IRIS Analytics, headquartered in Koblenz, Germany, operates in the Fraud Analytics segment which is $1.6B in size and growing at 20% CAGR to 2019. As part of IBM Safer Planet’s Counter Fraud Management solution, IBM will capitalise on the changing dynamics in financial fraud. The addition of IRIS Analytics technology to IBM’s Counter Fraud Management benefits existing clients of both IRIS and IBM with the most comprehensive approach to enterprise financial crime management for all industries. The plethora of analytics available, including the new real time prevention capability from IRIS, along with cutting edge analytics methods from IBM’s 12 research labs, 290 financial crime-related patents filled, and a team of seasoned business and transformation experts, allows IBM to help institutions more confidentially and effectively fight financial crimes.
“Defenses against financial crime are in critical need of innovation and improvement. As the payments industry evolves with new payments methods such as chip and PIN, mobile payments and immediate payments, the ability for financial institutions to accurately 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. “The combination of IRIS technology with IBM’s Counter Fraud capabilities creates a comprehensive solution for real time payment fraud prevention.”