Zapp enhances security measures ahead of app launch
UK-based mobile payments startup Zapp has entered into a five-year agreement with Featurespace, the global leader in adaptive behavioural analytics, to implement real-time fraud protection for its mobile payment customers. Partnering with Barclays, Zapp plans to launch its 'Pay by bank app', 'Paymark', this autumn, which will enable individuals to make payments directly from their app on mobile devices.
Zapp, which is due to launch its new ‘Pay by bank app’ paymark in the autumn of 2015, will deploy a fraud monitoring and alerting system based on Featurespace’s ARIC adaptive behavioural analytics engine to protect its users against fraud in real time. The engine is powered by machine learning adaptive algorithms, which run in real time and spot subtle changes at individual account level. The new technology enables existing and new types of fraud to be identified and prevented: a modern technological solution to an age old problem. Featurespace’s system has been tried, tested and delivered according to schedule at every step of implementation, resulting in this 5-year agreement. Following launch, the system will process thousands of events every second for customers of Zapp’s banking partners, including Barclays.

Peter Keenan, Chief Executive Officer of Zapp commented, “Zapp’s Pay by bank app will provide a great payment experience that is simple, quick and above all, secure. We need to ensure that payments are trusted by consumers and merchants alike and our implementation of Featurespace’s incredible real-time analytics capability will be essential over the next five years to delivering a great experience, whilst providing some of the highest levels of fraud protection in the industry.”

Martina King, CEO of Featurespace, adds: “We’ve been impressed by Zapp’s commitment to providing innovative customer solutions in every area of their business. By analysing individual patterns of behaviour, Zapp can protect their customers from fraud attacks in real-time. It’s a pleasure to work with their team and we look forward to the next five years.”