PAYSTRAX deploys Featurespace to combat payment fraud across Europe

By Gloria Mathias

PAYSTRAX, the payment processing solution for merchants across the EU and UK, has teamed up with global fraud and financial crime prevention company Featurespace to enhance security measures against fraudulent activities.

PAYSTRAX works with merchants across various industries and will utilize Featurespace’s technology to analyze merchants’ transactional behaviour. The solution identifies suspicious transactions, safeguarding PAYSTRAX from processing payments that contribute to fraud.

Research data published by Merchantsavvy shows that cumulative global losses in online payments due to fraud are expected to amount to $343 billion for merchants between 2023 and 2027.

PAYSTRAX has over 500 customers across the UK and the European Economic Area. It acquires merchants through trusted partner networks and collaborates with over 20 global partners. Focused on high technology, data security, and innovation, the company’s ethos aligns with Featurespace’s to provide value to its partners and merchants.

Featurespace’s Merchant Monitoring solution has been configured for PAYSTRAX to have real-time data analytics, allowing quick recalibration of rules to identify and prevent existing and new fraud forms. This functionality will help PAYSTRAX detect suspicious activity, identify a list of high-risk merchants, and provide relevant transactional scores.

Wolfgang Specht, Head of Merchant Risk and Project Management at PAYSTRAX, said, “Featurespace’s solution provides unprecedented speed and accuracy of insight into merchant transactional behaviours and history, giving us peace of mind as we optimize our decision-making and the processing of genuine or fraudulent transactions.

“With Featurespace, we can process data within minutes and quickly adapt to changing rules. Featurespace is an invaluable partner. Their technology will undoubtedly enhance our ability to support merchants in today’s real-time transaction landscape,” added Specht.

Martina King, CEO at Featurespace, shared, “We thank PAYSTRAX for selecting Featurespace to support their fast-growth trajectory and meet the needs of their customers across the UK and Europe. PAYSTRAX can now quickly, securely, and cost-efficiently protect the electronic payments of their merchants. In partnership, we can identify and stop fraud and financial crime and make the world a safer place to transact.”