The technology will help reduce incidents of frauds, saving millions of dollars potentially lost in revenue on an annual basis for the financial organizations.
The predictive analytics tool will also reduce false alerts on non-fraudulent transactions, when an electronic payment is wrongfully denied, to improve customer satisfaction as well as reduce customer service costs.
The new system will enable the firm to incorporate the work in-house, to one half-time analyst who will build more than 30 models by the end of the year, custom-tailored for each unique card type.
Monext BI & Data Mining analyst Annabelle Gerard said the new analytics system is powerful and easy-to-use, which offers providing reliable results within hours.
"We trust that KXEN will give us a real competitive advantage, saving hundreds of millions of dollars annually and greatly improving the customer experience," Gerard added.
Monext sells electronic payment systems for payments performed with or without a card, at the point of sale, online or through mobile telephone, delivering transactions that are secure, reliable and instant.
