GFG Group partners with fraud prevention experts
GFG Group partners with fraud prevention experts ReD to
payments and card fraud risk management offering for issuers and processors
Auckland, New Zealand, and Sydney, Australia. 28 January 2014: International payments software solutions company GFG Group and world-leading fraud prevention provider ReD have formed a strategic alliance to provide an integrated fraud and payment processing solution to clients.
The global partnership agreement will see GFG Group work with ReD to offer ReD PRISM®, a powerful transaction monitoring and risk management solution, to GFG Group’s banking and card processing clients.
The companies will initially focus on offering ReD PRISM to GFG Group clients in Asia and Latin America. GFG Group will provide integration and customer support services, while ReD will provide strategic fraud and risk consultancy and post-implementation second-level support.
GFG Group’s CEO, Andreas Kazamias, says there were a number of factors behind the company’s decision to partner with ReD: “ReD is a recognised world-leader in fraud prevention solutions; the company employs a cutting-edge team of fraud and risk experts and has a global view of fraud trends. Culturally, ReD and GFG Group are like-minded organisations – nimble, innovative, customer-focussed and staffed with highly experienced, competent employees. Additionally, our customer base and products are a much better fit with ReD’s than other options we considered,” Andreas Kazamias says.
Kazamias says GFG Group is pleased to be working with ReD to provide clients with a reasonably priced best-in-class fraud prevention solution option with advanced risk management features.
“We’re happy to be offering ReD PRISM to our clients that might be looking to step up their risk management processes. ReD PRISM is functionally rich but it’s not the most expensive option. It’s a low risk, cost-effective, proven and trusted approach – which is an important consideration, particularly in emerging markets,” Andreas Kazamias says.
PRISM employs both predictive neural and rules-based technologies to provide real-time and near-real-time fraud decisioning, enabling clients to keep pace with constantly changing patterns of financial transaction fraud.
Paul Avery, ReD’s Regional President, APAC, is certain of the mutual benefits of the new partnership and is excited about being introduced to GFG Group's large customer base: “In recent years we have seen an extraordinary increase in card volumes in the developing markets of Asia and Latin America and this growth is now starting to raise issues around risk management. As financial institutions in developing markets start to reach critical mass and as fraud becomes a priority concern, the combination of Cadencie, GFG Group’s card management solution, and PRISM represents a strong 24/7, real-time, customer centric, scalable solution. We are confident in GFG Group's solutions and expertise and believe our alliance will deliver significant benefits to issuers and processors across these geographies, helping them to address a number of market challenges and take advantage of the growth opportunities open to them.”
Andreas Kazamias says the addition of a fraud management tool is a perfect adjunct to GFG Group’s processing capabilities, providing clients with a more holistic solution which can better support their business objectives as they grow and adapt to market changes. He says GFG Group’s partnership with ReD enables the company to move confidently further ahead in risk management.
“Card and payments fraud is escalating and becoming more sophisticated by the day – businesses are losing a lot of money due to inadequate risk prevention strategies. At GFG Group, we are committed to doing everything possible to ensure our clients have the right tools to tackle payments and fight card fraud effectively. Our card management solution, Cadencie, is online 24/7, which means all transactions are authorised in real time and this significantly reduces fraud. Cadencie does include a good rules-based risk management module in Cadencie Risk Alert Manager (RAM); however it has its limitations. Some of our clients have indicated their need for a more advanced risk management solution to meet their changing needs. We realised that rather than having our clients looking elsewhere for more expert fraud management options, we could offer them that more advanced solution upgrade by partnering with ReD to offer them ReD PRISM, which also integrates well with Cadencie.
“Our goal is to be a ‘one stop shop’ for our clients, offering solutions that best meet all our clients’ payments needs. Making strategic alliances with like-minded leading-edge companies such as ReD, allows us to enhance our card and mobile solutions so that they become truly comprehensive, end-to-end offerings,” Andreas Kazamias says.
GFG Group and ReD have been working together over the last six months to ensure the ReD PRISM upgrade path is seamless for the first of GFG Group’s clients.
About GFG Group
GFG Group is a leading global provider of innovative consumer electronic payments solutions and services to banks, mobile network operators and third party processors. More than 90 organisations in over 30 countries use GFG Group solutions. GFG Group’s proven payment solutions use bank-grade security and enable customers to launch products on open platforms faster and with less operational cost. The combination of greater speed to market and lower operational costs delivered by GFG Group solutions gives customers a measurably faster return on investment. GFG Group has its Head Office in Auckland, New Zealand, and a presence in Australia; the Philippines; Dubai, UAE; the Dominican Republic; and Chile. More information: www.gfg-group.com
ReD is a world leader in fraud prevention services. Its solutions are present at every stage of the payments value chain, supporting merchants, PSPs, issuers and acquirers, processors and switch networks in the fight against fraud. ReD is different. Flexible and independent of any card scheme, ReD protects billions of transactions across multiple channels and payment types. The company’s proprietary technology is underpinned by world class fraud and risk analysts and pooled data from more than 190 countries. Each customer receives a tailored, responsive and highly effective solution with day-to-day support from a dedicated, expert analyst. ReD serves customers from multiple sectors and across six continents from offices in Australia, China, Dubai, South Africa, the United Kingdom and the United States, and through partners around the globe. For more information, visit www.redworldwide.com