From the Wires
Monext Selects KXEN to Reduce e-Fraud for Over 1 billion Annual Electronic Transactions
Dec. 5, 2012 09:17 AM
KXEN,
the leading provider of predictive
analytics for business users, today announced that Monext, one of
the leading processors of electronic payment transactions in Europe, has
purchased KXEN’s flagship product, InfiniteInsight®,
to reduce e-fraud on over 1 billion annual transactions for some of
Europe’s largest e-Businesses, retailers and banks.
According to a recent survey by the Consumer Sentinel Network at the
U.S. Department of Justice, worldwide credit card fraud totals $5.55
billion and domestically in the U.S. 10% of Americans reported having
been victims. For Monext, who facilitates electronic payment
transactions – whether performed with or without a card, at the point of
sale, on the phone, online or via mobile device – even the slightest
reduction in fraud can save hundreds of millions of dollars annually,
making the choice to implement predictive analytics using KXEN
imperative to their business.
In addition to preserving potentially lost revenue, Monext is deploying
predictive analytics to cut “false alerts”, which occur when an
electronic payment is wrongfully denied for its potential to be
fraudulent. False alerts can be a significant inconvenience for
consumers and are commonplace for individuals that travel frequently,
have multiple cards for members of their family, or make lots of online
purchases. Reducing false alerts can greatly improve the consumer
experience and reduce call center costs.
Prior to selecting KXEN’s InfiniteInsight®, Monext relied on
an analytics outsourcer to build one generalized model to predict
e-fraud across all types of electronic payments, a sub-optimal approach
for today’s rapidly changing business environment with increasing
percentages of online transactions and varying types of payment methods.
With KXEN’s easy-to-use, automated learning approach for rapid modeling,
Monext is able to bring 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 (credit, debit, prepaid, luxury, etc.) and
financial institution. In a subsequent phase, Monext will include models
for key merchants.
KXEN’s automated learning approach to predictive analytics is
instrumental for today’s companies like Monext, whose business depends
on analyzing massive amounts of “big data” with hundreds of millions of
transactions (“rows”) and as many as 500 native and derived attributes
(“columns”), to make decisions on electronic transactions in
milliseconds.
“We found KXEN’s InfiniteInsight® to be both powerful and
easy-to-use, providing reliable results in hours not days or weeks,”
said Annabelle Gerard, BI & Data Mining Analyst for Monext. “We trust
that KXEN will give us a real competitive advantage, saving hundreds of
millions of dollars annually and greatly improving the customer
experience.”
“KXEN is committed to helping companies like Monext reduce e-fraud for
e-Businesses, retailers and banks,” said John Ball, CEO of KXEN. “Monext
is proving that best-in-class predictive analytics is available for
organizations that previously did not have analytics capacity or
know-how in-house.”
Supporting Resources
For more information on KXEN and InfiniteInsight®, please
visit:
About Monext
MONEXT is a key player in electronic payments
in France. This payment services processor covers the entire value
chain. MONEXT markets innovative electronic payment solutions for
payments performed with or without a card, at the point of sale, online
or via mobile telephone, delivering transactions that are secure,
reliable and instant. Boasting clients in the banking, distribution and
retail sectors, the company generates an annual turnover of over 60
million euros and employs a workforce of 480.
About KXEN
KXEN
is revolutionizing the way companies use predictive
analytics to make better decisions on petabytes of big data. Based
on patented innovations, the company's flagship product, InfiniteInsight®
and its pure cloud-based platform, Cloud Prediction™, deliver
orders of magnitude improvements in speed and agility to optimize every
step in the customer
lifecycle – including acquisition,
cross-sell,
up-sell,
retention
and next
best activity. Proven with over 500 deployments at companies such as
AAA, Allegro, Bank of America, Barclays, Belgacom, CBS Interactive, ING
Direct, Lowe’s, Meredith Corporation, Mobilink, Overstock.com, PT XL
Axiata, RealNetworks, Rhapsody, Rockwell, Rogers, Sears, Shutterfly,
Stage Stores, U.S. Cellular and Vodafone, KXEN
solutions deliver predictive power and infinite insight. KXEN
is headquartered in San Francisco, California with field offices in the
U.S., Paris and London.
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