Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Fractals will be deployed as an enterprise risk management system to identify fraud risk, mitigate and prevent loss to GlobalCollect in its business as a global B2B e-commerce payment services provider.
Amsterdam and London, 04 December 2012: Alaric International, a leading global supplier of fraud prevention and payments solutions, today announced that GlobalCollect, the world’s premier payment service provider, has selected its Fractals Fraud Integration Hub as its ‘on premises’ fraud detection and prevention solution.
Fractals will be deployed as an enterprise risk management system to identify fraud risk, mitigate and prevent loss to GlobalCollect in its business as a global B2B e-commerce payment services provider. GlobalCollect will use Fractals to combat Enterprise Risk and monitor merchant credit risk.
One of GlobalCollect’s key requirements was for an “on-premises” solution – data within GlobalCollect’s internal systems is a critical factor in assessing transaction risk, a SaaS-based approach relying solely on external data was not workable for GlobalCollect. A true real time system was essential, enabling GlobalCollect to intercept fraudulent and risky transactions in flight, thus minimising fraud losses. And with a short delivery timescale, it was critical that the required functionality be provided within a readily available packaged solution.
According to Mike Alford, Alaric’s CEO, “GlobalCollect had a demanding set of requirements – a high performance, “on-premises” enterprise risk solution, to be delivered real time-enabled within a tight 90 day timescale. Alaric’s Fractals Fraud Integration Hub solution met virtually all GlobalCollect’s requirements out-of-the-box, enabling us to meet their demanding delivery schedule with a tried and tested solution.”
Stephen Buechner, CRO of GlobalCollect added, “We thoroughly evaluated all the leading fraud solutions and discovered that Alaric was unique in offering an “on-premises” fraud hub combined with having a high level of CNP fraud domain expertise plus a highly effective approach to project management and delivery. Proprietary data analytics is a key aspect of our competitive edge so it was critical for us to have a solution in which all fraud and risk data could be retained on-premises rather than shared with an external service provider. Another major advantage of working with Alaric is that they could deliver such a complex system, integrated for true real time operation, within a short 90 day delivery window. This was truly remarkable.”
GlobalCollect is the world's premier Payment Service Provider of local e-payment solutions for international Customer Not-Present (CNP) channels such as internet, mail and telephone orders, and specializes in a wide range of industries such as travel, ticketing, telecommunications, retail, publishing, portals, online gaming, and digital content. While most providers limit their services to a technical link with payment acquirers, GlobalCollect is a full service partner consulting clients on how to increase transaction volumes, expand distribution channels, and reduce costs by streamlining back office processes. Through a single-interface online payment platform, we offer access to an unrivalled portfolio of local and international payment methods in over 170 countries and 170 currencies, including all major credit and debit cards, direct debits, bank transfers, real-time bank transfers, eWallets, cash at outlets, prepaid methods, checks, and invoices. For more information please visit www.globalcollect.com and follow us on www.twitter.com/Global_Collect, www.facebook.com/globalcollect and www.linkedin.com/company/globalcollect.
About Alaric (www.alaric.com)
Alaric is a leading global supplier of fraud prevention and payments solutions. Our solutions encompass mobile payments, ATM and POS driving, payments switching, complex multi-channel payments integration and enterprise fraud and risk management systems.
Alaric is very different from other vendors – we believe in client empowerment, not vendor lock-in, and our solutions empower our clients to take strategic control of their systems investments. They are designed to be rapidly customisable by our clients or their chosen outsourcers, in most instances without programming and without needing to involve Alaric.
Our clients get the best of both worlds – they have an unprecedented degree of control over their customized solutions and freedom from vendor lock-in while retaining all the benefits and economies of using standard product-based solutions.