ARIC™ for Payments

ARIC™ for Payments provides a unified solution for financial institutions seeking to combat increasing Check fraud across all channels.

The underlying flexibility of ARIC™ for Payments provides the ability to ingest additional third-party Check related data, view Check images directly within the alert and case management user interface, and ingest Check data via API or batch. ARIC can make use of data across all points of the transaction life cycle, including device data for mobile deposits, location data for branch and ATM deposits, and signals from other FIs and processors on in-clearing checks.

Together, our cutting-edge analytics and flexible platform configuration enable operations teams to manage the check float and hold process through confidently expediting funds availability on genuine activity, while focusing on the truly high-risk reviews, both driving efficiencies for your operations team, and further enhancing your customer’s experience.

ARIC for Payments’ support for all payments channel methods powers a holistic view of payment activity allowing your organization to quickly diagnose and mitigate fraud attacks jumping across channels and payment types.

Powered by our patented, award-winning invention, Adaptive Behavioral Analytics technology and unique ARIC Model Definition Language (AMDL), ARIC™ for Payments offers a holistic solution to protect you and your customers from Check fraud typologies such as Check washing, counterfeit Checks, Check kiting schemes, and Check scams.

Industry experts estimate that despite the slow decrease in Check payment volume, Check fraud will reach $24 billion in 2023 and continue to grow.

The increase of Check use within the COVID-19 pandemic and associated relief payments led fraudsters to shift their focus on exploiting the payment type and they still today continue to capitalize on the vulnerabilities identified.

Featurespace has witnessed a major shift of US based banks focusing on Checks as a priority area to utilize the adaptive behavioral analytics that underpin their ARIC for Payments solution due to a sharp increase in fraud losses.

The adaptive behavioral analytics that underpin the ARIC Risk Hub have been deployed to great success.

A recent deployment of a leading US-based Credit Union achieved a fraud catch rate >80% at a 2:1 false positive ratio.

ARIC for Payments is designed to perform optimally within real-time environments. As a result, you can provide check originating from online banking systems to ARIC’s API and receive a real-time risk response in 10s of milliseconds. Subsequently, utilize the output to block transactions or orchestrate additional downstream actions within your payments ecosystem. With ARIC for Payments you will be able to:

• Detect multiple types of Check fraud, in real time, across all channels and Check types
• Orchestrate downstream actions, such as denying a transaction or introducing customer friction like step-up authentication
• Utilize transactional data across all payment types to appropriately risk assess transactions at the customer level

ARIC is not limited to real-time processing and risk assessment. Batch processing for Checks such as those originating from receiving financial institutions, enables ARIC to receive and risk assess asynchronously while still utilizing patented Adaptive Behavioral Analytics unique to the solution.

Machine learning is revolutionizing the payments industry and Check fraud prevention is no exception. ARIC for Payments is leading the way with its Adaptive Behavioral Analytics, which allows for analytics to be tailored at the individual customer level and adapt to the changes of your customers. Make use of stateful customer profiles that adapt in real time, making the prevention of common types such as kiting or washing simple.

ARIC provides out of the box analytics that allow for you to tailor to your Check fraud prevention strategy in a way that aligns with businesses goals.

ARIC for Payments is designed with the needs of a modern fraud analyst and analytics creator in mind. The extensive suite of native features to the platform allows for the optimization of your data, operations, and analytics team. ARIC comes standard with:

• Check Image Display functionality, allowing for new Checks to be directly compared to customer specific known good Checks either directly within the ARIC UI or via a direct link to an existing investigation UI.
• Integration points for common Check risk data sources, like EWS and Orbograph.
• A 360-degree view of the customer, allowing for all payment types across all channels to be used in the evaluation of Check risk.
• Powerful analytics designed to be easy to use, including items like champion-challenger testing.
• Plug and play workflows, allowing the system to orchestrate downstream actions within your payments ecosystem.