The technology honcho IBM has purchased the Iris real-time fraud analytics tool to tackle the payment fraud. The tech-giant has not just purchased the service, but it has also acquired the whole firm under its flagship.
Iris Analytics: the real-time analytic tool
The German company, which specializes in real-time analytics to help combat payment fraud, has generated a real-time fraud analytics engine that can work on various types and sizes of platforms. The machine helps identify the new fraud pattern quickly, and is able to generate anti-fraud models rapidly. It also supports the modification and creation of short-term models for the specific uses.
The Iris virtual analyst is the next-gen fraud analytical machine that is capable of bridging gap between the conventional predictive modeling and the expert-driven fast technological brilliance. A perfect amalgam of human expertise and artificial intelligence, the technique is based on the cognitive analytics, interactive to test and deploy such models that work with the real production data without interruption.
The fast increasing payment industry is a lure and an opportunity for any smart company that is looking forward to acquire the indirect monopoly in the analytical market, especially to the payment fraud. The International Business Machines Corp. (IBM) definitely wants to join the crusade with its new involvement. The untold amount offered by IRIS Analytics is a mystery, but the 2007 established firm is getting enough to let IBM undertake their prized possession. Although the altruistic ambition of IBM is always applauded by the market and with the deal IBM has enabled all banks under its scrutiny to get benefited with the IRIS machine.
The IRIS analytics facilitates services like detail analysis of the payment service, the switches and the process to anticipate the unsolicited fraud. As the scammers are getting high on technology and using new methods for frauds, the complex fraud techniques have been problematic to every bank and notary-related enterprises. The new IRIS technology will enable IBM to notify the fraud or payment malpractices in real-time.
Obviously, the black box models limit the action against the fraud around 4 months, but the identification provides a podium for the companies to find a logical and analytical warrior against the swindle. The new analytical tool is overtaking the conventional and difficult black box models with fast identification and easy analysis.
Alistair Rennie, the GM, Industry Solution, IBM, says the intellectual computing approach is going to unleash an entirely new paradigm against fraud. The amalgamation will enhance the IBM power to prepare a counter attack of every spontaneous fraud and help the enterprises to tackle issues with more transparency and hegemony.
It is known that IRIS has maintained to hold a prominent place in the industry through linking with various banks globally. The latest example is e-rsb, the French Payment Card Switch System that makes use of the IRIS technology to oversee the annual transaction of debit and credit. The time taken by each transaction through IRIS is 750 transactions per second.
The tool is definitely a good defence system against financial crime with the synergy of innovation and technology as well as improvement to work with the new payment methods like mobile payment, including chips and pin, immediate payment of banks, etc.