What's so special about IRIS? What is the toolset for maximum fraud prevention performance? Below, we outline its key characteristics. The combination of these enable each IRIS user to realize the key business goals for successful fraud and risk control with electronic payments:

• Maximise savings
• Minimise false positive ratios
• Reduce TCO

IRIS supports multi-tenancy operation out of the box, by configuration, not customisation. This means multiple “clients” can share the same IRIS infrastructure without interfering with each other. “Chinese walls” ensure that users can only see data or decision models of the client they belong to. At the same time, IRIS ensures that any transactions are routed to the respective client.

Multi-tenancy operation is ideally suited to processing environments serving multiple clients, channels and portfolios. From a single software instance, IRIS users can manage and administer the separate channels and portfolios on a discrete basis. Adding additional channels or portfolios is an easy and quick process, achieved simply by re-configuring the system from the browser based GUI.

IRIS responds to up to 10,000 authorisation requests per second “in-flight”, with latency of a few milliseconds. In the simulation environment, a full simulation of a fraud countermeasure with multiple hundred million transactions is performed in just minutes (in a typical card issuing fraud application).

At the same time, these performance figures are achieved on standard hardware, and cluster functionality for high availability setups is built-in.

Fraud is a moving target. The unrelenting creativity of fraudsters to develop new scams and hazards is exasperated by the rapid mutation of established fraud schemes into new strains. With IRIS, it is possible to detect such fraud patterns immediately, analyse how they can be thwarted, and install countermeasures... all within a matter of hours.

The simulation and analysis environment easily enables offline optimisation and testing of decision strategies.

Any fraud countermeasures must be thoroughly tested before they are activated to avoid undesired customer disruptions. At the same time, modifications to decision logic can be put into operation within very short timescales, not requiring lengthy neural network re-training.

IRIS implements a unique artificial intelligence based learning algorithm for decision model generation and optimisation. All functionality is part of the standard IRIS setup. Consequently, it is really end user friendly, and involvement of IRIS Analytics staff is not required once users are familiar with the solution.

An unlimited number of transaction streams (and lines of business) is supported purely by configuration:

• Different transaction streams can be merged
• Non-financial transactions can be included
• Past transaction sequences can be evaluated
• All input and output attributes are freely configurable

IRIS enables card issuers, acquirers and processors to meet PCI-DSS requirements.

IRIS is a flexible, configurable standard product. For instance, IRIS does not expect the customer to deliver a fixed set of data; IRIS takes whatever the customer can deliver.

• Adaptation to user requirements by configuration, and not by software customisation
• Easy implementation