk Manager as the technology structure to support its enterprise vision, Alliance & Leicester has made substantial progress with its fraud strategy and achieved significant costs savings and benefits. Another bank to benefit from the enterprise risk management approach that Proactive Risk Manager supports is Fortis Turkey. Fortis achieved a return on investment in just two months and has also been able to improve customer satisfaction through its leader status in the Turkish anti-fraud market.
In addition to serving well-established banks, ACI has seen substantial growth in the number of financial institutions using Proactive Risk Manager in emerging markets. During the past six months alone, ACI has announced four new fraud detection customers in Africa including Access Bank, Unity Bank, Zenith Bank and the Nigeria Inter-Bank Settlement System.
“Supporting the development of emerging markets around the world is extremely important,” said Derren Jones, director of fraud and risk management at ACI. “Fraud is a global concern, and as the acceptance of financial products such as credit cards grows, the need to protect the card issuing institution remains key. Our global reach allows ACI to deliver proven solutions to emerging markets to take advantage of software used by top banks elsewhere.”