ReadiONE Software Suite provides real-time payment card fraud prevention. It helps prevent frauds related to Lost & Stolen Cards, Card Not Present (CNP) frauds, Card Non-delivery, New Account and Identity Theft related frauds and so on. Enterprises can easily add new solutions like Financial Crime Surveillance, Real-Time Risk Monitoring & Mitigation and Opportunity platform on ReadiONE: Right-Time Response System platform, as and when required.
- ReadiONE helps to achieve the emerging SLAs for faster real-time payments as recommended for end-users convenience, by regulatory bodies.
- ReadiONE is built ground-up using new generation innovative technologies, namely metadata, service-oriented architecture, event-driven architecture, business process architecture, composite event processing and self-learning predictive scoring engine. Therefore, ReadiONE is flexible, easy to configure, quick to implement, resulting in low TCO (Total Cost of Ownership).
- ReadiONE empowers business units - It is designed to be managed by business analysts as opposed to IT analysts.
- ReadiONE provides a Comprehensive Fraud Investigation System (including Incident Management, Real-Time Executive & Operations Dashboards, Comprehensive Analytics, Forensics, Productivity: Work-Load Allocation & Balancing, Reporting, Audit Trails, Case Management) for the investigators to analyse and resolve the alerts/incidents.
- ReadiONE supports Watch lists to handle various frauds like card loss related frauds which are more prevalent in the payment card industry.
- ReadiONE provides multiple quick & easy integration Methods. Hence minimal or no change is required in existing disparate Systems / Applications.
- ReadiONE provides real-time cross-selling / up-selling capabilities with fraud prevention.
- ReadiONE not only serve today's requirements, but has the capability to handle cross-channel frauds, meet changing market situations, tomorrow's regulatory guidelines and prevent emerging security and fraud challenges in the payment card industry.
- Enterprises can easily add new solutions on ReadiONE: Right-Time Response System platform, as and when required.
Why is ReadiONE innovative?
ReadiONE is innovative on many counts. It is a new generation “holistic”, highly scalable solution, built ground-up for real-time payment card fraud prevention, to match transaction volume growth, and provide 24 * 365 up-times. To be more specific:
- Innovative Transaction Data Management: No need for costly, inflexible and time consuming data warehouse! Traditional fraud detection systems use "data at rest" techniques, that builds a data warehouse, a costly, inflexible and time consuming approach. This only allows post-facto analysis. ReadiONE uses innovative new generation “data in motion" approach, for faster, cost effective real-time solution. ReadiONE indexes your transaction data, coming from variety of sources, and creates a highly efficient event cache. This approach allows you to add any new data source quickly and easily without expensive schema modifications. Our innovative "data in motion" indexing and event cache allows predictive, real-time or near real-time analytics and response, something not possible with traditional systems.
- Innovative Technologies: ReadiONE is designed to be configured by business analysts, allowing businesses to respond to dynamic market changes quickly and easily. System is built on Meta Data, allowing any changes to be "hot" deployed. System uses innovative, new generation technologies that are highly cost effective, user friendly and quick and easy to configure and deploy. This results in substantially lower Total Cost of Ownership/ TCO.
- Innovative Always-On Two-stage Enterprise Fraud Detection & Predictive Scoring: Under the ReadiONE hood is a powerful cross-channel real-time scenario detection engine & self-learning predictive scoring engine. Not only ReadiONE comes with out-of-the-box fraud and compliance scenarios, it also allows business analysts to easily and quickly build and deploy new ones as and when needed by their businesses. Once the scenario is detected, ReadiONE scores the same with a self-learning predictive scoring engine that result in more accurate incidents, with minimum false positives. All this means additional cost savings, with lesser number of Incident Analysts [Fraud Analysts].
- Innovative Response Management: ReadiONE comes with a user friendly configurable rule engine and BPEL based graphical business process management system. This allows business analysts to easily and quickly configure the response system based on specific business needs.