Wincor Nixdorf, one of the world’s leading providers of IT solutions to the retail and banking industries, and IRIS Analytics, a leading supplier of real-time solutions for the control of fraud and risk in electronic payments, have extended their existing cooperation for a further five years in a global partnership that has already achieved considerable successes.

Steve Edwards, Software Solution specialist responsible for Fraud Management at Wincor Nixdorf, stated: “The extension of this partnership by a further five years is a reflection of the customer demand for a strong and flexible fraud prevention solution able to counter the ever changing nature of payment fraud.”

The partnership was originally formed five years ago and enables Wincor Nixdorf to market, implement and support the IRIS^Ⓡ real-time transaction scoring software worldwide to its customers in the finance and payments sector. Key successes during the last five years include QIWI, a Russian payment services provider, and most recently Tinkoff Bank, Russia’s leading provider of online retail financial services.

According to Nilson Report (issue 1023), global card fraud is in excess of 11 billion USD annually, rising steadily. The world over, criminals have realized that there is money to make in payment fraud. The focus of attention of international fraudsters has widened to include e-wallets and alternative payment products. User IDs, as well as other information are popular targets, not just skimmed card data. The focus of these criminal bands is no longer only banks and trading companies.

IRIS is a true multi-channel product, covering all fraud-prone payment channels, and also stops fraud by assessing financial as well as non-financial events within the channels. This ability to combine financial and non-financial information can be used, for example, to avoid cancellation fraud (Transaction Reversal Fraud) and can lead, in combination with Wincor Nixdorf’s monitoring software ProView and Security Software Terminal Security, to maximum protection within the customer interface.

Wincor Nixdorf and IRIS Analytics will cooperate closely over the coming five years to deliver the significant benefits that IRIS realizes to the market, and build on the growing customer base that already exists around the world. Financial institutions need to not only stop the losses from fraud, but also to defend and enhance the reputation of their financial products. Nikolaus D. Bayer, managing director of IRIS Analytics concludes: “Reducing fraud is not only about saving money. It is also about creating a better overall experience for customers, as their interactions with their bank become less disrupted. IRIS delivers both.”

About IRIS Analytics

IRIS Analytics provides technology and consultancy services to the payments industry to beat electronic payment fraud. It develops and markets the IRIS off-the-shelf fraud prevention platform which powers real-time fraud scoring across the full range of electronic payment channels, including credit, debit, prepaid, online and mobile. IRIS enables payment processors, switches, payment service providers, wallets and issuers across the world to analyse and respond to complex fraud patterns in real time, staying one step ahead of evolving, unanticipated fraud threats.

http://www.iris-analytics.com/en/

Note to editors

For more information, contact Denise Gee at MagnaCarta PR on +44 779 376 8109, denise.gee@iris.de or Simon Hardie on +90 534 7999274, simon.hardie@iris.de.