Industry Challenges

Payment cards industry is facing significant challenges like increased diversity in payment channels, increased fraudster sophistication, operational cost reduction and revenue generation. ReadiMinds is able to provide cost-effective solution to address these challenges as follows:

• Increased Diversity in Payment Channels: With the advent of new payment channels by payment cards industry, new avenues have opened up for the fraudsters to commit frauds that range from simple identity theft, lost & stolen cards, production of counterfeit cards, to advance data capture techniques such as phishing, pharming and man-in-the-middle attacks. ReadiONE helps to monitor and prevent payment card frauds across the diverse payment channels.
• Increased Fraudster Sophistication: Fraudsters are increasingly working around current set of automated card transaction analysis systems which are coded to prevent only the specific frauds. This highlights the importance of having a readily adaptable fraud detection solution which can incorporate new and evolving fraud patterns instantly. ReadiONE is easily configurable, flexible & scalable real-time fraud prevention solution which is designed to counter increased fraudster sophistication. New fraud / risk / compliance scenarios can be instantly deployed and handled based on emerging needs - unlike traditional behavior scoring based fraud detection systems that require the trend to be established to enable detection.
• Credit Risk Management: New members are a common source of credit risk. Traditional credit scoring systems have become ineffective. New generation ReadiSCORE system predicts the performance of new applicant, strengthening credit risk management.
• Operational Cost Reduction & Revenue Generation: In today's budget constrained environment, ReadiONE: a fully-configurable system, results in faster implementation and significantly reduced total cost of ownership. System also provides additional revenue generation capability with real-time cross/up-sell functionality.
• Return on Investment: ReadiONE provides a single multi-purpose solutions platform, saving you from opting multiple piece-meal solutions. This enables transaction security, acquirer related fraud prevention, issuer related fraud prevention, compliance, or cross/up-sell on the same platform, as the requirement grows.

ReadiMinds Solutions for the Payment Cards Industry

Built on a holistic, platform based approach, ReadiMinds' ReadiONE solution allows financial institutions to prevent both acquirer and issuer related payment card frauds across various payment channels, along with addressing ever evolving regulatory and compliance needs. ReadiONE is easily configurable, flexible, scalable and adaptable to changing business environment.

ReadiMinds' ReadiSCORE provides Artificial Intelligence (AI) based “Predictive” Risk Scoring capabilities which when applied to various processes like new credit card application processing, balance transfer requests, personal loan requests, recurring payment requests helps to manage credit risks within acceptable limits.