Dubai: Network International, a leading payment solutions provider in the Middle East and Africa (MEA), has successfully rolled out the FICO® Falcon® Platform, a real-time fraud solution which uses advanced analytics and intelligence from over 2.6 billion cards worldwide to accurately identify fraudulent behaviour on payment cards.
Warba Bank, in Kuwait, will be one of the first of Network International’s clients to use the Falcon Platform, following the company’s partnership agreement in 2017 with FICO, a leading analytics company, to offer its clients based in the MEA region access to one of the world’s leading payment fraud prevention solutions. Network had earlier announced the availability of the solution to its clients during the inaugural Fraud User Group it held recently in Dubai.
Speaking on the addition of Falcon to Network International’s comprehensive portfolio of products, Paul Clarke, Group Head of Product & Innovation, Network International, said: “Fraud is evolving alongside the technologies we use in our increasingly connected world. Fraud solutions must, therefore, be increasingly sophisticated in order to provide the level of protection that cardholders expect. We are delighted to strengthen our Managed Services offering to issuers by incorporating the FICO® Falcon® Platform’s advanced data intelligence -driven tools.”
A powerful tool for the protection of payment card transactions, the FICO® Falcon® Platform increases cardholder confidence in the face of evolving fraudulent practices. Falcon’s Cognitive Fraud Analytics, a portfolio of fraud-specific machine learning models, determines the authenticity of every transaction, thereby providing customers with a real-time and reliable assessment that takes into account not only worldwide fraud trends based on the Falcon® Intelligence Network, but also each individual’s spending behaviour profile. Network International additionally offers its issuers the option of availing of Managed Services where its team of expert fraud analysts can remotely manage their anti-fraud operations.
Musaed Mazyed Al Mazyed, Head of Sales & Distributions Channels at Warba Bank, said: “Warba Bank’s prime objective is to provide its customers with high-level secured solutions for their card transactions. By partnering with Network International, one of the leading payment solutions providers in the region, we will be the first bank in Kuwait to implement the FICO® Falcon® Platform. This will give our card customers peace of mind, knowing that their transactions are fully safe and secured.” He added: “Warba Bank has been at the forefront of investing in the latest advanced anti-fraud solutions and we remain committed to offering our customers best-in-class protection, so that they can rest assured that their every payment via card is highly secure.”
About Network International:
Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and Africa region (MEA), servicing more than 65,000 merchant outlets and 220 financial institutions in more than 50 countries. The company’s service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants including end-to-end consultancy ranging from planning and designing to developing of new card and consumer finance products and services. In addition, the company offers several value-add products including data analytics, scoring and loyalty solutions. Network International has operation centers in the UAE, Egypt, Jordan, South Africa and Nigeria, with its corporate head office in Dubai. In 2016, the company acquired Emerging Markets Payments Holdings Limited (EMPH) and continues to invest in strategic partnerships with the aim that its influence increasingly spreads across the region.
As the first independent vendor certified by both Visa & MasterCard for card payments in the Middle East, Network International is a Principal Member of Visa International and MasterCard International in the UAE and enjoys extension of its MasterCard License in other key countries. It is also a member of JCB and Union Pay card schemes, and it owns and manages the Diners Club International Franchise in the UAE, Egypt, Lebanon and Jordan. The company also launched a GCC-based domestic scheme, Mercury, and partnered with Discover Financial Services (DFS) to allow global acceptance of Mercury cards on the Discover, Diners Club International and PULSE networks. Network International is a Payment Card Industry Data Security Standard (PCI DSS) certified company.
For further information on Network International, please contact:
Tel: 971-4-4507600 Fax: 971-4-4358040
© Press Release 2018