Enterprise IT vendor IBM has acquired IRIS Analytics, a provider of real-time analytics to help reduce payment fraud.
Financial details were not disclosed.
The Koblenz, Germany-headquartered IRIS provides a real-time fraud analytics engine that leverages machine learning to generate anti-fraud models.
IBM in a statement said that IRIS applies machine learning models to help analysts detect fraud and reduce fraudulent events.
Alistair Rennie, general manager, Industry Solutions, IBM, said: “By integrating IRIS Analytics with IBM’s counter fraud technology, we will help organizations more accurately detect fraud at scale and speed.”
Leading banks and payment processors are utilizing IRIS. The French payment card switch: e-rsb, operated by STET, utilizes IRIS for 5.5 billion annual credit and debit card transactions.
“As the payments industry evolves with payments methods such as chip and PIN, mobile payments and immediate payments, the ability for financial institutions to make decisions about what is suspicious and what is legitimate before the payment is executed is required,” said Constantin von Altrock, chief executive officer of IRIS Analytics.