Product category:
Promotions and incentives
News Release from: Nomad | Subject: MasterCard EMS Expert Monitoring System
Edited by the Marketingservicestalk Editorial
Team on 02 November 2007
Nomad offers latest fraud-beating
software
As the first processor in Europe to offer MasterCard's EMS (Expert Monitoring System), Nomad Payments now offers the latest in fraud management and monitoring technology.
Leading payments processor Nomad Payments estimates that 85 per cent of all fraud losses are currently compensated for by issuers and EMS assists the issuer in detecting fraud at an early stage, thus reducing losses According to recent research, the electronic payments industry is moving from a portfolio risk management strategy to a consumer level risk management strategy
This article was originally published on Marketingservicestalk on 11 Sep 2007 at 8.00am (UK)
Related stories
National Bank of Malawi chooses Cortex
As the principal VISA member for Malawi, the National Bank of Malawi has chosen Nomad's Cortex software to support its migration to VISA EMV debit card issuing and ATM/POS acquiring.
Nomad to attend Prepaid Cards Summit 2007
Nomad Payments, Europe's leading prepaid and debit payments processor, is exhibiting at this year's Prepaid Cards Summit, which takes place at The Brewery London on 24-25 October 2007.
This adjustment requires financial institutions to consolidate multiple risks related to a single client across multiple product lines and react quickly to a changing market environment.
EMS is the solution for enterprise/consumer level risk management.
It allows for a variety of solution sets that address specific risks (both generalised and customised) across multiple product lines within a flexible environment.
Further reading
Nomad provides backbone for luxury shopping card
Nomad's Cortex processing platform is delivering the processing power for a new prepaid card initiative launched at Value Retail luxury outlet shopping Villages.
Latvian bank picks Cortex for card processing
One of the top ten banks in Latvia, Aizkraukles Bank, has chosen Nomad's Cortex software platform to support the card issuing and authorisation of its own and international card products.
Manchester BS unveils Maestro debit card
The Manchester Building Society has launched a Maestro debit card to extend its comprehensive portfolio of investment and mortgage products, helped by the Nomad Payments outsourced service.
Nomad Payments is at the forefront when it comes to helping its clients address fraud monitoring and management issues, particularly in the prepaid market.
Nik Shelley Smith, Risk and Compliance Officer at Nomad Payments, said: "Issuer fraud detection is an essential part of an issuer's day-to-day activities but it is not an exact science and is data intensive.
"While issuer fraud detection is a payment scheme requirement our customers need a reliable fraud strategy which incorporates systems, processes and people.
"Having evaluated the market, we have selected EMS as the most appropriate solution to meet our customers needs".
Nomad Payments believes that EMS addresses the key concerns that issuers face, namely detecting fraud before the cardholder, minimising the loss per fraud case and compliance with MasterCard and VISA payment scheme standards.
MasterCard's EMS is a multidimensional, real-time tool, driven by a rules engine that predicts risk based on transaction patterns.
It is cost-effective - especially in comparison to the high costs associated with establishing a neural network, compliant with payment scheme standards and does not require large transaction quantities to be effective.
The rules engine can be configured to meet prepaid market requirements and allows for implementation of anti-money laundering rules.
The system is enterprise-wide allowing a financial institution to develop and deploy decision making models internally.
In essence, the tool provides the ability to compile and implement multiple risk prediction scoring/decision-making models covering all payment card brands and products including credit, debit and retail banking products.
The models can be deployed on a single system using a transaction routing mechanism to route each transaction individually to a specific model and set of rules.
Nomad Payments' experience in cooperating with both the issuer and MasterCard ensures an optimised performance and fraud detection enabled by EMS.
The company currently has multiple EMS implementations in operation, its easy configuration allowing each customer to manage their own rules.
According to Shelley Smith: "EMS puts issuers in a strong position to manage the risk on their products and their card portfolios".
• Nomad: contact details and other news
• Email this article to a colleague
• Register for the free Marketingservicestalk email newsletter
• Marketingservicestalk Home Page
Search the Pro-Talk network of sites
