Helsinki, 29 March 2023: Card issuing and processing pioneer Enfuce has been recognised by Celent as a winner of a Model Risk Manager award for embedded fraud prevention in its Card as a Service (CaaS) solution. Celent is a global research and advisory firm for the financial services industry.
Celent’s annual Model Risk Manager Awards recognise the best practices of technology usage in different areas critical to success in risk management. Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: the degree of innovation, technology or implementation excellence, and demonstrable business benefits.
Led by co-founders and co-CEOs Monika Liikamaa and Denise Johansson, Enfuce offers an agile alternative to existing issuer processing platforms, with the ability to quickly add modules and services as and when needed. Enfuce’s technology supports debit, credit, prepaid,as well as, fleet and fuel card programmes in any form – plastic, digital and/or tokenised – for consumer, commercial and B2B applications, along with digital wallets.
The first in the world to fully move card issuing to the cloud, and with its turnkey CaaS model, packaged BIN sponsoring, and all regulatory compliance taken care of, Enfuce is a one-stop shop for organisations that want to issue cards to their user bases. Since its launch in 2016, Enfuce is now processing nearly €2 billion transactions annually for more than 16 million active card users on its platform.
The award recognises how Enfuce innovated embedded fraud prevention for its CaaS solution with ARIC Risk Hub, an anti-money laundering technology designed by Featurespace. ARIC Risk Hub enables Enfuce to monitor and risk score complex sets of payment types and non-monetary events, at an enterprise level, matching the scale and complexity of Enfuce’s payment platform without throttling transactions.
The remote deployment took just six months, meeting Enfuce’s speed to market goals in managing the risk of both outbound and inbound payments of all types, maintaining excellent customer experience through low false positives, enabling speedy onboarding for new customers, and compliance with new regulatory environments, evidenced when Enfuce scaled their operations by launching into the UK market in 2022.
With ARIC Risk Hub and its self-learning machine learning models and adaptive behavioural analytics, Enfuce is able to better understand the genuine behaviour of customers and therefore flag when transactions are suspicious, even if a customer has authenticated themselves but is likely to be the victim of a scam. Since incorporating ARIC Risk Hub into its CaaS solution, notable metrics achieved by Enfuce include:
2m+ transactions scored per month
99.44% average fraud detection rate
0.67 average basis point (BP) of reported fraud* (remarkably lower than averages of the countries in which its financial institutions are based)
30+ financial institutions onboarded to the service fully managed by Enfuce
A Fraud Hero Story published by Featurespace details Enfuce’s strategic approach to fraud management and their game changing results achieved with ARIC.
Tiia Helokas, Fraud Manager at Enfuce, says: “Our clients deserve first class services that allow them to concentrate on the success of their core business, without worrying about ever‑evolving fraud. With Featurespace ARIC Risk Hub, we remove that worry. It’s an extremely intuitive, futureproof risk solution that allows us to protect our clients’ transactions across all verticals, facilitates faster onboarding, and supports our growth.”
Neil Katkov, Director of Risk at Celent, says: “Celent is thrilled to recognise Enfuce in the Model Risk Manager 2023 category ‘Financial Crime Compliance’. Enfuce’s SaaS based fraud management offering enables them to flexibly support any type of client anywhere. Their FRAML approach to combining fraud detection and anti-money laundering differentiates them from traditional financial crime compliance operations at banks, for instance, where combining those two streams has been a challenge.”
Monika Liikamaa, Co-Founder and Co-CEO of Enfuce, says: “This prestigious award is validation that Enfuce provides the whole package of services, technology compliance and anti-fraud expertise that businesses around the world are looking for. Protecting end users while delivering seamless and secure payments options is incremental to building customer trust and loyalty. If end customers have a fraudulent experience early on in their relationship, it’s likely that they will stop using the service.”
Denise Johansson, Co-Founder and Co-CEO of Enfuce, says: “This award is an authoritative testament to Enfuce’s continuous commitment to safeguard society from payment fraud. Enfuce’s fraud prevention capabilities and related compliance expertise enable our customers to focus on their core business while relying on Enfuce to facilitate transactions. With Enfuce’s pioneering spirit and commitment to exceeding client expectations, Enfuce is setting the example in fraud prevention and detection, enabling clients and their customers to feel safe in the knowledge that their transactions are secure and protected.”
This prestigious award win is the latest milestone in Enfuce’s successful growth journey, following its €45 million in Series C funding that was secured from Vitruvian Partners, a global investment firm which supports ambitious, high-growth companies. With a fast-growing roster of partnerships secured over the past 12 months, Enfuce is swiftly becoming the go-to partner for card issuance and embedded payments services in the B2B and B2C spaces.
To find out more about Enfuce, please visit www.enfuce.com.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .
Source: Company press release.
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