From the Wires
Monext Selects KXEN to Reduce e-Fraud for Over 1 billion Annual Electronic Transactions
By: Business Wire
Dec. 5, 2012 09:17 AM
KXEN, the leading provider of predictive analytics for business users, today announced that Monext, one of the leading processors of electronic payment transactions in Europe, has purchased KXEN’s flagship product, InfiniteInsight®, to reduce e-fraud on over 1 billion annual transactions for some of Europe’s largest e-Businesses, retailers and banks.
According to a recent survey by the Consumer Sentinel Network at the U.S. Department of Justice, worldwide credit card fraud totals $5.55 billion and domestically in the U.S. 10% of Americans reported having been victims. For Monext, who facilitates electronic payment transactions – whether performed with or without a card, at the point of sale, on the phone, online or via mobile device – even the slightest reduction in fraud can save hundreds of millions of dollars annually, making the choice to implement predictive analytics using KXEN imperative to their business.
In addition to preserving potentially lost revenue, Monext is deploying predictive analytics to cut “false alerts”, which occur when an electronic payment is wrongfully denied for its potential to be fraudulent. False alerts can be a significant inconvenience for consumers and are commonplace for individuals that travel frequently, have multiple cards for members of their family, or make lots of online purchases. Reducing false alerts can greatly improve the consumer experience and reduce call center costs.
Prior to selecting KXEN’s InfiniteInsight®, Monext relied on an analytics outsourcer to build one generalized model to predict e-fraud across all types of electronic payments, a sub-optimal approach for today’s rapidly changing business environment with increasing percentages of online transactions and varying types of payment methods.
With KXEN’s easy-to-use, automated learning approach for rapid modeling, Monext is able to bring the work in-house to one half-time analyst who will build more than 30 models by the end of the year, custom-tailored for each unique card type (credit, debit, prepaid, luxury, etc.) and financial institution. In a subsequent phase, Monext will include models for key merchants.
KXEN’s automated learning approach to predictive analytics is instrumental for today’s companies like Monext, whose business depends on analyzing massive amounts of “big data” with hundreds of millions of transactions (“rows”) and as many as 500 native and derived attributes (“columns”), to make decisions on electronic transactions in milliseconds.
“We found KXEN’s InfiniteInsight® to be both powerful and easy-to-use, providing reliable results in hours not days or weeks,” said Annabelle Gerard, BI & Data Mining Analyst for Monext. “We trust that KXEN will give us a real competitive advantage, saving hundreds of millions of dollars annually and greatly improving the customer experience.”
“KXEN is committed to helping companies like Monext reduce e-fraud for e-Businesses, retailers and banks,” said John Ball, CEO of KXEN. “Monext is proving that best-in-class predictive analytics is available for organizations that previously did not have analytics capacity or know-how in-house.”
For more information on KXEN and InfiniteInsight®, please visit:
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