ReD Wins HP 2012 AllianceOne Partner of the Year Award
World Leader in Card Fraud Prevention and Payment Services Receives Innovation Award for ReD PRISM at PULSE
EDISON, NJ – Jun 6, 2012 — ReD, a leading provider of fraud prevention and payment services, today announced that the company has received the 2012 HP AllianceONE Partner of the Year Award for Innovation, for its ReD PRISM® fraud prevention solution. The Innovation Award recognizes partner companies that have shown creative and unique approaches to solving a customer problem by delivering solutions that drive meaningful business results for shared customers. The award, in recognition of ReD's PRISM implementation for PULSE, was presented at the HP Discover Partner Summit in Las Vegas on June 4.
"ReD PRISM is a premiere fraud management solution running on the HP NonStop platform, said Bob McKenna, strategic solutions alliance manager for HP. It's an innovative product from a company that shares our vision and philosophy"
PULSE is one of the leading debit/ATM networks in the United States, serving thousands of financial institutions across the country. The company has adopted the ReD PRISM monitoring and risk management system, combining dynamic neural network technology, rules-based strategies and intelligent data-mining for very rapid detection of fraudulent transactions. PRISM is implemented on HP Integrity NonStop architecture and PULSE has been able to capitalize on the robust strengths of both offerings at a significantly lower cost than its previous hardware solution.
The PRISM solution monitors PIN and signature debit transactions at the point-of-sale and ATM transactions for PULSE and, without impact on the customer experience, will offer a level of real-time decision-making and fraud prevention that was previously unavailable. This new real-time capability is critical as payment fraud becomes faster and more advanced. When fully deployed across the PULSE network later this year, the solution will enable decisioning for millions of transactions per day, at less than 250 milliseconds per transaction. It will process 100 percent of transactions in real-time and is scalable, to support PULSE and its clients as they grow. PRISM monitors continuously, to detect and prevent fraudulent activity, and can learn and adapt to changing patterns of fraud. PULSE and its participating institutions access information via a PRISM web interface and are able to act on alerts and decisions taken by the system without adversely affecting the customer experience for legitimate cardholders.
Bank card fraud is a global epidemic that is predicted to cost more than $10 billion by 2015*. ReD PRISM is an intelligent transaction monitoring and risk management solution that enables card issuers, acquirers, switch networks and payment processors to predict, prevent, track and understand new patterns of payment fraud. ReD PRISM employs dynamic neural and rules-based technologies that allow customers to create strategies to combat financial transaction fraud as it evolves. The solution can dramatically reduce fraudulent activity while enabling better control of chargebacks and the ability to maximize genuine transactions.
"At ReD, we're very proud of our innovative products and services that help issuers, acquirers, processors and merchants to mitigate risk while maintaining customer experience and revenue growth," said ReD CEO Paul Stanley. "The combination of real-time and near-real-time capabilities in our PRISM solution gives financial institutions the optimal balance of speed and analysis, equipping them to tackle increasingly professional fraudsters and minimize their clients' exposure to transactional fraud. ReD will continue to invest and innovate in support of our customers and HP's recognition is an honor and a true testament to our work and spirit."
*Global Card Fraud, The Nilson Report, June 2010
ReD is a world leader in card fraud prevention and payment services. Independent of any card scheme, ReD is present at every stage of the payments value chain, supporting merchants, PSPs, issuers and acquirers, processors and switch networks in the fight against fraud. As a participating organization on the board of the PCI DSS Security Standards Council, ReD plays a central role in setting standards for the payments industry. ReD employs some of the world's leading risk and fraud analysts and gathers data from more than 190 countries. The company serves customers across six continents, from telecommunications, retail, travel, petroleum, banking and broader e-commerce sectors. Customers include Chevron, John Lewis, Shell, T-Mobile, Tesco Mobile and Virgin Mobile. ReD has offices in Australia, China, India, Singapore, South Africa, United Kingdom and the United States. For more information about ReD, please visit: www.redworldwide.com