back Back

Featurespace launches GenAI Large Transaction Model to combat fraud

By Gloria Methri

October 30, 2023

  • Behavioral Analytics
  • Featurespace
  • Financial Crime

TallierLTM, Featurespace, GenAI, Large Transaction Model, TSYS, FinTech, UKFeaturespace has launched a Large Transaction Model (LTM) using Generative AI for the financial services and payments industry. TallierLTM™ is a large-scale, self-supervised, pre-trained model, designed to power the next generation of AI applications for the financial protection of consumers.

It gives fraud and financial crime professionals access to the generative Large Transaction Model, helping them differentiate between genuine consumers and bad actors.

“What OpenAI’s LLMs have done for language, TallierLTM™ will do for payments,” said David Excell, founder of Featurespace. “There is widespread concern about how deep-fakes and generative AI have been used to deceive consumers and our financial systems. We plan to reverse this trend by utilizing the power of generative AI algorithms to create solutions that protect consumers and make the world a safer place to transact.”

By analyzing billions of transactions, TallierLTM™ identifies hidden transactional patterns undiscoverable using current industry methods, enabling it to generate likely future consumer transactions. Insights are based on time sequencing, such as unusual spending patterns over a short period of time and patterns of behavior between a consumer and a merchant.

Financial institutions will be able to interact with TallierLTM™ via its embedding API, which is a data science accelerator that enables a consumer’s transaction history to be converted to a machine-readable feature vector. It creates a unique ‘behavioral bar code,’ providing a comprehensive representation of a consumer’s transactional behavior without revealing any personally identifiable information.

Dr. David Sutton, Featurespace’s Chief Innovation Officer said, “By adding TallierLTM™’s feature vectors to the inputs of an industry-standard fraud model, we have seen improvements of up to 71% in fraud value detection. This will accelerate data science teams’ ability to level up their model performance and realize the value of machine learning investments more quickly.”

Featurespace plans to introduce the TallierLTM™ service with its longstanding partner TSYS, a Global Payments company.

“TSYS and Featurespace have a long track record of co-innovating to deliver industry-leading technologies and solutions that help financial institutions provide secure, seamless experiences at scale,” said Dondi Black, executive vice president and chief product officer for TSYS. “TallierLTM™ is the next transformative step, allowing us to unlock new insights and power new experiences for our clients around the world, further differentiating our capabilities with this new groundbreaking solution.”

Previous Article

October 30, 2023

DBS brings financing solutions for SMEs to accelerate sustainability plans

Read More
Next Article

October 30, 2023

Micro Connect’s MCEX certified to offer Shariah-compliant products

Read More

IBSi Daily News Analysis

UK, Bank

July 12, 2024

Behavioral Analytics

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

July 12, 2024

Payset and ClearBank partner for local and cross-border payments

Read More

July 12, 2024

Network International launches Business Payment Solutions with Mastercard

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024