DefinedLogic Helps ReD Win Innovation Award
DefinedLogic recently helped ReD, a provider of fraud prevention and payment services, win the 2012 HP AllianceONE Partner of the Year Award for Innovation. We’re proud to showcase our success in this Spotlight to highlight how we might be able to help you with your significant application development challenge.
ReD is a world leader in credit card fraud prevention and payment services, protecting billions of transactions annually. Completely independent, ReD is present at every stage of the payments value chain, supporting merchants, issuers, acquirers, processors, and switch networks in the fight against illegal transaction activity.
Credit card fraud continues to increase and is predicted to cost more than $10 billion by 2015. As a leader in combatting fraudulent activity, ReD’s PRISM suite of products offers powerful transaction monitoring and risk management solutions for their end clients. But with the increased sophistication within card fraud, ReD needed to enhance its technology for both real-time and near-real-time processing.
ReD engaged DefinedLogic to help define, architect, and build the PRISM Real Time solution, a product that would make the PRISM suite more robust. A dedicated team of Business Analysts, Information Architects, System Architects, and Project Managers were brought in to “whiteboard” the solution with the client team. Within one month, DefinedLogic was able to begin application development on a system that enabled decisioning for millions of transactions per day, at less than 250 milliseconds per transaction.
The PRISM Real Time application upgraded ReD’s product suite for monitoring and risk management — combining dynamic neural network technology, rules-based strategies, and intelligent data-mining for exceptionally rapid detection of fraudulent transactions. The solution dramatically reduces fraudulent activity while controlling chargebacks and the ability to maximize genuine transactions. This powerful application upgrade helped ReD win the 2012 HP AllianceONE Partner of the Year Award for Innovation.