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Alaric to provide risk control solution for Ukash pre-paid single-use card
January 17, 2007
Alaric's Fractals Merchant Monitoring and Anti Money Laundering solutions enable Ukash to meet FSA's risk compliance requirements.
London, England – January 18th, 2007. Alaric International, a leading supplier of advanced technology solutions for the card payments industry, today announced that its Fractals Merchant Monitoring and Anti Money Laundering (AML) solutions will be used to enable Ukash, the pre-paid cash voucher supplier to meet the Financial Services Authority's (FSA) compliance needs. Based on the Smart Voucher platform, the Ukash system allows vouchers purchased in one currency to be redeemed in different currencies throughout the countries that support Ukash operations. Alaric has already supplied a major component of the Smart Voucher Gateway infrastructure for the scheme.Smart Voucher Ltd., which trades under the Ukash name, is authorised and regulated by the Financial Services Authority in the United Kingdom as an electronic money institution. As such, Ukash must comply with the FSA's recommended guidelines for transaction risk monitoring and anti money laundering. The Fractals system will allow Ukash to implement a real-time fraud and transactional risk monitoring system in order to detect potential fraud and money laundering activity across its transactions.
"The Ukash scheme has tremendous potential because it offers a simple and secure one-time payment solution to a wide range of consumers, including those without bank accounts," said Mark Chirnside, Ukash CEO. "Alaric's Fractals Merchant Monitoring and AML solutions provide the security backbone to operate our system with full confidence, and mitigate risk for the benefit of all of our customers."
"It's always pleasing when an organisation such as Ukash chooses Fractals fraud detection system as a result of our proven capabilities in this area," commented Steve Lomax, Director of Sales and Marketing at Alaric International. "The prepaid card market is a potential Klondike for fraudsters unless the correct preventative measures are set in place."
Fractals is a complete card fraud detection solution that enables proactive, systematic card fraud detection in either real-time, near-time or batch modes. It provides an automated way of analysing card transactions as they arise and of scoring their likelihood of being fraudulent.
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About Alaric Headquartered in London, Alaric is a leading supplier of advanced technology solutions for the card payments industry. Alaric offers java based solutions for card payments authorization and switching, fraud detection and prevention, risk management and payment systems integration. Alaric's customers include First Data International, Swisscard, Cornèr Banca and Yorkshire Building Society. Alaric's product set was launched in 2001. Being written in Java, the solutions are fully portable while scalable to meet the needs of the smallest through the largest institution. Alaric's success is a result of its dedicated focus on the payments industry together with a clear recognition of the need to collaborate with partners. For further information, please visit us at www.alaricinternational.com
About Ukash Ukash is an innovative, new e-commerce payment brand for cash consumers, which allows online purchases to be made securely without a credit or debit card. Ukash vouchers are available at thousands of outlets across Europe and can be used at a growing number of websites to purchase goods or services. Ukash appeals to consumers concerned by card fraud and identity theft and from the online merchant's point of view, payment by Ukash reduces the risk of repudiation. Ukash offers greater choice to the consumer and an excellent opportunity to reach new market segments for online merchants.
For more information on Ukash visitwww.Ukash.com Press contact: Ian Berrido, EvokedSet PR for Alaric International Tel: +44 7770 685098 Email:alaric@evokedset.com
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