Modern core banking technology provider Zeta and fraud prevention company Featurespace announced a new partnership on March 22, 2023.
Under the collaboration, the two companies will offer U.S. credit card issuers an innovative solution that combines credit card processing and fraud detection.
The combined offering will unlock a range of capabilities for credit card issuers, including out-of-the-box availability, pre-built workflows, real-time transaction authorization, custom decision rules based on risk scores, real-time access to all transaction fraud events, and more.
Zeta’s Modern Card Processing and Embeddable Banking for Fintechs
Zeta was founded in 2015 to offer modern card processing for banks and embeddable banking for fintechs.
The company’s Tachyon Credit offers banks modern credit card programs and spending tools to help boost engagement, increase scale, and decrease fraud.
Additionally, Zeta enables fintechs to offer their own credit cards with spending controls and multi-factor authentication.
Zeta CEO and Co-founder Bhavin Turakhia described the company’s issuer clients as “demanding” and said the company is enabling issuers to iterate on their credit card products faster to test and launch features in a matter of days.
Featurespace’s Fraud Detection Engine
Featurespace, a U.K.-based company, offers its fraud detection engine that combines AI, behavioral networks, and rules-based decisioning to help organizations identify fraud without negatively impacting the customer experience.
Featurespace’s flagship solution, the ARIC Risk Hub, secures more than 50 billion transactions per year across 500 million consumers located in 180 countries.
The company has more than 70 clients, including HSBC, TSYS, Worldpay, RBS NatWest Group, Danske Bank, ClearBank, and more.
The Joint Solution for Credit Card Issuers
Combining Zeta’s modern credit card processing and Featurespace’s fraud detection engine will provide credit card issuers with an innovative solution to combat fraud while providing a seamless customer experience.
According to Carolyn Homberger, President of Americas at Featurespace, “The partnership between Zeta and Featurespace brings together two of the most capable solutions across the industry in each’s segments.” She added, “We’re extremely excited to bring our joint solution to market in the U.S.”
Zeta’s Impressive Track Record
Zeta has been voted Best of Show at FinovateWest Digital 2020 and has more than 1700 employees and contractors located across the U.S., U.K., Middle East, and Asia.
The company’s 35+ customers have issued more than 15 million cards on its platform.
The California-based company has raised $280 million and was valued at around $1.5 million in 2022.
Final Thoughts
The Zeta and Featurespace partnership is a significant step forward in providing innovative solutions to the credit card industry.
The joint offering combines Zeta’s modern card processing and Featurespace’s fraud detection engine to offer credit card issuers an out-of-the-box solution that is easy to implement and provides real-time transaction authorization and custom decision rules based on risk scores.
With their combined expertise, Zeta and Featurespace are poised to become industry leaders in credit card processing and fraud detection.
